# EDGAR Filing Document

**Accession Number:** 0001352280
**File Stem:** 0001193125-26-028950
**Filing Date:** 2026-1
**Character Count:** 2021903
**Document Hash:** 5b3286ac2d38b69ee111a8f869cda70c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-028950.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-028950

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbia Funds Series Trust II
- **CENTRAL INDEX KEY:** 0001352280

**ORGANIZATION NAME:**
- **EIN:** 204384176
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21852
- **FILM NUMBER:** 26576879

**BUSINESS ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 800-345-6611

**MAIL ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RIVERSOURCE SERIES TRUST
- **DATE OF NAME CHANGE:** 20070928

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RIVERSOURCE RETIREMENT SERIES TRUST
- **DATE OF NAME CHANGE:** 20060801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RiverSource Retirement Series Trust
- **DATE OF NAME CHANGE:** 20060206

## Series and Classes Contracts Data

### Columbia Quality Income Fund (Series ID: S000031344)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000097356 | Columbia Quality Income Fund Class A               | AUGAX           |
| C000097358 | Columbia Quality Income Fund Class C               | AUGCX           |
| C000097361 | Columbia Quality Income Fund Institutional Class   | CUGZX           |
| C000121134 | Columbia Quality Income Fund Institutional 2 Class | CGVRX           |
| C000149222 | Columbia Quality Income Fund Institutional 3 Class | CUGYX           |

### Columbia High Yield Bond Fund (Series ID: S000031346)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000097368 | Columbia High Yield Bond Fund Class A               | INEAX           |
| C000097370 | Columbia High Yield Bond Fund Class C               | APECX           |
| C000097372 | Columbia High Yield Bond Fund Class R               | CHBRX           |
| C000097375 | Columbia High Yield Bond Fund Institutional 2 Class | RSHRX           |
| C000097377 | Columbia High Yield Bond Fund Institutional Class   | CHYZX           |
| C000121135 | Columbia High Yield Bond Fund Institutional 3 Class | CHYYX           |
| C000255607 | Columbia High Yield Bond Fund Class S               | CHYEX           |

### Columbia Intrinsic Value Fund (Series ID: S000031354)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000097428 | Columbia Intrinsic Value Fund Class A               | INDZX           |
| C000097430 | Columbia Intrinsic Value Fund Class C               | ADECX           |
| C000097435 | Columbia Intrinsic Value Fund Institutional 2 Class | RSEDX           |
| C000097437 | Columbia Intrinsic Value Fund Institutional Class   | CDVZX           |
| C000119014 | Columbia Intrinsic Value Fund Institutional 3 Class | CDEYX           |

### Columbia Dividend Opportunity Fund (Series ID: S000031365)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000097512 | Columbia Dividend Opportunity Fund Class A               | INUTX           |
| C000097514 | Columbia Dividend Opportunity Fund Class C               | ACUIX           |
| C000097516 | Columbia Dividend Opportunity Fund Class R               | RSOOX           |
| C000097518 | Columbia Dividend Opportunity Fund Institutional 2 Class | RSDFX           |
| C000097520 | Columbia Dividend Opportunity Fund Institutional Class   | CDOZX           |
| C000121137 | Columbia Dividend Opportunity Fund Institutional 3 Class | CDOYX           |
| C000255608 | Columbia Dividend Opportunity Fund Class S               | CDOAX           |

### Columbia Seligman Technology and Information Fund (Series ID: S000031370)

| Class ID   | Class Name                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000097546 | Columbia Seligman Technology and Information Fund Class A               | SLMCX           |
| C000097548 | Columbia Seligman Technology and Information Fund Class C               | SCICX           |
| C000097550 | Columbia Seligman Technology and Information Fund Class R               | SCIRX           |
| C000097553 | Columbia Seligman Technology and Information Fund Institutional 2 Class | SCMIX           |
| C000097554 | Columbia Seligman Technology and Information Fund Institutional Class   | CCIZX           |
| C000175682 | Columbia Seligman Technology and Information Fund Institutional 3 Class | CCOYX           |
| C000255609 | Columbia Seligman Technology and Information Fund Class S               | CCIFX           |

### Columbia Select Large Cap Value Fund (Series ID: S000031373)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000097571 | Columbia Select Large Cap Value Fund Class A               | SLVAX           |
| C000097573 | Columbia Select Large Cap Value Fund Class C               | SVLCX           |
| C000097575 | Columbia Select Large Cap Value Fund Class R               | SLVRX           |
| C000097577 | Columbia Select Large Cap Value Fund Institutional 2 Class | SLVIX           |
| C000097579 | Columbia Select Large Cap Value Fund Institutional Class   | CSVZX           |
| C000149223 | Columbia Select Large Cap Value Fund Institutional 3 Class | CSRYX           |
| C000255610 | Columbia Select Large Cap Value Fund Class S               | CSVGX           |

### Columbia Select Small Cap Value Fund (Series ID: S000031375)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000097587 | Columbia Select Small Cap Value Fund Class A               | SSCVX           |
| C000097593 | Columbia Select Small Cap Value Fund Institutional 2 Class | SSVIX           |
| C000097594 | Columbia Select Small Cap Value Fund Institutional Class   | CSSZX           |
| C000149224 | Columbia Select Small Cap Value Fund Institutional 3 Class | CSSYX           |

### Columbia Commodity Strategy Fund (Series ID: S000033328)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000117664 | Columbia Commodity Strategy Fund Class A               | CCSAX           |
| C000117667 | Columbia Commodity Strategy Fund Institutional Class   | CCSZX           |
| C000138343 | Columbia Commodity Strategy Fund Institutional 2 Class | CADLX           |
| C000149225 | Columbia Commodity Strategy Fund Institutional 3 Class | CCFYX           |

### Columbia Flexible Capital Income Fund (Series ID: S000033329)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000102391 | Columbia Flexible Capital Income Fund Class A               | CFIAX           |
| C000102392 | Columbia Flexible Capital Income Fund Class C               | CFIGX           |
| C000102395 | Columbia Flexible Capital Income Fund Institutional Class   | CFIZX           |
| C000121144 | Columbia Flexible Capital Income Fund Institutional 2 Class | CFXRX           |
| C000175683 | Columbia Flexible Capital Income Fund Institutional 3 Class | CFCYX           |
| C000255611 | Columbia Flexible Capital Income Fund Class S               | CFILX           |

### Multi-Manager Value Strategies Fund (Series ID: S000036208)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000176478 | Multi-Manager Value Strategies Fund Institutional Class | CZMVX           |

### Columbia Mortgage Opportunities Fund (Series ID: S000045258)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000140950 | Columbia Mortgage Opportunities Fund Class A               | CLMAX           |
| C000140951 | Columbia Mortgage Opportunities Fund Class C               | CLMCX           |
| C000140954 | Columbia Mortgage Opportunities Fund Institutional 2 Class | CLMVX           |
| C000140955 | Columbia Mortgage Opportunities Fund Institutional Class   | CLMZX           |
| C000175684 | Columbia Mortgage Opportunities Fund Institutional 3 Class | CMOYX           |
| C000255612 | Columbia Mortgage Opportunities Fund Class S               | CLMDX           |

?xml version='1.0' encoding='ASCII'? N-CSRS

### 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 811-21852

## Columbia Funds Series Trust II

#### (Exact name of registrant as specified in charter)

#### 290 Congress Street

#### Boston, MA 02210

#### (Address of principal executive offices) (Zip code)

#### Michael G. Clarke

#### c/o Columbia Management Investment Advisers, LLC

#### 290 Congress Street

#### Boston, MA 02210

#### Ryan C. Larrenaga, Esq.

#### c/o Columbia Management Investment Advisers, LLC

#### 290 Congress Street

#### Boston, MA 02210

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: (800) 345-6611

#### Date of fiscal year end: Last Day of May

#### Date of reporting period: November 30, 2025

------

#### Item 1. Reports to Stockholders.

# Columbia Commodity Strategy Fund
Class A / CCSAX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Commodity Strategy Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $62 | 1.16%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $408714898 |
| **Total number of portfolio holdings** | 331 |
| **Portfolio turnover for the reporting period** | 42% |

---

Columbia Commodity Strategy Fund \| Class A **\|** SSR129_01_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Derivative Commodities Exposure

---

| | |
|:---|:---|
| | Long |
| Agriculture | 29.0% |
| Energy | 32.6% |
| Industrial Metals | 15.0% |
| Livestock | 8.0% |
| Precious Metals | 26.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 37.3% |
| Corporate Bonds & Notes | 23.1% |
| Asset-Backed Securities - Non-Agency | 15.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 4.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.4% |
| Other | 1.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 1-800-345-6611 or by sending an

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Commodity Strategy Fund \| Class A **\|** SSR129_01_(01/26) \|

# Columbia Commodity Strategy Fund
Institutional Class / CCSZX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Commodity Strategy Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $48 | 0.90%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $408714898 |
| **Total number of portfolio holdings** | 331 |
| **Portfolio turnover for the reporting period** | 42% |

---

Columbia Commodity Strategy Fund \| Institutional Class **\|** SSR129_08_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Derivative Commodities Exposure

---

| | |
|:---|:---|
| | Long |
| Agriculture | 29.0% |
| Energy | 32.6% |
| Industrial Metals | 15.0% |
| Livestock | 8.0% |
| Precious Metals | 26.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 37.3% |
| Corporate Bonds & Notes | 23.1% |
| Asset-Backed Securities - Non-Agency | 15.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 4.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.4% |
| Other | 1.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 1-800-345-6611 or by sending an

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Commodity Strategy Fund \| Institutional Class **\|** SSR129_08_(01/26) \|

# Columbia Commodity Strategy Fund
Institutional 2 Class / CADLX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Commodity Strategy Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $39 | 0.74%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $408714898 |
| **Total number of portfolio holdings** | 331 |
| **Portfolio turnover for the reporting period** | 42% |

---

Columbia Commodity Strategy Fund \| Institutional 2 Class **\|** SSR129_15_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Derivative Commodities Exposure

---

| | |
|:---|:---|
| | Long |
| Agriculture | 29.0% |
| Energy | 32.6% |
| Industrial Metals | 15.0% |
| Livestock | 8.0% |
| Precious Metals | 26.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 37.3% |
| Corporate Bonds & Notes | 23.1% |
| Asset-Backed Securities - Non-Agency | 15.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 4.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.4% |
| Other | 1.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 1-800-345-6611 or by sending an

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Commodity Strategy Fund \| Institutional 2 Class **\|** SSR129_15_(01/26) \|

# Columbia Commodity Strategy Fund
Institutional 3 Class / CCFYX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Commodity Strategy Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $37 | 0.69%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $408714898 |
| **Total number of portfolio holdings** | 331 |
| **Portfolio turnover for the reporting period** | 42% |

---

Columbia Commodity Strategy Fund \| Institutional 3 Class **\|** SSR129_17_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Derivative Commodities Exposure

---

| | |
|:---|:---|
| | Long |
| Agriculture | 29.0% |
| Energy | 32.6% |
| Industrial Metals | 15.0% |
| Livestock | 8.0% |
| Precious Metals | 26.4% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 37.3% |
| Corporate Bonds & Notes | 23.1% |
| Asset-Backed Securities - Non-Agency | 15.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 4.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.4% |
| Other | 1.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 1-800-345-6611 or by sending an

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Commodity Strategy Fund \| Institutional 3 Class **\|** SSR129_17_(01/26) \|

# Columbia Dividend Opportunity Fund
Class A / INUTX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $53 | 1.00%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2211877666 |
| **Total number of portfolio holdings** | 89 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia Dividend Opportunity Fund \| Class A **\|** SSR140_01_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.5% |
| Health Care | 13.4% |
| Information Technology | 12.3% |
| Consumer Staples | 9.7% |
| Industrials | 9.3% |
| Energy | 7.9% |
| Consumer Discretionary | 7.8% |
| Utilities | 6.2% |
| Real Estate | 4.2% |
| Communication Services | 3.6% |
| Other | 2.9% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.4% |
| Exxon Mobil Corp. | 3.3% |
| Goldman Sachs Group, Inc. (The) | 3.0% |
| Johnson & Johnson | 2.7% |
| International Business Machines Corp. | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| AbbVie, Inc. | 2.6% |
| Bank of America Corp. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Merck & Co., Inc. | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 93.6% |
| Convertible Preferred Stocks | 4.5% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Dividend Opportunity Fund \| Class A **\|** SSR140_01_(01/26) \|

# Columbia Dividend Opportunity Fund
Class C / ACUIX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $93 | 1.75%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2211877666 |
| **Total number of portfolio holdings** | 89 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia Dividend Opportunity Fund \| Class C **\|** SSR140_04_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.5% |
| Health Care | 13.4% |
| Information Technology | 12.3% |
| Consumer Staples | 9.7% |
| Industrials | 9.3% |
| Energy | 7.9% |
| Consumer Discretionary | 7.8% |
| Utilities | 6.2% |
| Real Estate | 4.2% |
| Communication Services | 3.6% |
| Other | 2.9% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.4% |
| Exxon Mobil Corp. | 3.3% |
| Goldman Sachs Group, Inc. (The) | 3.0% |
| Johnson & Johnson | 2.7% |
| International Business Machines Corp. | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| AbbVie, Inc. | 2.6% |
| Bank of America Corp. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Merck & Co., Inc. | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 93.6% |
| Convertible Preferred Stocks | 4.5% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Dividend Opportunity Fund \| Class C **\|** SSR140_04_(01/26) \|

# Columbia Dividend Opportunity Fund
Institutional Class / CDOZX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $40 | 0.75%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2211877666 |
| **Total number of portfolio holdings** | 89 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia Dividend Opportunity Fund \| Institutional Class **\|** SSR140_08_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.5% |
| Health Care | 13.4% |
| Information Technology | 12.3% |
| Consumer Staples | 9.7% |
| Industrials | 9.3% |
| Energy | 7.9% |
| Consumer Discretionary | 7.8% |
| Utilities | 6.2% |
| Real Estate | 4.2% |
| Communication Services | 3.6% |
| Other | 2.9% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.4% |
| Exxon Mobil Corp. | 3.3% |
| Goldman Sachs Group, Inc. (The) | 3.0% |
| Johnson & Johnson | 2.7% |
| International Business Machines Corp. | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| AbbVie, Inc. | 2.6% |
| Bank of America Corp. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Merck & Co., Inc. | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 93.6% |
| Convertible Preferred Stocks | 4.5% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Dividend Opportunity Fund \| Institutional Class **\|** SSR140_08_(01/26) \|

# Columbia Dividend Opportunity Fund
Institutional 2 Class / RSDFX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $38 | 0.72%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2211877666 |
| **Total number of portfolio holdings** | 89 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia Dividend Opportunity Fund \| Institutional 2 Class **\|** SSR140_15_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.5% |
| Health Care | 13.4% |
| Information Technology | 12.3% |
| Consumer Staples | 9.7% |
| Industrials | 9.3% |
| Energy | 7.9% |
| Consumer Discretionary | 7.8% |
| Utilities | 6.2% |
| Real Estate | 4.2% |
| Communication Services | 3.6% |
| Other | 2.9% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.4% |
| Exxon Mobil Corp. | 3.3% |
| Goldman Sachs Group, Inc. (The) | 3.0% |
| Johnson & Johnson | 2.7% |
| International Business Machines Corp. | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| AbbVie, Inc. | 2.6% |
| Bank of America Corp. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Merck & Co., Inc. | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 93.6% |
| Convertible Preferred Stocks | 4.5% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Dividend Opportunity Fund \| Institutional 2 Class **\|** SSR140_15_(01/26) \|

# Columbia Dividend Opportunity Fund
Institutional 3 Class / CDOYX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $36 | 0.67%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2211877666 |
| **Total number of portfolio holdings** | 89 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia Dividend Opportunity Fund \| Institutional 3 Class **\|** SSR140_17_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.5% |
| Health Care | 13.4% |
| Information Technology | 12.3% |
| Consumer Staples | 9.7% |
| Industrials | 9.3% |
| Energy | 7.9% |
| Consumer Discretionary | 7.8% |
| Utilities | 6.2% |
| Real Estate | 4.2% |
| Communication Services | 3.6% |
| Other | 2.9% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.4% |
| Exxon Mobil Corp. | 3.3% |
| Goldman Sachs Group, Inc. (The) | 3.0% |
| Johnson & Johnson | 2.7% |
| International Business Machines Corp. | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| AbbVie, Inc. | 2.6% |
| Bank of America Corp. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Merck & Co., Inc. | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 93.6% |
| Convertible Preferred Stocks | 4.5% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Dividend Opportunity Fund \| Institutional 3 Class **\|** SSR140_17_(01/26) \|

# Columbia Dividend Opportunity Fund
Class R / RSOOX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class R | $67 | 1.25%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2211877666 |
| **Total number of portfolio holdings** | 89 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia Dividend Opportunity Fund \| Class R **\|** SSR140_12_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.5% |
| Health Care | 13.4% |
| Information Technology | 12.3% |
| Consumer Staples | 9.7% |
| Industrials | 9.3% |
| Energy | 7.9% |
| Consumer Discretionary | 7.8% |
| Utilities | 6.2% |
| Real Estate | 4.2% |
| Communication Services | 3.6% |
| Other | 2.9% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.4% |
| Exxon Mobil Corp. | 3.3% |
| Goldman Sachs Group, Inc. (The) | 3.0% |
| Johnson & Johnson | 2.7% |
| International Business Machines Corp. | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| AbbVie, Inc. | 2.6% |
| Bank of America Corp. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Merck & Co., Inc. | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 93.6% |
| Convertible Preferred Stocks | 4.5% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Dividend Opportunity Fund \| Class R **\|** SSR140_12_(01/26) \|

# Columbia Dividend Opportunity Fund
Class S / CDOAX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Dividend Opportunity Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class S | $40 | 0.75%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2211877666 |
| **Total number of portfolio holdings** | 89 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia Dividend Opportunity Fund \| Class S **\|** SSR140_16_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.5% |
| Health Care | 13.4% |
| Information Technology | 12.3% |
| Consumer Staples | 9.7% |
| Industrials | 9.3% |
| Energy | 7.9% |
| Consumer Discretionary | 7.8% |
| Utilities | 6.2% |
| Real Estate | 4.2% |
| Communication Services | 3.6% |
| Other | 2.9% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 3.4% |
| Exxon Mobil Corp. | 3.3% |
| Goldman Sachs Group, Inc. (The) | 3.0% |
| Johnson & Johnson | 2.7% |
| International Business Machines Corp. | 2.7% |
| Cisco Systems, Inc. | 2.6% |
| AbbVie, Inc. | 2.6% |
| Bank of America Corp. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Merck & Co., Inc. | 1.9% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 93.6% |
| Convertible Preferred Stocks | 4.5% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Dividend Opportunity Fund \| Class S **\|** SSR140_16_(01/26) \|

# Columbia Flexible Capital Income Fund
Class A / CFIAX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Flexible Capital Income Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $52 | 0.99%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1264591639 |
| **Total number of portfolio holdings** | 175 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Flexible Capital Income Fund \| Class A **\|** SSR148_01_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 1.1% |
| Philip Morris International, Inc. | 1.1% |
| M&T Bank Corp. | 1.1% |
| Morgan Stanley | 1.0% |
| U.S. Bancorp | 1.0% |
| Cisco Systems, Inc. | 1.0% |
| PepsiCo, Inc. | 1.0% |
| FirstEnergy Corp. 03/01/2050 3.400% | 1.0% |
| AbbVie, Inc. | 1.0% |
| Bank of America Corp. 7.250% | 1.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 36.9% |
| Corporate Bonds & Notes | 36.7% |
| Convertible Bonds | 13.7% |
| Convertible Preferred Stocks | 10.3% |
| Money Market Funds | 1.0% |
| Other | 0.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Flexible Capital Income Fund \| Class A **\|** SSR148_01_(01/26) \|

# Columbia Flexible Capital Income Fund
Class C / CFIGX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Flexible Capital Income Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $92 | 1.74%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1264591639 |
| **Total number of portfolio holdings** | 175 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Flexible Capital Income Fund \| Class C **\|** SSR148_04_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 1.1% |
| Philip Morris International, Inc. | 1.1% |
| M&T Bank Corp. | 1.1% |
| Morgan Stanley | 1.0% |
| U.S. Bancorp | 1.0% |
| Cisco Systems, Inc. | 1.0% |
| PepsiCo, Inc. | 1.0% |
| FirstEnergy Corp. 03/01/2050 3.400% | 1.0% |
| AbbVie, Inc. | 1.0% |
| Bank of America Corp. 7.250% | 1.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 36.9% |
| Corporate Bonds & Notes | 36.7% |
| Convertible Bonds | 13.7% |
| Convertible Preferred Stocks | 10.3% |
| Money Market Funds | 1.0% |
| Other | 0.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Flexible Capital Income Fund \| Class C **\|** SSR148_04_(01/26) \|

# Columbia Flexible Capital Income Fund
Institutional Class / CFIZX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Flexible Capital Income Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $39 | 0.74%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1264591639 |
| **Total number of portfolio holdings** | 175 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Flexible Capital Income Fund \| Institutional Class **\|** SSR148_08_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 1.1% |
| Philip Morris International, Inc. | 1.1% |
| M&T Bank Corp. | 1.1% |
| Morgan Stanley | 1.0% |
| U.S. Bancorp | 1.0% |
| Cisco Systems, Inc. | 1.0% |
| PepsiCo, Inc. | 1.0% |
| FirstEnergy Corp. 03/01/2050 3.400% | 1.0% |
| AbbVie, Inc. | 1.0% |
| Bank of America Corp. 7.250% | 1.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 36.9% |
| Corporate Bonds & Notes | 36.7% |
| Convertible Bonds | 13.7% |
| Convertible Preferred Stocks | 10.3% |
| Money Market Funds | 1.0% |
| Other | 0.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Flexible Capital Income Fund \| Institutional Class **\|** SSR148_08_(01/26) \|

# Columbia Flexible Capital Income Fund
Institutional 2 Class / CFXRX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Flexible Capital Income Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $38 | 0.72%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1264591639 |
| **Total number of portfolio holdings** | 175 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Flexible Capital Income Fund \| Institutional 2 Class **\|** SSR148_15_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 1.1% |
| Philip Morris International, Inc. | 1.1% |
| M&T Bank Corp. | 1.1% |
| Morgan Stanley | 1.0% |
| U.S. Bancorp | 1.0% |
| Cisco Systems, Inc. | 1.0% |
| PepsiCo, Inc. | 1.0% |
| FirstEnergy Corp. 03/01/2050 3.400% | 1.0% |
| AbbVie, Inc. | 1.0% |
| Bank of America Corp. 7.250% | 1.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 36.9% |
| Corporate Bonds & Notes | 36.7% |
| Convertible Bonds | 13.7% |
| Convertible Preferred Stocks | 10.3% |
| Money Market Funds | 1.0% |
| Other | 0.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Flexible Capital Income Fund \| Institutional 2 Class **\|** SSR148_15_(01/26) \|

# Columbia Flexible Capital Income Fund
Institutional 3 Class / CFCYX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Flexible Capital Income Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $36 | 0.68%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1264591639 |
| **Total number of portfolio holdings** | 175 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Flexible Capital Income Fund \| Institutional 3 Class **\|** SSR148_17_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 1.1% |
| Philip Morris International, Inc. | 1.1% |
| M&T Bank Corp. | 1.1% |
| Morgan Stanley | 1.0% |
| U.S. Bancorp | 1.0% |
| Cisco Systems, Inc. | 1.0% |
| PepsiCo, Inc. | 1.0% |
| FirstEnergy Corp. 03/01/2050 3.400% | 1.0% |
| AbbVie, Inc. | 1.0% |
| Bank of America Corp. 7.250% | 1.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 36.9% |
| Corporate Bonds & Notes | 36.7% |
| Convertible Bonds | 13.7% |
| Convertible Preferred Stocks | 10.3% |
| Money Market Funds | 1.0% |
| Other | 0.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Flexible Capital Income Fund \| Institutional 3 Class **\|** SSR148_17_(01/26) \|

# Columbia Flexible Capital Income Fund
Class S / CFILX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Flexible Capital Income Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class S | $39 | 0.74%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1264591639 |
| **Total number of portfolio holdings** | 175 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Flexible Capital Income Fund \| Class S **\|** SSR148_16_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| AT&T, Inc. | 1.1% |
| Philip Morris International, Inc. | 1.1% |
| M&T Bank Corp. | 1.1% |
| Morgan Stanley | 1.0% |
| U.S. Bancorp | 1.0% |
| Cisco Systems, Inc. | 1.0% |
| PepsiCo, Inc. | 1.0% |
| FirstEnergy Corp. 03/01/2050 3.400% | 1.0% |
| AbbVie, Inc. | 1.0% |
| Bank of America Corp. 7.250% | 1.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 36.9% |
| Corporate Bonds & Notes | 36.7% |
| Convertible Bonds | 13.7% |
| Convertible Preferred Stocks | 10.3% |
| Money Market Funds | 1.0% |
| Other | 0.5% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Flexible Capital Income Fund \| Class S **\|** SSR148_16_(01/26) \|

# Columbia High Yield Bond Fund
Class A / INEAX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia High Yield Bond Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $50 | 0.97%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1177037141 |
| **Total number of portfolio holdings** | 466 |
| **Portfolio turnover for the reporting period** | 26% |

---

Columbia High Yield Bond Fund \| Class A **\|** SSR160_01_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Columbia US High Yield ETF | 1.4% |
| Cloud Software Group, Inc. 09/30/2029 9.000% | 0.7% |
| Condor Merger Sub, Inc. 02/15/2030 7.375% | 0.6% |
| Altice France 03/15/2032 6.500% | 0.6% |
| NextEra Energy Partners LP 06/15/2026 2.500% | 0.6% |
| DISH Network Corp. 11/15/2027 11.750% | 0.6% |
| ZF North America Capital, Inc. 04/23/2032 6.875% | 0.6% |
| Watco Cos LLC/Finance Corp. 08/01/2032 7.125% | 0.5% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.5% |
| Venture Global Plaquemines LNG LLC 01/15/2036 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 91.0% |
| Money Market Funds | 3.3% |
| Senior Loans | 1.8% |
| Exchange-Traded Fixed Income Funds | 1.7% |
| Other | 0.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia High Yield Bond Fund \| Class A **\|** SSR160_01_(01/26) \|

# Columbia High Yield Bond Fund
Class C / APECX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia High Yield Bond Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $88 | 1.72%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1177037141 |
| **Total number of portfolio holdings** | 466 |
| **Portfolio turnover for the reporting period** | 26% |

---

Columbia High Yield Bond Fund \| Class C **\|** SSR160_04_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Columbia US High Yield ETF | 1.4% |
| Cloud Software Group, Inc. 09/30/2029 9.000% | 0.7% |
| Condor Merger Sub, Inc. 02/15/2030 7.375% | 0.6% |
| Altice France 03/15/2032 6.500% | 0.6% |
| NextEra Energy Partners LP 06/15/2026 2.500% | 0.6% |
| DISH Network Corp. 11/15/2027 11.750% | 0.6% |
| ZF North America Capital, Inc. 04/23/2032 6.875% | 0.6% |
| Watco Cos LLC/Finance Corp. 08/01/2032 7.125% | 0.5% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.5% |
| Venture Global Plaquemines LNG LLC 01/15/2036 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 91.0% |
| Money Market Funds | 3.3% |
| Senior Loans | 1.8% |
| Exchange-Traded Fixed Income Funds | 1.7% |
| Other | 0.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia High Yield Bond Fund \| Class C **\|** SSR160_04_(01/26) \|

# Columbia High Yield Bond Fund
Institutional Class / CHYZX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia High Yield Bond Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $37 | 0.72%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1177037141 |
| **Total number of portfolio holdings** | 466 |
| **Portfolio turnover for the reporting period** | 26% |

---

Columbia High Yield Bond Fund \| Institutional Class **\|** SSR160_08_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Columbia US High Yield ETF | 1.4% |
| Cloud Software Group, Inc. 09/30/2029 9.000% | 0.7% |
| Condor Merger Sub, Inc. 02/15/2030 7.375% | 0.6% |
| Altice France 03/15/2032 6.500% | 0.6% |
| NextEra Energy Partners LP 06/15/2026 2.500% | 0.6% |
| DISH Network Corp. 11/15/2027 11.750% | 0.6% |
| ZF North America Capital, Inc. 04/23/2032 6.875% | 0.6% |
| Watco Cos LLC/Finance Corp. 08/01/2032 7.125% | 0.5% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.5% |
| Venture Global Plaquemines LNG LLC 01/15/2036 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 91.0% |
| Money Market Funds | 3.3% |
| Senior Loans | 1.8% |
| Exchange-Traded Fixed Income Funds | 1.7% |
| Other | 0.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia High Yield Bond Fund \| Institutional Class **\|** SSR160_08_(01/26) \|

# Columbia High Yield Bond Fund
Institutional 2 Class / RSHRX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia High Yield Bond Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $34 | 0.66%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1177037141 |
| **Total number of portfolio holdings** | 466 |
| **Portfolio turnover for the reporting period** | 26% |

---

Columbia High Yield Bond Fund \| Institutional 2 Class **\|** SSR160_15_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Columbia US High Yield ETF | 1.4% |
| Cloud Software Group, Inc. 09/30/2029 9.000% | 0.7% |
| Condor Merger Sub, Inc. 02/15/2030 7.375% | 0.6% |
| Altice France 03/15/2032 6.500% | 0.6% |
| NextEra Energy Partners LP 06/15/2026 2.500% | 0.6% |
| DISH Network Corp. 11/15/2027 11.750% | 0.6% |
| ZF North America Capital, Inc. 04/23/2032 6.875% | 0.6% |
| Watco Cos LLC/Finance Corp. 08/01/2032 7.125% | 0.5% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.5% |
| Venture Global Plaquemines LNG LLC 01/15/2036 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 91.0% |
| Money Market Funds | 3.3% |
| Senior Loans | 1.8% |
| Exchange-Traded Fixed Income Funds | 1.7% |
| Other | 0.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia High Yield Bond Fund \| Institutional 2 Class **\|** SSR160_15_(01/26) \|

# Columbia High Yield Bond Fund
Institutional 3 Class / CHYYX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia High Yield Bond Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $31 | 0.61%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1177037141 |
| **Total number of portfolio holdings** | 466 |
| **Portfolio turnover for the reporting period** | 26% |

---

Columbia High Yield Bond Fund \| Institutional 3 Class **\|** SSR160_17_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Columbia US High Yield ETF | 1.4% |
| Cloud Software Group, Inc. 09/30/2029 9.000% | 0.7% |
| Condor Merger Sub, Inc. 02/15/2030 7.375% | 0.6% |
| Altice France 03/15/2032 6.500% | 0.6% |
| NextEra Energy Partners LP 06/15/2026 2.500% | 0.6% |
| DISH Network Corp. 11/15/2027 11.750% | 0.6% |
| ZF North America Capital, Inc. 04/23/2032 6.875% | 0.6% |
| Watco Cos LLC/Finance Corp. 08/01/2032 7.125% | 0.5% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.5% |
| Venture Global Plaquemines LNG LLC 01/15/2036 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 91.0% |
| Money Market Funds | 3.3% |
| Senior Loans | 1.8% |
| Exchange-Traded Fixed Income Funds | 1.7% |
| Other | 0.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia High Yield Bond Fund \| Institutional 3 Class **\|** SSR160_17_(01/26) \|

# Columbia High Yield Bond Fund
Class R / CHBRX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia High Yield Bond Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class R | $63 | 1.22%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1177037141 |
| **Total number of portfolio holdings** | 466 |
| **Portfolio turnover for the reporting period** | 26% |

---

Columbia High Yield Bond Fund \| Class R **\|** SSR160_12_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Columbia US High Yield ETF | 1.4% |
| Cloud Software Group, Inc. 09/30/2029 9.000% | 0.7% |
| Condor Merger Sub, Inc. 02/15/2030 7.375% | 0.6% |
| Altice France 03/15/2032 6.500% | 0.6% |
| NextEra Energy Partners LP 06/15/2026 2.500% | 0.6% |
| DISH Network Corp. 11/15/2027 11.750% | 0.6% |
| ZF North America Capital, Inc. 04/23/2032 6.875% | 0.6% |
| Watco Cos LLC/Finance Corp. 08/01/2032 7.125% | 0.5% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.5% |
| Venture Global Plaquemines LNG LLC 01/15/2036 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 91.0% |
| Money Market Funds | 3.3% |
| Senior Loans | 1.8% |
| Exchange-Traded Fixed Income Funds | 1.7% |
| Other | 0.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia High Yield Bond Fund \| Class R **\|** SSR160_12_(01/26) \|

# Columbia High Yield Bond Fund
Class S / CHYEX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia High Yield Bond Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class S | $37 | 0.72%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1177037141 |
| **Total number of portfolio holdings** | 466 |
| **Portfolio turnover for the reporting period** | 26% |

---

Columbia High Yield Bond Fund \| Class S **\|** SSR160_16_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Columbia US High Yield ETF | 1.4% |
| Cloud Software Group, Inc. 09/30/2029 9.000% | 0.7% |
| Condor Merger Sub, Inc. 02/15/2030 7.375% | 0.6% |
| Altice France 03/15/2032 6.500% | 0.6% |
| NextEra Energy Partners LP 06/15/2026 2.500% | 0.6% |
| DISH Network Corp. 11/15/2027 11.750% | 0.6% |
| ZF North America Capital, Inc. 04/23/2032 6.875% | 0.6% |
| Watco Cos LLC/Finance Corp. 08/01/2032 7.125% | 0.5% |
| HUB International, Ltd. 06/15/2030 7.250% | 0.5% |
| Venture Global Plaquemines LNG LLC 01/15/2036 6.750% | 0.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 91.0% |
| Money Market Funds | 3.3% |
| Senior Loans | 1.8% |
| Exchange-Traded Fixed Income Funds | 1.7% |
| Other | 0.9% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia High Yield Bond Fund \| Class S **\|** SSR160_16_(01/26) \|

# Columbia Intrinsic Value Fund
Class A / INDZX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Intrinsic Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $52 | 0.96%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734608687 |
| **Total number of portfolio holdings** | 65 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Intrinsic Value Fund \| Class A **\|** SSR138_01_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.2% |
| Industrials | 15.3% |
| Health Care | 11.2% |
| Information Technology | 10.7% |
| Communication Services | 8.6% |
| Consumer Staples | 8.6% |
| Consumer Discretionary | 6.5% |
| Energy | 6.2% |
| Utilities | 4.7% |
| Real Estate | 3.8% |
| Other | 2.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 5.3% |
| JPMorgan Chase & Co. | 4.1% |
| Walmart, Inc. | 3.0% |
| Exxon Mobil Corp. | 2.7% |
| Berkshire Hathaway, Inc., Class B | 2.6% |
| Amazon.com, Inc. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Bank of New York Mellon Corp. (The) | 2.1% |
| Citigroup, Inc. | 2.0% |
| Las Vegas Sands Corp. | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Other | 0.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Intrinsic Value Fund \| Class A **\|** SSR138_01_(01/26) \|

# Columbia Intrinsic Value Fund
Class C / ADECX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Intrinsic Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $92 | 1.71%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734608687 |
| **Total number of portfolio holdings** | 65 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Intrinsic Value Fund \| Class C **\|** SSR138_04_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.2% |
| Industrials | 15.3% |
| Health Care | 11.2% |
| Information Technology | 10.7% |
| Communication Services | 8.6% |
| Consumer Staples | 8.6% |
| Consumer Discretionary | 6.5% |
| Energy | 6.2% |
| Utilities | 4.7% |
| Real Estate | 3.8% |
| Other | 2.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 5.3% |
| JPMorgan Chase & Co. | 4.1% |
| Walmart, Inc. | 3.0% |
| Exxon Mobil Corp. | 2.7% |
| Berkshire Hathaway, Inc., Class B | 2.6% |
| Amazon.com, Inc. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Bank of New York Mellon Corp. (The) | 2.1% |
| Citigroup, Inc. | 2.0% |
| Las Vegas Sands Corp. | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Other | 0.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Intrinsic Value Fund \| Class C **\|** SSR138_04_(01/26) \|

# Columbia Intrinsic Value Fund
Institutional Class / CDVZX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Intrinsic Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $38 | 0.71%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734608687 |
| **Total number of portfolio holdings** | 65 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Intrinsic Value Fund \| Institutional Class **\|** SSR138_08_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.2% |
| Industrials | 15.3% |
| Health Care | 11.2% |
| Information Technology | 10.7% |
| Communication Services | 8.6% |
| Consumer Staples | 8.6% |
| Consumer Discretionary | 6.5% |
| Energy | 6.2% |
| Utilities | 4.7% |
| Real Estate | 3.8% |
| Other | 2.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 5.3% |
| JPMorgan Chase & Co. | 4.1% |
| Walmart, Inc. | 3.0% |
| Exxon Mobil Corp. | 2.7% |
| Berkshire Hathaway, Inc., Class B | 2.6% |
| Amazon.com, Inc. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Bank of New York Mellon Corp. (The) | 2.1% |
| Citigroup, Inc. | 2.0% |
| Las Vegas Sands Corp. | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Other | 0.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Intrinsic Value Fund \| Institutional Class **\|** SSR138_08_(01/26) \|

# Columbia Intrinsic Value Fund
Institutional 2 Class / RSEDX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Intrinsic Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $37 | 0.69%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734608687 |
| **Total number of portfolio holdings** | 65 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Intrinsic Value Fund \| Institutional 2 Class **\|** SSR138_15_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.2% |
| Industrials | 15.3% |
| Health Care | 11.2% |
| Information Technology | 10.7% |
| Communication Services | 8.6% |
| Consumer Staples | 8.6% |
| Consumer Discretionary | 6.5% |
| Energy | 6.2% |
| Utilities | 4.7% |
| Real Estate | 3.8% |
| Other | 2.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 5.3% |
| JPMorgan Chase & Co. | 4.1% |
| Walmart, Inc. | 3.0% |
| Exxon Mobil Corp. | 2.7% |
| Berkshire Hathaway, Inc., Class B | 2.6% |
| Amazon.com, Inc. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Bank of New York Mellon Corp. (The) | 2.1% |
| Citigroup, Inc. | 2.0% |
| Las Vegas Sands Corp. | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Other | 0.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Intrinsic Value Fund \| Institutional 2 Class **\|** SSR138_15_(01/26) \|

# Columbia Intrinsic Value Fund
Institutional 3 Class / CDEYX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Intrinsic Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $35 | 0.64%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734608687 |
| **Total number of portfolio holdings** | 65 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Intrinsic Value Fund \| Institutional 3 Class **\|** SSR138_17_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 21.2% |
| Industrials | 15.3% |
| Health Care | 11.2% |
| Information Technology | 10.7% |
| Communication Services | 8.6% |
| Consumer Staples | 8.6% |
| Consumer Discretionary | 6.5% |
| Energy | 6.2% |
| Utilities | 4.7% |
| Real Estate | 3.8% |
| Other | 2.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 5.3% |
| JPMorgan Chase & Co. | 4.1% |
| Walmart, Inc. | 3.0% |
| Exxon Mobil Corp. | 2.7% |
| Berkshire Hathaway, Inc., Class B | 2.6% |
| Amazon.com, Inc. | 2.2% |
| Philip Morris International, Inc. | 2.1% |
| Bank of New York Mellon Corp. (The) | 2.1% |
| Citigroup, Inc. | 2.0% |
| Las Vegas Sands Corp. | 2.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Other | 0.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Intrinsic Value Fund \| Institutional 3 Class **\|** SSR138_17_(01/26) \|

# Columbia Mortgage Opportunities Fund
Class A / CLMAX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Mortgage Opportunities Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $52 | 1.01%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2518393483 |
| **Total number of portfolio holdings** | 481 |
| **Portfolio turnover for the reporting period** | 349% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 7% |

---

Columbia Mortgage Opportunities Fund \| Class A **\|** SSR251_01_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 7.5% |
| Interest Rate Risk | 82.2% |
|  | Short |
| Credit Risk | 4.0% |
| Interest Rate Risk | 200.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 118.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 49.1% |
| Asset-Backed Securities - Non-Agency | 10.3% |
| Money Market Funds | 5.6% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.4% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Mortgage Opportunities Fund \| Class A **\|** SSR251_01_(01/26) \|

# Columbia Mortgage Opportunities Fund
Class C / CLMCX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Mortgage Opportunities Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $91 | 1.77%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2518393483 |
| **Total number of portfolio holdings** | 481 |
| **Portfolio turnover for the reporting period** | 349% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 7% |

---

Columbia Mortgage Opportunities Fund \| Class C **\|** SSR251_04_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 7.5% |
| Interest Rate Risk | 82.2% |
|  | Short |
| Credit Risk | 4.0% |
| Interest Rate Risk | 200.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 118.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 49.1% |
| Asset-Backed Securities - Non-Agency | 10.3% |
| Money Market Funds | 5.6% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.4% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Mortgage Opportunities Fund \| Class C **\|** SSR251_04_(01/26) \|

# Columbia Mortgage Opportunities Fund
Institutional Class / CLMZX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Mortgage Opportunities Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $39 | 0.76%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2518393483 |
| **Total number of portfolio holdings** | 481 |
| **Portfolio turnover for the reporting period** | 349% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 7% |

---

Columbia Mortgage Opportunities Fund \| Institutional Class **\|** SSR251_08_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 7.5% |
| Interest Rate Risk | 82.2% |
|  | Short |
| Credit Risk | 4.0% |
| Interest Rate Risk | 200.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 118.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 49.1% |
| Asset-Backed Securities - Non-Agency | 10.3% |
| Money Market Funds | 5.6% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.4% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Mortgage Opportunities Fund \| Institutional Class **\|** SSR251_08_(01/26) \|

# Columbia Mortgage Opportunities Fund
Institutional 2 Class / CLMVX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Mortgage Opportunities Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $37 | 0.71%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2518393483 |
| **Total number of portfolio holdings** | 481 |
| **Portfolio turnover for the reporting period** | 349% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 7% |

---

Columbia Mortgage Opportunities Fund \| Institutional 2 Class **\|** SSR251_15_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 7.5% |
| Interest Rate Risk | 82.2% |
|  | Short |
| Credit Risk | 4.0% |
| Interest Rate Risk | 200.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 118.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 49.1% |
| Asset-Backed Securities - Non-Agency | 10.3% |
| Money Market Funds | 5.6% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.4% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Mortgage Opportunities Fund \| Institutional 2 Class **\|** SSR251_15_(01/26) \|

# Columbia Mortgage Opportunities Fund
Institutional 3 Class / CMOYX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Mortgage Opportunities Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $35 | 0.67%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2518393483 |
| **Total number of portfolio holdings** | 481 |
| **Portfolio turnover for the reporting period** | 349% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 7% |

---

Columbia Mortgage Opportunities Fund \| Institutional 3 Class **\|** SSR251_17_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 7.5% |
| Interest Rate Risk | 82.2% |
|  | Short |
| Credit Risk | 4.0% |
| Interest Rate Risk | 200.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 118.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 49.1% |
| Asset-Backed Securities - Non-Agency | 10.3% |
| Money Market Funds | 5.6% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.4% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Mortgage Opportunities Fund \| Institutional 3 Class **\|** SSR251_17_(01/26) \|

# Columbia Mortgage Opportunities Fund
Class S / CLMDX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Mortgage Opportunities Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class S | $40 | 0.77%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2518393483 |
| **Total number of portfolio holdings** | 481 |
| **Portfolio turnover for the reporting period** | 349% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 7% |

---

Columbia Mortgage Opportunities Fund \| Class S **\|** SSR251_16_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 7.5% |
| Interest Rate Risk | 82.2% |
|  | Short |
| Credit Risk | 4.0% |
| Interest Rate Risk | 200.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 118.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 49.1% |
| Asset-Backed Securities - Non-Agency | 10.3% |
| Money Market Funds | 5.6% |
| Commercial Mortgage-Backed Securities - Non-Agency | 1.4% |
| Other | 1.7% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Mortgage Opportunities Fund \| Class S **\|** SSR251_16_(01/26) \|

# Columbia Quality Income Fund
Class A / AUGAX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Quality Income Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $46 | 0.89%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1201931315 |
| **Total number of portfolio holdings** | 328 |
| **Portfolio turnover for the reporting period** | 180% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 11% |

---

Columbia Quality Income Fund \| Class A **\|** SSR236_01_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security TBA 12/13/2053 4.500% | 7.4% |
| Government National Mortgage Association TBA 12/20/2053 4.500% | 5.3% |
| Uniform Mortgage-Backed Security TBA 12/12/2054 3.500% | 3.1% |
| Uniform Mortgage-Backed Security TBA 12/16/2040 3.000% | 2.9% |
| Federal National Mortgage Association 08/01/2052 4.000% | 2.4% |
| Federal National Mortgage Association 11/01/2052 4.500% | 2.0% |
| Uniform Mortgage-Backed Security TBA 12/13/2053 5.500% | 1.9% |
| Federal Home Loan Mortgage Corp. 08/01/2052 3.000% | 1.7% |
| Federal National Mortgage Association 04/01/2051 2.000% | 1.7% |
| Uniform Mortgage-Backed Security TBA 12/11/2055 6.000% | 1.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 92.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 19.1% |
| Asset-Backed Securities - Non-Agency | 5.9% |
| Money Market Funds | 3.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.2% |
| Other | 1.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Quality Income Fund \| Class A **\|** SSR236_01_(01/26) \|

# Columbia Quality Income Fund
Class C / AUGCX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Quality Income Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $84 | 1.64%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1201931315 |
| **Total number of portfolio holdings** | 328 |
| **Portfolio turnover for the reporting period** | 180% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 11% |

---

Columbia Quality Income Fund \| Class C **\|** SSR236_04_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security TBA 12/13/2053 4.500% | 7.4% |
| Government National Mortgage Association TBA 12/20/2053 4.500% | 5.3% |
| Uniform Mortgage-Backed Security TBA 12/12/2054 3.500% | 3.1% |
| Uniform Mortgage-Backed Security TBA 12/16/2040 3.000% | 2.9% |
| Federal National Mortgage Association 08/01/2052 4.000% | 2.4% |
| Federal National Mortgage Association 11/01/2052 4.500% | 2.0% |
| Uniform Mortgage-Backed Security TBA 12/13/2053 5.500% | 1.9% |
| Federal Home Loan Mortgage Corp. 08/01/2052 3.000% | 1.7% |
| Federal National Mortgage Association 04/01/2051 2.000% | 1.7% |
| Uniform Mortgage-Backed Security TBA 12/11/2055 6.000% | 1.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 92.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 19.1% |
| Asset-Backed Securities - Non-Agency | 5.9% |
| Money Market Funds | 3.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.2% |
| Other | 1.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Quality Income Fund \| Class C **\|** SSR236_04_(01/26) \|

# Columbia Quality Income Fund
Institutional Class / CUGZX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Quality Income Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $33 | 0.64%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1201931315 |
| **Total number of portfolio holdings** | 328 |
| **Portfolio turnover for the reporting period** | 180% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 11% |

---

Columbia Quality Income Fund \| Institutional Class **\|** SSR236_08_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security TBA 12/13/2053 4.500% | 7.4% |
| Government National Mortgage Association TBA 12/20/2053 4.500% | 5.3% |
| Uniform Mortgage-Backed Security TBA 12/12/2054 3.500% | 3.1% |
| Uniform Mortgage-Backed Security TBA 12/16/2040 3.000% | 2.9% |
| Federal National Mortgage Association 08/01/2052 4.000% | 2.4% |
| Federal National Mortgage Association 11/01/2052 4.500% | 2.0% |
| Uniform Mortgage-Backed Security TBA 12/13/2053 5.500% | 1.9% |
| Federal Home Loan Mortgage Corp. 08/01/2052 3.000% | 1.7% |
| Federal National Mortgage Association 04/01/2051 2.000% | 1.7% |
| Uniform Mortgage-Backed Security TBA 12/11/2055 6.000% | 1.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 92.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 19.1% |
| Asset-Backed Securities - Non-Agency | 5.9% |
| Money Market Funds | 3.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.2% |
| Other | 1.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Quality Income Fund \| Institutional Class **\|** SSR236_08_(01/26) \|

# Columbia Quality Income Fund
Institutional 2 Class / CGVRX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Quality Income Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $28 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1201931315 |
| **Total number of portfolio holdings** | 328 |
| **Portfolio turnover for the reporting period** | 180% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 11% |

---

Columbia Quality Income Fund \| Institutional 2 Class **\|** SSR236_15_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security TBA 12/13/2053 4.500% | 7.4% |
| Government National Mortgage Association TBA 12/20/2053 4.500% | 5.3% |
| Uniform Mortgage-Backed Security TBA 12/12/2054 3.500% | 3.1% |
| Uniform Mortgage-Backed Security TBA 12/16/2040 3.000% | 2.9% |
| Federal National Mortgage Association 08/01/2052 4.000% | 2.4% |
| Federal National Mortgage Association 11/01/2052 4.500% | 2.0% |
| Uniform Mortgage-Backed Security TBA 12/13/2053 5.500% | 1.9% |
| Federal Home Loan Mortgage Corp. 08/01/2052 3.000% | 1.7% |
| Federal National Mortgage Association 04/01/2051 2.000% | 1.7% |
| Uniform Mortgage-Backed Security TBA 12/11/2055 6.000% | 1.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 92.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 19.1% |
| Asset-Backed Securities - Non-Agency | 5.9% |
| Money Market Funds | 3.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.2% |
| Other | 1.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Quality Income Fund \| Institutional 2 Class **\|** SSR236_15_(01/26) \|

# Columbia Quality Income Fund
Institutional 3 Class / CUGYX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Quality Income Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $26 | 0.51%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1201931315 |
| **Total number of portfolio holdings** | 328 |
| **Portfolio turnover for the reporting period** | 180% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 11% |

---

Columbia Quality Income Fund \| Institutional 3 Class **\|** SSR236_17_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

### Top Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security TBA 12/13/2053 4.500% | 7.4% |
| Government National Mortgage Association TBA 12/20/2053 4.500% | 5.3% |
| Uniform Mortgage-Backed Security TBA 12/12/2054 3.500% | 3.1% |
| Uniform Mortgage-Backed Security TBA 12/16/2040 3.000% | 2.9% |
| Federal National Mortgage Association 08/01/2052 4.000% | 2.4% |
| Federal National Mortgage Association 11/01/2052 4.500% | 2.0% |
| Uniform Mortgage-Backed Security TBA 12/13/2053 5.500% | 1.9% |
| Federal Home Loan Mortgage Corp. 08/01/2052 3.000% | 1.7% |
| Federal National Mortgage Association 04/01/2051 2.000% | 1.7% |
| Uniform Mortgage-Backed Security TBA 12/11/2055 6.000% | 1.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 92.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 19.1% |
| Asset-Backed Securities - Non-Agency | 5.9% |
| Money Market Funds | 3.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.2% |
| Other | 1.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

Columbia Quality Income Fund \| Institutional 3 Class **\|** SSR236_17_(01/26) \|

# Columbia Select Large Cap Value Fund
Class A / SLVAX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Large Cap Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $44 | 0.80%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734762319 |
| **Total number of portfolio holdings** | 38 |
| **Portfolio turnover for the reporting period** | 17% |

---

Columbia Select Large Cap Value Fund \| Class A **\|** SSR216_01_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 17.9% |
| Information Technology | 14.2% |
| Health Care | 13.2% |
| Industrials | 12.8% |
| Energy | 10.0% |
| Utilities | 6.2% |
| Materials | 5.8% |
| Communication Services | 5.6% |
| Consumer Staples | 4.4% |
| Consumer Discretionary | 2.9% |
| Other | 2.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| EPAM Systems, Inc. | 3.9% |
| Verizon Communications, Inc. | 3.5% |
| Freeport-McMoRan, Inc. | 3.3% |
| AES Corp. (The) | 3.3% |
| CVS Health Corp. | 3.2% |
| Boeing Co. (The) | 3.1% |
| Williams Companies, Inc. (The) | 3.1% |
| TechnipFMC PLC | 3.0% |
| Southwest Airlines Co. | 3.0% |
| Morgan Stanley | 3.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 95.8% |
| Money Market Funds | 4.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Select Large Cap Value Fund \| Class A **\|** SSR216_01_(01/26) \|

# Columbia Select Large Cap Value Fund
Class C / SVLCX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Large Cap Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $84 | 1.55%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734762319 |
| **Total number of portfolio holdings** | 38 |
| **Portfolio turnover for the reporting period** | 17% |

---

Columbia Select Large Cap Value Fund \| Class C **\|** SSR216_04_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 17.9% |
| Information Technology | 14.2% |
| Health Care | 13.2% |
| Industrials | 12.8% |
| Energy | 10.0% |
| Utilities | 6.2% |
| Materials | 5.8% |
| Communication Services | 5.6% |
| Consumer Staples | 4.4% |
| Consumer Discretionary | 2.9% |
| Other | 2.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| EPAM Systems, Inc. | 3.9% |
| Verizon Communications, Inc. | 3.5% |
| Freeport-McMoRan, Inc. | 3.3% |
| AES Corp. (The) | 3.3% |
| CVS Health Corp. | 3.2% |
| Boeing Co. (The) | 3.1% |
| Williams Companies, Inc. (The) | 3.1% |
| TechnipFMC PLC | 3.0% |
| Southwest Airlines Co. | 3.0% |
| Morgan Stanley | 3.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 95.8% |
| Money Market Funds | 4.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Select Large Cap Value Fund \| Class C **\|** SSR216_04_(01/26) \|

# Columbia Select Large Cap Value Fund
Institutional Class / CSVZX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Large Cap Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $30 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734762319 |
| **Total number of portfolio holdings** | 38 |
| **Portfolio turnover for the reporting period** | 17% |

---

Columbia Select Large Cap Value Fund \| Institutional Class **\|** SSR216_08_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 17.9% |
| Information Technology | 14.2% |
| Health Care | 13.2% |
| Industrials | 12.8% |
| Energy | 10.0% |
| Utilities | 6.2% |
| Materials | 5.8% |
| Communication Services | 5.6% |
| Consumer Staples | 4.4% |
| Consumer Discretionary | 2.9% |
| Other | 2.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| EPAM Systems, Inc. | 3.9% |
| Verizon Communications, Inc. | 3.5% |
| Freeport-McMoRan, Inc. | 3.3% |
| AES Corp. (The) | 3.3% |
| CVS Health Corp. | 3.2% |
| Boeing Co. (The) | 3.1% |
| Williams Companies, Inc. (The) | 3.1% |
| TechnipFMC PLC | 3.0% |
| Southwest Airlines Co. | 3.0% |
| Morgan Stanley | 3.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 95.8% |
| Money Market Funds | 4.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Select Large Cap Value Fund \| Institutional Class **\|** SSR216_08_(01/26) \|

# Columbia Select Large Cap Value Fund
Institutional 2 Class / SLVIX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Large Cap Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $26 | 0.48%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734762319 |
| **Total number of portfolio holdings** | 38 |
| **Portfolio turnover for the reporting period** | 17% |

---

Columbia Select Large Cap Value Fund \| Institutional 2 Class **\|** SSR216_15_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 17.9% |
| Information Technology | 14.2% |
| Health Care | 13.2% |
| Industrials | 12.8% |
| Energy | 10.0% |
| Utilities | 6.2% |
| Materials | 5.8% |
| Communication Services | 5.6% |
| Consumer Staples | 4.4% |
| Consumer Discretionary | 2.9% |
| Other | 2.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| EPAM Systems, Inc. | 3.9% |
| Verizon Communications, Inc. | 3.5% |
| Freeport-McMoRan, Inc. | 3.3% |
| AES Corp. (The) | 3.3% |
| CVS Health Corp. | 3.2% |
| Boeing Co. (The) | 3.1% |
| Williams Companies, Inc. (The) | 3.1% |
| TechnipFMC PLC | 3.0% |
| Southwest Airlines Co. | 3.0% |
| Morgan Stanley | 3.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 95.8% |
| Money Market Funds | 4.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Select Large Cap Value Fund \| Institutional 2 Class **\|** SSR216_15_(01/26) \|

# Columbia Select Large Cap Value Fund
Institutional 3 Class / CSRYX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Large Cap Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $23 | 0.43%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734762319 |
| **Total number of portfolio holdings** | 38 |
| **Portfolio turnover for the reporting period** | 17% |

---

Columbia Select Large Cap Value Fund \| Institutional 3 Class **\|** SSR216_17_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 17.9% |
| Information Technology | 14.2% |
| Health Care | 13.2% |
| Industrials | 12.8% |
| Energy | 10.0% |
| Utilities | 6.2% |
| Materials | 5.8% |
| Communication Services | 5.6% |
| Consumer Staples | 4.4% |
| Consumer Discretionary | 2.9% |
| Other | 2.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| EPAM Systems, Inc. | 3.9% |
| Verizon Communications, Inc. | 3.5% |
| Freeport-McMoRan, Inc. | 3.3% |
| AES Corp. (The) | 3.3% |
| CVS Health Corp. | 3.2% |
| Boeing Co. (The) | 3.1% |
| Williams Companies, Inc. (The) | 3.1% |
| TechnipFMC PLC | 3.0% |
| Southwest Airlines Co. | 3.0% |
| Morgan Stanley | 3.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 95.8% |
| Money Market Funds | 4.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Select Large Cap Value Fund \| Institutional 3 Class **\|** SSR216_17_(01/26) \|

# Columbia Select Large Cap Value Fund
Class R / SLVRX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Large Cap Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class R | $57 | 1.05%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734762319 |
| **Total number of portfolio holdings** | 38 |
| **Portfolio turnover for the reporting period** | 17% |

---

Columbia Select Large Cap Value Fund \| Class R **\|** SSR216_12_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 17.9% |
| Information Technology | 14.2% |
| Health Care | 13.2% |
| Industrials | 12.8% |
| Energy | 10.0% |
| Utilities | 6.2% |
| Materials | 5.8% |
| Communication Services | 5.6% |
| Consumer Staples | 4.4% |
| Consumer Discretionary | 2.9% |
| Other | 2.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| EPAM Systems, Inc. | 3.9% |
| Verizon Communications, Inc. | 3.5% |
| Freeport-McMoRan, Inc. | 3.3% |
| AES Corp. (The) | 3.3% |
| CVS Health Corp. | 3.2% |
| Boeing Co. (The) | 3.1% |
| Williams Companies, Inc. (The) | 3.1% |
| TechnipFMC PLC | 3.0% |
| Southwest Airlines Co. | 3.0% |
| Morgan Stanley | 3.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 95.8% |
| Money Market Funds | 4.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Select Large Cap Value Fund \| Class R **\|** SSR216_12_(01/26) \|

# Columbia Select Large Cap Value Fund
Class S / CSVGX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Large Cap Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class S | $30 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2734762319 |
| **Total number of portfolio holdings** | 38 |
| **Portfolio turnover for the reporting period** | 17% |

---

Columbia Select Large Cap Value Fund \| Class S **\|** SSR216_16_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 17.9% |
| Information Technology | 14.2% |
| Health Care | 13.2% |
| Industrials | 12.8% |
| Energy | 10.0% |
| Utilities | 6.2% |
| Materials | 5.8% |
| Communication Services | 5.6% |
| Consumer Staples | 4.4% |
| Consumer Discretionary | 2.9% |
| Other | 2.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| EPAM Systems, Inc. | 3.9% |
| Verizon Communications, Inc. | 3.5% |
| Freeport-McMoRan, Inc. | 3.3% |
| AES Corp. (The) | 3.3% |
| CVS Health Corp. | 3.2% |
| Boeing Co. (The) | 3.1% |
| Williams Companies, Inc. (The) | 3.1% |
| TechnipFMC PLC | 3.0% |
| Southwest Airlines Co. | 3.0% |
| Morgan Stanley | 3.0% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 95.8% |
| Money Market Funds | 4.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Select Large Cap Value Fund \| Class S **\|** SSR216_16_(01/26) \|

# Columbia Select Small Cap Value Fund
Class A / SSCVX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Small Cap Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $65 | 1.21%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $378154006 |
| **Total number of portfolio holdings** | 56 |
| **Portfolio turnover for the reporting period** | 6% |

---

Columbia Select Small Cap Value Fund \| Class A **\|** SSR218_01_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 27.1% |
| Industrials | 17.1% |
| Information Technology | 11.0% |
| Health Care | 10.2% |
| Consumer Discretionary | 9.3% |
| Real Estate | 8.6% |
| Energy | 5.7% |
| Materials | 4.8% |
| Utilities | 3.1% |
| Consumer Staples | 2.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| MACOM Technology Solutions Holdings, Inc. | 3.2% |
| Portland General Electric Co. | 3.2% |
| Axos Financial, Inc. | 2.9% |
| Viavi Solutions, Inc. | 2.8% |
| Kratos Defense & Security Solutions, Inc. | 2.7% |
| Outfront Media, Inc. | 2.7% |
| Atmus Filtration Technologies, Inc. | 2.7% |
| Primoris Services Corp. | 2.6% |
| Kontoor Brands, Inc. | 2.6% |
| Stock Yards Bancorp, Inc. | 2.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.4% |
| Other | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Select Small Cap Value Fund \| Class A **\|** SSR218_01_(01/26) \|

# Columbia Select Small Cap Value Fund
Institutional Class / CSSZX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Small Cap Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $52 | 0.96%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $378154006 |
| **Total number of portfolio holdings** | 56 |
| **Portfolio turnover for the reporting period** | 6% |

---

Columbia Select Small Cap Value Fund \| Institutional Class **\|** SSR218_08_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 27.1% |
| Industrials | 17.1% |
| Information Technology | 11.0% |
| Health Care | 10.2% |
| Consumer Discretionary | 9.3% |
| Real Estate | 8.6% |
| Energy | 5.7% |
| Materials | 4.8% |
| Utilities | 3.1% |
| Consumer Staples | 2.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| MACOM Technology Solutions Holdings, Inc. | 3.2% |
| Portland General Electric Co. | 3.2% |
| Axos Financial, Inc. | 2.9% |
| Viavi Solutions, Inc. | 2.8% |
| Kratos Defense & Security Solutions, Inc. | 2.7% |
| Outfront Media, Inc. | 2.7% |
| Atmus Filtration Technologies, Inc. | 2.7% |
| Primoris Services Corp. | 2.6% |
| Kontoor Brands, Inc. | 2.6% |
| Stock Yards Bancorp, Inc. | 2.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.4% |
| Other | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Select Small Cap Value Fund \| Institutional Class **\|** SSR218_08_(01/26) \|

# Columbia Select Small Cap Value Fund
Institutional 2 Class / SSVIX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Small Cap Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $49 | 0.91%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $378154006 |
| **Total number of portfolio holdings** | 56 |
| **Portfolio turnover for the reporting period** | 6% |

---

Columbia Select Small Cap Value Fund \| Institutional 2 Class **\|** SSR218_15_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 27.1% |
| Industrials | 17.1% |
| Information Technology | 11.0% |
| Health Care | 10.2% |
| Consumer Discretionary | 9.3% |
| Real Estate | 8.6% |
| Energy | 5.7% |
| Materials | 4.8% |
| Utilities | 3.1% |
| Consumer Staples | 2.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| MACOM Technology Solutions Holdings, Inc. | 3.2% |
| Portland General Electric Co. | 3.2% |
| Axos Financial, Inc. | 2.9% |
| Viavi Solutions, Inc. | 2.8% |
| Kratos Defense & Security Solutions, Inc. | 2.7% |
| Outfront Media, Inc. | 2.7% |
| Atmus Filtration Technologies, Inc. | 2.7% |
| Primoris Services Corp. | 2.6% |
| Kontoor Brands, Inc. | 2.6% |
| Stock Yards Bancorp, Inc. | 2.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.4% |
| Other | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Select Small Cap Value Fund \| Institutional 2 Class **\|** SSR218_15_(01/26) \|

# Columbia Select Small Cap Value Fund
Institutional 3 Class / CSSYX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Small Cap Value Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $46 | 0.85%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $378154006 |
| **Total number of portfolio holdings** | 56 |
| **Portfolio turnover for the reporting period** | 6% |

---

Columbia Select Small Cap Value Fund \| Institutional 3 Class **\|** SSR218_17_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 27.1% |
| Industrials | 17.1% |
| Information Technology | 11.0% |
| Health Care | 10.2% |
| Consumer Discretionary | 9.3% |
| Real Estate | 8.6% |
| Energy | 5.7% |
| Materials | 4.8% |
| Utilities | 3.1% |
| Consumer Staples | 2.5% |

---

### Top Holdings

---

| | |
|:---|:---|
| MACOM Technology Solutions Holdings, Inc. | 3.2% |
| Portland General Electric Co. | 3.2% |
| Axos Financial, Inc. | 2.9% |
| Viavi Solutions, Inc. | 2.8% |
| Kratos Defense & Security Solutions, Inc. | 2.7% |
| Outfront Media, Inc. | 2.7% |
| Atmus Filtration Technologies, Inc. | 2.7% |
| Primoris Services Corp. | 2.6% |
| Kontoor Brands, Inc. | 2.6% |
| Stock Yards Bancorp, Inc. | 2.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 99.4% |
| Other | 0.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Select Small Cap Value Fund \| Institutional 3 Class **\|** SSR218_17_(01/26) \|

# Columbia Seligman Technology and Information Fund
Class A / SLMCX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Seligman Technology and Information Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $71 | 1.15%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $18822976693 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Seligman Technology and Information Fund \| Class A **\|** SSR219_01_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 22.0% |
| Semiconductor Materials & Equipment | 13.7% |
| Interactive Media & Services | 11.4% |
| Technology Hardware, Storage & Peripherals | 10.7% |
| Heavy Electrical Equipment | 9.9% |
| Systems Software | 9.5% |
| Transaction & Payment Processing Services | 4.5% |
| Internet Services & Infrastructure | 3.4% |
| Application Software | 3.2% |
| Communications Equipment | 3.1% |
| Other | 8.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 10.0% |
| Lam Research Corp. | 6.8% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class A | 5.0% |
| NVIDIA Corp. | 5.0% |
| Applied Materials, Inc. | 4.3% |
| Western Digital Corp. | 4.1% |
| Microsoft Corp. | 4.1% |
| Marvell Technology, Inc. | 3.9% |
| Apple, Inc. | 3.4% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 66.8% |
| Industrials | 12.0% |
| Communication Services | 12.0% |
| Financials | 4.5% |
| Consumer Discretionary | 2.3% |
| Real Estate | 0.4% |
| Health Care | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Seligman Technology and Information Fund \| Class A **\|** SSR219_01_(01/26) \|

# Columbia Seligman Technology and Information Fund
Class C / SCICX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Seligman Technology and Information Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $118 | 1.90%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $18822976693 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Seligman Technology and Information Fund \| Class C **\|** SSR219_04_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 22.0% |
| Semiconductor Materials & Equipment | 13.7% |
| Interactive Media & Services | 11.4% |
| Technology Hardware, Storage & Peripherals | 10.7% |
| Heavy Electrical Equipment | 9.9% |
| Systems Software | 9.5% |
| Transaction & Payment Processing Services | 4.5% |
| Internet Services & Infrastructure | 3.4% |
| Application Software | 3.2% |
| Communications Equipment | 3.1% |
| Other | 8.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 10.0% |
| Lam Research Corp. | 6.8% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class A | 5.0% |
| NVIDIA Corp. | 5.0% |
| Applied Materials, Inc. | 4.3% |
| Western Digital Corp. | 4.1% |
| Microsoft Corp. | 4.1% |
| Marvell Technology, Inc. | 3.9% |
| Apple, Inc. | 3.4% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 66.8% |
| Industrials | 12.0% |
| Communication Services | 12.0% |
| Financials | 4.5% |
| Consumer Discretionary | 2.3% |
| Real Estate | 0.4% |
| Health Care | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Seligman Technology and Information Fund \| Class C **\|** SSR219_04_(01/26) \|

# Columbia Seligman Technology and Information Fund
Institutional Class / CCIZX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Seligman Technology and Information Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $56 | 0.90%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $18822976693 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Seligman Technology and Information Fund \| Institutional Class **\|** SSR219_08_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 22.0% |
| Semiconductor Materials & Equipment | 13.7% |
| Interactive Media & Services | 11.4% |
| Technology Hardware, Storage & Peripherals | 10.7% |
| Heavy Electrical Equipment | 9.9% |
| Systems Software | 9.5% |
| Transaction & Payment Processing Services | 4.5% |
| Internet Services & Infrastructure | 3.4% |
| Application Software | 3.2% |
| Communications Equipment | 3.1% |
| Other | 8.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 10.0% |
| Lam Research Corp. | 6.8% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class A | 5.0% |
| NVIDIA Corp. | 5.0% |
| Applied Materials, Inc. | 4.3% |
| Western Digital Corp. | 4.1% |
| Microsoft Corp. | 4.1% |
| Marvell Technology, Inc. | 3.9% |
| Apple, Inc. | 3.4% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 66.8% |
| Industrials | 12.0% |
| Communication Services | 12.0% |
| Financials | 4.5% |
| Consumer Discretionary | 2.3% |
| Real Estate | 0.4% |
| Health Care | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Seligman Technology and Information Fund \| Institutional Class **\|** SSR219_08_(01/26) \|

# Columbia Seligman Technology and Information Fund
Institutional 2 Class / SCMIX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Seligman Technology and Information Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $54 | 0.87%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $18822976693 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Seligman Technology and Information Fund \| Institutional 2 Class **\|** SSR219_15_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 22.0% |
| Semiconductor Materials & Equipment | 13.7% |
| Interactive Media & Services | 11.4% |
| Technology Hardware, Storage & Peripherals | 10.7% |
| Heavy Electrical Equipment | 9.9% |
| Systems Software | 9.5% |
| Transaction & Payment Processing Services | 4.5% |
| Internet Services & Infrastructure | 3.4% |
| Application Software | 3.2% |
| Communications Equipment | 3.1% |
| Other | 8.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 10.0% |
| Lam Research Corp. | 6.8% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class A | 5.0% |
| NVIDIA Corp. | 5.0% |
| Applied Materials, Inc. | 4.3% |
| Western Digital Corp. | 4.1% |
| Microsoft Corp. | 4.1% |
| Marvell Technology, Inc. | 3.9% |
| Apple, Inc. | 3.4% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 66.8% |
| Industrials | 12.0% |
| Communication Services | 12.0% |
| Financials | 4.5% |
| Consumer Discretionary | 2.3% |
| Real Estate | 0.4% |
| Health Care | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Seligman Technology and Information Fund \| Institutional 2 Class **\|** SSR219_15_(01/26) \|

# Columbia Seligman Technology and Information Fund
Institutional 3 Class / CCOYX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Seligman Technology and Information Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $51 | 0.82%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $18822976693 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Seligman Technology and Information Fund \| Institutional 3 Class **\|** SSR219_17_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 22.0% |
| Semiconductor Materials & Equipment | 13.7% |
| Interactive Media & Services | 11.4% |
| Technology Hardware, Storage & Peripherals | 10.7% |
| Heavy Electrical Equipment | 9.9% |
| Systems Software | 9.5% |
| Transaction & Payment Processing Services | 4.5% |
| Internet Services & Infrastructure | 3.4% |
| Application Software | 3.2% |
| Communications Equipment | 3.1% |
| Other | 8.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 10.0% |
| Lam Research Corp. | 6.8% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class A | 5.0% |
| NVIDIA Corp. | 5.0% |
| Applied Materials, Inc. | 4.3% |
| Western Digital Corp. | 4.1% |
| Microsoft Corp. | 4.1% |
| Marvell Technology, Inc. | 3.9% |
| Apple, Inc. | 3.4% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 66.8% |
| Industrials | 12.0% |
| Communication Services | 12.0% |
| Financials | 4.5% |
| Consumer Discretionary | 2.3% |
| Real Estate | 0.4% |
| Health Care | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Seligman Technology and Information Fund \| Institutional 3 Class **\|** SSR219_17_(01/26) \|

# Columbia Seligman Technology and Information Fund
Class R / SCIRX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Seligman Technology and Information Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class R | $87 | 1.40%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $18822976693 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Seligman Technology and Information Fund \| Class R **\|** SSR219_12_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 22.0% |
| Semiconductor Materials & Equipment | 13.7% |
| Interactive Media & Services | 11.4% |
| Technology Hardware, Storage & Peripherals | 10.7% |
| Heavy Electrical Equipment | 9.9% |
| Systems Software | 9.5% |
| Transaction & Payment Processing Services | 4.5% |
| Internet Services & Infrastructure | 3.4% |
| Application Software | 3.2% |
| Communications Equipment | 3.1% |
| Other | 8.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 10.0% |
| Lam Research Corp. | 6.8% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class A | 5.0% |
| NVIDIA Corp. | 5.0% |
| Applied Materials, Inc. | 4.3% |
| Western Digital Corp. | 4.1% |
| Microsoft Corp. | 4.1% |
| Marvell Technology, Inc. | 3.9% |
| Apple, Inc. | 3.4% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 66.8% |
| Industrials | 12.0% |
| Communication Services | 12.0% |
| Financials | 4.5% |
| Consumer Discretionary | 2.3% |
| Real Estate | 0.4% |
| Health Care | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Seligman Technology and Information Fund \| Class R **\|** SSR219_12_(01/26) \|

# Columbia Seligman Technology and Information Fund
Class S / CCIFX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Columbia Seligman Technology and Information Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class S | $56 | 0.90%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $18822976693 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover for the reporting period** | 20% |

---

Columbia Seligman Technology and Information Fund \| Class S **\|** SSR219_16_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Information Technology Sub-Industry Allocation

---

| | |
|:---|:---|
| Semiconductors | 22.0% |
| Semiconductor Materials & Equipment | 13.7% |
| Interactive Media & Services | 11.4% |
| Technology Hardware, Storage & Peripherals | 10.7% |
| Heavy Electrical Equipment | 9.9% |
| Systems Software | 9.5% |
| Transaction & Payment Processing Services | 4.5% |
| Internet Services & Infrastructure | 3.4% |
| Application Software | 3.2% |
| Communications Equipment | 3.1% |
| Other | 8.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 10.0% |
| Lam Research Corp. | 6.8% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class A | 5.0% |
| NVIDIA Corp. | 5.0% |
| Applied Materials, Inc. | 4.3% |
| Western Digital Corp. | 4.1% |
| Microsoft Corp. | 4.1% |
| Marvell Technology, Inc. | 3.9% |
| Apple, Inc. | 3.4% |

---

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Information Technology | 66.8% |
| Industrials | 12.0% |
| Communication Services | 12.0% |
| Financials | 4.5% |
| Consumer Discretionary | 2.3% |
| Real Estate | 0.4% |
| Health Care | 0.2% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Columbia Seligman Technology and Information Fund \| Class S **\|** SSR219_16_(01/26) \|

# Multi-Manager Value Strategies Fund
Institutional Class / CZMVX

![Image](g59746i20a95a49aa64e9e90402.jpg)

## Semi-Annual Shareholder Report \| November 30, 2025
This semi-annual shareholder report contains important information about Multi-Manager Value Strategies Fund (the Fund) for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $36 | 0.69%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>(a)</sup>*  | &nbsp;&nbsp;*Annualized* |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $5536813625 |
| **Total number of portfolio holdings** | 326 |
| **Portfolio turnover for the reporting period** | 17% |

---

Multi-Manager Value Strategies Fund \| Institutional Class **\|** SSR116_08_(01/26) \|

## Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.6% |
| Industrials | 15.4% |
| Information Technology | 12.4% |
| Health Care | 11.0% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 7.6% |
| Energy | 7.5% |
| Communication Services | 6.7% |
| Materials | 3.3% |
| Utilities | 2.0% |
| Other | 1.8% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 2.5% |
| Exxon Mobil Corp. | 1.8% |
| Abbott Laboratories | 1.7% |
| American International Group, Inc. | 1.7% |
| Alphabet, Inc., Class A | 1.6% |
| Union Pacific Corp. | 1.6% |
| Amazon.com, Inc. | 1.5% |
| ConocoPhillips Co. | 1.5% |
| Berkshire Hathaway, Inc., Class B | 1.5% |
| Bank of America Corp. | 1.5% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.3% |
| Money Market Funds | 1.6% |
| Other | 0.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

**Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value**

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g59746i556c9b44d0d95e4abb08.jpg)

Multi-Manager Value Strategies Fund \| Institutional Class **\|** SSR116_08_(01/26) \|

------

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(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 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](g59746imgb0891d0d1.jpg)

Columbia Commodity Strategy Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Consolidated Portfolio of Investments](#xx_7ece6089-a37e-4c3a-afa8-4fbb340a951e_POI-CommonContent-Date-50_1) | 3 |
| [Consolidated Statement of Assets and Liabilities](#xx_7ece6089-a37e-4c3a-afa8-4fbb340a951e_FS-CommonContent-Date-50_1) | 14 |
| [Consolidated Statement of Operations](#xx_7ece6089-a37e-4c3a-afa8-4fbb340a951e_FS-CommonContent-Date-50_2) | 15 |
| [Consolidated Statement of Changes in Net Assets](#xx_7ece6089-a37e-4c3a-afa8-4fbb340a951e_FS-CommonContent-Date-50_3) | 16 |
| [Consolidated Financial Highlights](#xx_7ece6089-a37e-4c3a-afa8-4fbb340a951e_FIHI-CommonContent-Date-50_1) | 18 |
| [Notes to Consolidated Financial Statements](#xx_7ece6089-a37e-4c3a-afa8-4fbb340a951e_NTF-CommonContent-Date-50_1) | 22 |
| [Approval of Management Agreement](#xx_7ece6089-a37e-4c3a-afa8-4fbb340a951e_CCH-CommonContent-Date-50_1) | 34 |

---

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 15.9%** | **Asset-Backed Securities - Non-Agency 15.9%** | **Asset-Backed Securities - Non-Agency 15.9%** | **Asset-Backed Securities - Non-Agency 15.9%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  |
| Series 2024-1PL Class A | Series 2024-1PL Class A | Series 2024-1PL Class A | Series 2024-1PL Class A |
| 04/25/2031 | &nbsp;&nbsp; 5.900% | 32282 | &nbsp;&nbsp; 32550 |
| Series 2024-2PL Class A | Series 2024-2PL Class A | Series 2024-2PL Class A | Series 2024-2PL Class A |
| 10/27/2031 | &nbsp;&nbsp; 5.070% | 337450 | &nbsp;&nbsp; 339169 |
| Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B | Subordinated Series 2024-1PL Class B |
| 04/25/2031 | &nbsp;&nbsp; 6.340% | 56978 | &nbsp;&nbsp; 57798 |
| ACM Auto Trust<sup>(a)</sup>  | ACM Auto Trust<sup>(a)</sup>  | ACM Auto Trust<sup>(a)</sup>  | ACM Auto Trust<sup>(a)</sup>  |
| Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A |
| 02/20/2029 | &nbsp;&nbsp; 6.060% | 72203 | &nbsp;&nbsp; 72169 |
| Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  | Affirm Asset Securitization Trust<sup>(a)</sup>  |
| Series 2024-X2 Class A | Series 2024-X2 Class A | Series 2024-X2 Class A | Series 2024-X2 Class A |
| 12/17/2029 | &nbsp;&nbsp; 5.220% | 280986 | &nbsp;&nbsp; 281198 |
| American Credit Acceptance Receivables Trust<sup>(a)</sup>  | American Credit Acceptance Receivables Trust<sup>(a)</sup>  | American Credit Acceptance Receivables Trust<sup>(a)</sup>  | American Credit Acceptance Receivables Trust<sup>(a)</sup>  |
| Series 2022-4 Class D | Series 2022-4 Class D | Series 2022-4 Class D | Series 2022-4 Class D |
| 02/15/2029 | &nbsp;&nbsp; 8.000% | 1075925 | &nbsp;&nbsp; 1086080 |
| BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
| Series 2024-1 Class A4 | Series 2024-1 Class A4 | Series 2024-1 Class A4 | Series 2024-1 Class A4 |
| 06/25/2027 | &nbsp;&nbsp; 5.000% | 600000 | &nbsp;&nbsp; 603797 |
| Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust | Carmax Select Receivables Trust |
| Series 2024-A Class A2A | Series 2024-A Class A2A | Series 2024-A Class A2A | Series 2024-A Class A2A |
| 09/15/2027 | &nbsp;&nbsp; 5.780% | 98681 | &nbsp;&nbsp; 98843 |
| Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  | Carvana Auto Receivables Trust<sup>(a)</sup>  |
| Series 2024-N3 Class A2 | Series 2024-N3 Class A2 | Series 2024-N3 Class A2 | Series 2024-N3 Class A2 |
| 12/10/2027 | &nbsp;&nbsp; 4.840% | 249214 | &nbsp;&nbsp; 249368 |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
| Series 2024-P3 Class A2 | Series 2024-P3 Class A2 | Series 2024-P3 Class A2 | Series 2024-P3 Class A2 |
| 11/10/2027 | &nbsp;&nbsp; 4.610% | 52105 | &nbsp;&nbsp; 52110 |
| Series 2025-P3 Class A1 | Series 2025-P3 Class A1 | Series 2025-P3 Class A1 | Series 2025-P3 Class A1 |
| 10/12/2026 | &nbsp;&nbsp; 4.171% | 670817 | &nbsp;&nbsp; 671060 |
| CNH Equipment Trust | CNH Equipment Trust | CNH Equipment Trust | CNH Equipment Trust |
| Series 2023-A Class A3 | Series 2023-A Class A3 | Series 2023-A Class A3 | Series 2023-A Class A3 |
| 08/15/2028 | &nbsp;&nbsp; 4.810% | 1893119 | &nbsp;&nbsp; 1902474 |
| Series 2024-C Class A2A | Series 2024-C Class A2A | Series 2024-C Class A2A | Series 2024-C Class A2A |
| 02/18/2028 | &nbsp;&nbsp; 4.300% | 377519 | &nbsp;&nbsp; 377776 |
| Subordinated Series 2024-A Class A3 | Subordinated Series 2024-A Class A3 | Subordinated Series 2024-A Class A3 | Subordinated Series 2024-A Class A3 |
| 06/15/2029 | &nbsp;&nbsp; 4.770% | 896907 | &nbsp;&nbsp; 903833 |
| DailyPay Securitization Trust<sup>(a)</sup>  | DailyPay Securitization Trust<sup>(a)</sup>  | DailyPay Securitization Trust<sup>(a)</sup>  | DailyPay Securitization Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 06/25/2028 | &nbsp;&nbsp; 5.630% | 225000 | &nbsp;&nbsp; 226659 |
| Dell Equipment Finance Trust<sup>(a)</sup>  | Dell Equipment Finance Trust<sup>(a)</sup>  | Dell Equipment Finance Trust<sup>(a)</sup>  | Dell Equipment Finance Trust<sup>(a)</sup>  |
| Series 2023-3 Class A3 | Series 2023-3 Class A3 | Series 2023-3 Class A3 | Series 2023-3 Class A3 |
| 04/23/2029 | &nbsp;&nbsp; 5.930% | 843915 | &nbsp;&nbsp; 849015 |
| Enterprise Fleet Financing LLC<sup>(a)</sup>  | Enterprise Fleet Financing LLC<sup>(a)</sup>  | Enterprise Fleet Financing LLC<sup>(a)</sup>  | Enterprise Fleet Financing LLC<sup>(a)</sup>  |
| Series 2024-1 Class A2 | Series 2024-1 Class A2 | Series 2024-1 Class A2 | Series 2024-1 Class A2 |
| 03/20/2030 | &nbsp;&nbsp; 5.230% | 1104483 | &nbsp;&nbsp; 1112726 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
| Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 |
| 06/15/2027 | &nbsp;&nbsp; 5.050% | 3426000 | &nbsp;&nbsp; 3442488 |
| Series 2025-A Class A3 | Series 2025-A Class A3 | Series 2025-A Class A3 | Series 2025-A Class A3 |
| 06/15/2028 | &nbsp;&nbsp; 4.720% | 750000 | &nbsp;&nbsp; 755628 |
| Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  | Ford Credit Auto Owner Trust<sup>(a)</sup>  |
| Series 2021-2 Class A | Series 2021-2 Class A | Series 2021-2 Class A | Series 2021-2 Class A |
| 05/15/2034 | &nbsp;&nbsp; 1.530% | 2900000 | &nbsp;&nbsp; 2831436 |
| Series 2022-1 Class A | Series 2022-1 Class A | Series 2022-1 Class A | Series 2022-1 Class A |
| 11/15/2034 | &nbsp;&nbsp; 3.880% | 1575000 | &nbsp;&nbsp; 1575484 |
| Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
| Series 2023-A Class A4 | Series 2023-A Class A4 | Series 2023-A Class A4 | Series 2023-A Class A4 |
| 12/15/2028 | &nbsp;&nbsp; 4.560% | 2500000 | &nbsp;&nbsp; 2515487 |
| Series 2024-C Class A2A | Series 2024-C Class A2A | Series 2024-C Class A2A | Series 2024-C Class A2A |
| 08/15/2027 | &nbsp;&nbsp; 4.320% | 199489 | &nbsp;&nbsp; 199619 |
| Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  | Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  | Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  | Ford Credit Floorplan Master Owner Trust<sup>(a)</sup>  |
| Series 2023-1 Class A1 | Series 2023-1 Class A1 | Series 2023-1 Class A1 | Series 2023-1 Class A1 |
| 05/15/2028 | &nbsp;&nbsp; 4.920% | 3890000 | &nbsp;&nbsp; 3910803 |
| GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  | GLS Auto Receivables Issuer Trust<sup>(a)</sup>  |
| Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 |
| 01/18/2028 | &nbsp;&nbsp; 5.640% | 141536 | &nbsp;&nbsp; 141721 |
| GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  | GLS Auto Select Receivables Trust<sup>(a)</sup>  |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 06/17/2030 | &nbsp;&nbsp; 5.580% | 1055899 | &nbsp;&nbsp; 1065112 |
| GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
| Series 2024-1 Class A3 | Series 2024-1 Class A3 | Series 2024-1 Class A3 | Series 2024-1 Class A3 |
| 03/22/2027 | &nbsp;&nbsp; 5.090% | 504365 | &nbsp;&nbsp; 505630 |
| GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  | GMF Floorplan Owner Revolving Trust<sup>(a)</sup>  |
| Series 2024-1A Class A1 | Series 2024-1A Class A1 | Series 2024-1A Class A1 | Series 2024-1A Class A1 |
| 03/15/2029 | &nbsp;&nbsp; 5.130% | 2050000 | &nbsp;&nbsp; 2078481 |
| GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  | GreenSky Home Improvement Issuer Trust<sup>(a)</sup>  |
| Series 2024-2 Class A2 | Series 2024-2 Class A2 | Series 2024-2 Class A2 | Series 2024-2 Class A2 |
| 10/27/2059 | &nbsp;&nbsp; 5.250% | 101824 | &nbsp;&nbsp; 102254 |
| Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 | Series 2025-1A Class A2 |
| 03/25/2060 | &nbsp;&nbsp; 5.120% | 326406 | &nbsp;&nbsp; 327717 |
| Series 2025-2 Class A2 | Series 2025-2 Class A2 | Series 2025-2 Class A2 | Series 2025-2 Class A2 |
| 06/25/2060 | &nbsp;&nbsp; 4.930% | 206913 | &nbsp;&nbsp; 207700 |
| Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
| Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 |
| 03/15/2029 | &nbsp;&nbsp; 5.370% | 1464166 | &nbsp;&nbsp; 1478042 |
| Subordinated Series 2024-B Class A2 | Subordinated Series 2024-B Class A2 | Subordinated Series 2024-B Class A2 | Subordinated Series 2024-B Class A2 |
| 08/16/2027 | &nbsp;&nbsp; 4.620% | 59556 | &nbsp;&nbsp; 59581 |
| HPEFS Equipment Trust<sup>(a)</sup>  | HPEFS Equipment Trust<sup>(a)</sup>  | HPEFS Equipment Trust<sup>(a)</sup>  | HPEFS Equipment Trust<sup>(a)</sup>  |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 10/20/2031 | &nbsp;&nbsp; 5.500% | 24278 | &nbsp;&nbsp; 24296 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  | Hyundai Auto Lease Securitization Trust<sup>(a)</sup>  |
| Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 | Series 2024-A Class A3 |
| 03/15/2027 | &nbsp;&nbsp; 5.020% | 2275860 | &nbsp;&nbsp; 2281320 |
| Series 2024-C Class A3 | Series 2024-C Class A3 | Series 2024-C Class A3 | Series 2024-C Class A3 |
| 04/17/2028 | &nbsp;&nbsp; 4.620% | 1150000 | &nbsp;&nbsp; 1155968 |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
| Series 2025-B Class A2A | Series 2025-B Class A2A | Series 2025-B Class A2A | Series 2025-B Class A2A |
| 08/15/2028 | &nbsp;&nbsp; 4.450% | 875000 | &nbsp;&nbsp; 878124 |
| Kubota Credit Owner Trust<sup>(a)</sup>  | Kubota Credit Owner Trust<sup>(a)</sup>  | Kubota Credit Owner Trust<sup>(a)</sup>  | Kubota Credit Owner Trust<sup>(a)</sup>  |
| Series 2024-1A Class A3 | Series 2024-1A Class A3 | Series 2024-1A Class A3 | Series 2024-1A Class A3 |
| 07/17/2028 | &nbsp;&nbsp; 5.190% | 1260000 | &nbsp;&nbsp; 1275946 |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 04/15/2027 | &nbsp;&nbsp; 5.450% | 321707 | &nbsp;&nbsp; 322774 |
| Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 | Series 2024-2A Class A3 |
| 11/15/2028 | &nbsp;&nbsp; 5.260% | 2900000 | &nbsp;&nbsp; 2947489 |
| Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  | Marlette Funding Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 07/16/2035 | &nbsp;&nbsp; 4.750% | 371314 | &nbsp;&nbsp; 372092 |
| Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust |
| Series 2023-2 Class A3 | Series 2023-2 Class A3 | Series 2023-2 Class A3 | Series 2023-2 Class A3 |
| 11/15/2028 | &nbsp;&nbsp; 5.950% | 467169 | &nbsp;&nbsp; 473437 |
| NextGear Floorplan Master Owner Trust<sup>(a)</sup>  | NextGear Floorplan Master Owner Trust<sup>(a)</sup>  | NextGear Floorplan Master Owner Trust<sup>(a)</sup>  | NextGear Floorplan Master Owner Trust<sup>(a)</sup>  |
| Series 2023-1A Class A2 | Series 2023-1A Class A2 | Series 2023-1A Class A2 | Series 2023-1A Class A2 |
| 03/15/2028 | &nbsp;&nbsp; 5.740% | 2325000 | &nbsp;&nbsp; 2335571 |
| Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
| Series 2025-A Class A2A | Series 2025-A Class A2A | Series 2025-A Class A2A | Series 2025-A Class A2A |
| 02/15/2028 | &nbsp;&nbsp; 4.500% | 1325000 | &nbsp;&nbsp; 1329078 |
| Nissan Master Owner Trust Receivables<sup>(a)</sup>  | Nissan Master Owner Trust Receivables<sup>(a)</sup>  | Nissan Master Owner Trust Receivables<sup>(a)</sup>  | Nissan Master Owner Trust Receivables<sup>(a)</sup>  |
| Series 2024-B Class A | Series 2024-B Class A | Series 2024-B Class A | Series 2024-B Class A |
| 02/15/2029 | &nbsp;&nbsp; 5.050% | 2398000 | &nbsp;&nbsp; 2427413 |
| Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  |
| Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A |
| 08/15/2029 | &nbsp;&nbsp; 5.260% | 15964 | &nbsp;&nbsp; 15965 |
| Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  |
| Series 2024-11 Class A | Series 2024-11 Class A | Series 2024-11 Class A | Series 2024-11 Class A |
| 07/15/2032 | &nbsp;&nbsp; 5.092% | 592573 | &nbsp;&nbsp; 595026 |
| Series 2024-5 Class A | Series 2024-5 Class A | Series 2024-5 Class A | Series 2024-5 Class A |
| 10/15/2031 | &nbsp;&nbsp; 6.278% | 98435 | &nbsp;&nbsp; 99111 |
| Series 2024-6 Class A | Series 2024-6 Class A | Series 2024-6 Class A | Series 2024-6 Class A |
| 11/15/2031 | &nbsp;&nbsp; 6.093% | 76436 | &nbsp;&nbsp; 76835 |
| Series 2025-1 Class A2 | Series 2025-1 Class A2 | Series 2025-1 Class A2 | Series 2025-1 Class A2 |
| 07/15/2032 | &nbsp;&nbsp; 5.156% | 134569 | &nbsp;&nbsp; 135638 |
| Series 2025-3 Class A1 | Series 2025-3 Class A1 | Series 2025-3 Class A1 | Series 2025-3 Class A1 |
| 05/16/2032 | &nbsp;&nbsp; 5.028% | 559609 | &nbsp;&nbsp; 559841 |
| Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  |
| Series 2024-7 Class A | Series 2024-7 Class A | Series 2024-7 Class A | Series 2024-7 Class A |
| 12/15/2031 | &nbsp;&nbsp; 6.117% | 546812 | &nbsp;&nbsp; 550135 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B | Subordinated Series 2024-7 Class B |
| 12/15/2031 | &nbsp;&nbsp; 6.574% | 598023 | &nbsp;&nbsp; 602058 |
| Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 07/15/2031 | &nbsp;&nbsp; 6.660% | 146250 | &nbsp;&nbsp; 147534 |
| Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A | Series 2024-2 Class A |
| 08/15/2031 | &nbsp;&nbsp; 6.319% | 262555 | &nbsp;&nbsp; 263555 |
| Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A | Series 2024-3 Class A |
| 10/15/2031 | &nbsp;&nbsp; 6.258% | 357829 | &nbsp;&nbsp; 359763 |
| PEAC Solutions Receivables LLC<sup>(a)</sup>  | PEAC Solutions Receivables LLC<sup>(a)</sup>  | PEAC Solutions Receivables LLC<sup>(a)</sup>  | PEAC Solutions Receivables LLC<sup>(a)</sup>  |
| Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 |
| 06/21/2027 | &nbsp;&nbsp; 5.790% | 301870 | &nbsp;&nbsp; 303976 |
| Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 | Series 2024-2A Class A2 |
| 04/20/2027 | &nbsp;&nbsp; 4.740% | 325492 | &nbsp;&nbsp; 326128 |
| RCKT Trust<sup>(a)</sup>  | RCKT Trust<sup>(a)</sup>  | RCKT Trust<sup>(a)</sup>  | RCKT Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 07/25/2034 | &nbsp;&nbsp; 4.900% | 808131 | &nbsp;&nbsp; 809704 |
| Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  | Reach ABS Trust<sup>(a)</sup>  |
| Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A | Series 2024-2A Class A |
| 07/15/2031 | &nbsp;&nbsp; 5.880% | 536901 | &nbsp;&nbsp; 538269 |
| Series 2025-2A Class A | Series 2025-2A Class A | Series 2025-2A Class A | Series 2025-2A Class A |
| 08/18/2032 | &nbsp;&nbsp; 4.930% | 532445 | &nbsp;&nbsp; 534568 |
| Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust<sup>(a)</sup>  |
| Series 2025-4A Class A2 | Series 2025-4A Class A2 | Series 2025-4A Class A2 | Series 2025-4A Class A2 |
| 04/25/2034 | &nbsp;&nbsp; 5.124% | 400000 | &nbsp;&nbsp; 401761 |
| Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  |
| Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A |
| 06/25/2032 | &nbsp;&nbsp; 7.090% | 72535 | &nbsp;&nbsp; 72924 |
| Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
| Series 2024-5 Class A2 | Series 2024-5 Class A2 | Series 2024-5 Class A2 | Series 2024-5 Class A2 |
| 09/15/2027 | &nbsp;&nbsp; 4.880% | 29692 | &nbsp;&nbsp; 29704 |
| SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  | SBNA Auto Lease Trust<sup>(a)</sup>  |
| Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 | Series 2024-A Class A4 |
| 01/22/2029 | &nbsp;&nbsp; 5.240% | 1750000 | &nbsp;&nbsp; 1758383 |
| SCF Equipment Leasing<sup>(a)</sup>  | SCF Equipment Leasing<sup>(a)</sup>  | SCF Equipment Leasing<sup>(a)</sup>  | SCF Equipment Leasing<sup>(a)</sup>  |
| Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 | Series 2024-1A Class A2 |
| 11/20/2029 | &nbsp;&nbsp; 5.880% | 170390 | &nbsp;&nbsp; 171133 |
| SoFi Consumer Loan Program Trust<sup>(a)</sup>  | SoFi Consumer Loan Program Trust<sup>(a)</sup>  | SoFi Consumer Loan Program Trust<sup>(a)</sup>  | SoFi Consumer Loan Program Trust<sup>(a)</sup>  |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 02/27/2034 | &nbsp;&nbsp; 4.800% | 296953 | &nbsp;&nbsp; 297881 |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 06/25/2034 | &nbsp;&nbsp; 4.820% | 2459210 | &nbsp;&nbsp; 2467874 |
| Series 2025-4 Class A | Series 2025-4 Class A | Series 2025-4 Class A | Series 2025-4 Class A |
| 08/25/2035 | &nbsp;&nbsp; 4.240% | 1434302 | &nbsp;&nbsp; 1434093 |
| Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
| Series 2023-A Class A3 | Series 2023-A Class A3 | Series 2023-A Class A3 | Series 2023-A Class A3 |
| 09/15/2027 | &nbsp;&nbsp; 4.630% | 307405 | &nbsp;&nbsp; 308019 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  |
| Series 2025-ST5 Class A | Series 2025-ST5 Class A | Series 2025-ST5 Class A | Series 2025-ST5 Class A |
| 09/15/2032 | &nbsp;&nbsp; 4.794% | 902660 | &nbsp;&nbsp; 904407 |
| Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust Series<sup>(a)</sup>  |
| Series 2025-ST8 Class A | Series 2025-ST8 Class A | Series 2025-ST8 Class A | Series 2025-ST8 Class A |
| 12/15/2033 | &nbsp;&nbsp; 4.618% | 2000000 | &nbsp;&nbsp; 2000906 |
| Upgrade Receivables Trust<sup>(a)</sup>  | Upgrade Receivables Trust<sup>(a)</sup>  | Upgrade Receivables Trust<sup>(a)</sup>  | Upgrade Receivables Trust<sup>(a)</sup>  |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 02/18/2031 | &nbsp;&nbsp; 5.370% | 33389 | &nbsp;&nbsp; 33405 |
| Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  |
| Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A | Series 2024-1 Class A |
| 11/20/2034 | &nbsp;&nbsp; 5.330% | 59131 | &nbsp;&nbsp; 59229 |
| Series 2025-3 Class A2 | Series 2025-3 Class A2 | Series 2025-3 Class A2 | Series 2025-3 Class A2 |
| 09/20/2035 | &nbsp;&nbsp; 4.600% | 800000 | &nbsp;&nbsp; 800479 |
| Verizon Master Trust | Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
| Series 2024-1 Class A1A | Series 2024-1 Class A1A | Series 2024-1 Class A1A | Series 2024-1 Class A1A |
| 12/20/2028 | &nbsp;&nbsp; 5.000% | 325000 | &nbsp;&nbsp; 324325 |
| Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  | Westlake Automobile Receivables Trust<sup>(a)</sup>  |
| Series 2025-P1 Class A1 | Series 2025-P1 Class A1 | Series 2025-P1 Class A1 | Series 2025-P1 Class A1 |
| 06/15/2026 | &nbsp;&nbsp; 4.583% | 76384 | &nbsp;&nbsp; 76407 |
| Westlake Flooring Master Trust<sup>(a)</sup>  | Westlake Flooring Master Trust<sup>(a)</sup>  | Westlake Flooring Master Trust<sup>(a)</sup>  | Westlake Flooring Master Trust<sup>(a)</sup>  |
| Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A | Series 2024-1A Class A |
| 02/15/2028 | &nbsp;&nbsp; 5.430% | 1920000 | &nbsp;&nbsp; 1925014 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $64,805,097) | Total Asset-Backed Securities — Non-Agency <br>(Cost $64,805,097) | Total Asset-Backed Securities — Non-Agency <br>(Cost $64,805,097) | &nbsp;&nbsp; **64921366** |
| **Commercial Mortgage-Backed Securities - Non-Agency 3.4%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.4%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.4%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.4%** |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| Series 2018-C2 Class ASB | Series 2018-C2 Class ASB | Series 2018-C2 Class ASB | Series 2018-C2 Class ASB |
| 12/15/2051 | &nbsp;&nbsp; 4.236% | 1354218 | &nbsp;&nbsp; 1353791 |
| CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
| Series 2017-CD4 Class ASB | Series 2017-CD4 Class ASB | Series 2017-CD4 Class ASB | Series 2017-CD4 Class ASB |
| 05/10/2050 | &nbsp;&nbsp; 3.317% | 663003 | &nbsp;&nbsp; 659762 |
| Series 2017-CD6 Class ASB | Series 2017-CD6 Class ASB | Series 2017-CD6 Class ASB | Series 2017-CD6 Class ASB |
| 11/13/2050 | &nbsp;&nbsp; 3.332% | 430428 | &nbsp;&nbsp; 427367 |
| CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust |
| Series 2017-C8 Class ASB | Series 2017-C8 Class ASB | Series 2017-C8 Class ASB | Series 2017-C8 Class ASB |
| 06/15/2050 | &nbsp;&nbsp; 3.367% | 317565 | &nbsp;&nbsp; 315930 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| Series 2016-C1 Class A3 | Series 2016-C1 Class A3 | Series 2016-C1 Class A3 | Series 2016-C1 Class A3 |
| 05/10/2049 | &nbsp;&nbsp; 2.944% | 1117552 | &nbsp;&nbsp; 1113796 |
| Series 2016-P6 Class A4 | Series 2016-P6 Class A4 | Series 2016-P6 Class A4 | Series 2016-P6 Class A4 |
| 12/10/2049 | &nbsp;&nbsp; 3.458% | 1418894 | &nbsp;&nbsp; 1409445 |
| DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust |
| Series 2016-C3 Class A5 | Series 2016-C3 Class A5 | Series 2016-C3 Class A5 | Series 2016-C3 Class A5 |
| 08/10/2049 | &nbsp;&nbsp; 2.890% | 725000 | &nbsp;&nbsp; 718110 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| GS Mortgage Securities Corp. II<sup>(a),(b)</sup>  | GS Mortgage Securities Corp. II<sup>(a),(b)</sup>  | GS Mortgage Securities Corp. II<sup>(a),(b)</sup>  | GS Mortgage Securities Corp. II<sup>(a),(b)</sup>  |
| Series 2023-SHIP Class A | Series 2023-SHIP Class A | Series 2023-SHIP Class A | Series 2023-SHIP Class A |
| 09/10/2038 | &nbsp;&nbsp; 4.322% | 2425000 | &nbsp;&nbsp; 2420278 |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| Series 2016-GS3 Class AAB | Series 2016-GS3 Class AAB | Series 2016-GS3 Class AAB | Series 2016-GS3 Class AAB |
| 10/10/2049 | &nbsp;&nbsp; 2.777% | 185323 | &nbsp;&nbsp; 184877 |
| Series 2016-GS4 Class A3 | Series 2016-GS4 Class A3 | Series 2016-GS4 Class A3 | Series 2016-GS4 Class A3 |
| 11/10/2049 | &nbsp;&nbsp; 3.178% | 735559 | &nbsp;&nbsp; 729035 |
| JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
| Series 2016-C4 Class A2 | Series 2016-C4 Class A2 | Series 2016-C4 Class A2 | Series 2016-C4 Class A2 |
| 12/15/2049 | &nbsp;&nbsp; 2.882% | 899109 | &nbsp;&nbsp; 883659 |
| Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
| Series 2016-C31 Class ASB | Series 2016-C31 Class ASB | Series 2016-C31 Class ASB | Series 2016-C31 Class ASB |
| 11/15/2049 | &nbsp;&nbsp; 2.952% | 24965 | &nbsp;&nbsp; 24919 |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| Series 2017-H1 Class ASB | Series 2017-H1 Class ASB | Series 2017-H1 Class ASB | Series 2017-H1 Class ASB |
| 06/15/2050 | &nbsp;&nbsp; 3.304% | 87759 | &nbsp;&nbsp; 87549 |
| Tricon American Homes<sup>(a)</sup>  | Tricon American Homes<sup>(a)</sup>  | Tricon American Homes<sup>(a)</sup>  | Tricon American Homes<sup>(a)</sup>  |
| Series 2020-SFR1 Class A | Series 2020-SFR1 Class A | Series 2020-SFR1 Class A | Series 2020-SFR1 Class A |
| 07/17/2038 | &nbsp;&nbsp; 1.499% | 1363503 | &nbsp;&nbsp; 1338767 |
| UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
| Series 2017-C3 Class ASB | Series 2017-C3 Class ASB | Series 2017-C3 Class ASB | Series 2017-C3 Class ASB |
| 08/15/2050 | &nbsp;&nbsp; 3.215% | 1234095 | &nbsp;&nbsp; 1224546 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| Series 2016-BNK1 Class A2 | Series 2016-BNK1 Class A2 | Series 2016-BNK1 Class A2 | Series 2016-BNK1 Class A2 |
| 08/15/2049 | &nbsp;&nbsp; 2.399% | 200898 | &nbsp;&nbsp; 199440 |
| Series 2016-C36 Class A3 | Series 2016-C36 Class A3 | Series 2016-C36 Class A3 | Series 2016-C36 Class A3 |
| 11/15/2059 | &nbsp;&nbsp; 2.807% | 722457 | &nbsp;&nbsp; 714708 |
| Series 2018-C45 Class ASB | Series 2018-C45 Class ASB | Series 2018-C45 Class ASB | Series 2018-C45 Class ASB |
| 06/15/2051 | &nbsp;&nbsp; 4.147% | 337662 | &nbsp;&nbsp; 338142 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $14,047,371) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $14,047,371) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $14,047,371) | &nbsp;&nbsp; **14144121** |
| **Corporate Bonds & Notes 23.1%** | **Corporate Bonds & Notes 23.1%** | **Corporate Bonds & Notes 23.1%** | **Corporate Bonds & Notes 23.1%** |
| **Aerospace & Defense 0.9%** | **Aerospace & Defense 0.9%** | **Aerospace & Defense 0.9%** | **Aerospace & Defense 0.9%** |
| BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  | BAE Systems PLC<sup>(a)</sup>  |
| 03/26/2027 | &nbsp;&nbsp; 5.000% | 925000 | &nbsp;&nbsp; 936078 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 02/01/2027 | &nbsp;&nbsp; 2.700% | 950000 | &nbsp;&nbsp; 933936 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 12/15/2026 | &nbsp;&nbsp; 3.850% | 1000000 | &nbsp;&nbsp; 998138 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 03/15/2027 | &nbsp;&nbsp; 3.500% | 1000000 | &nbsp;&nbsp; 994323 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3862475** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Automotive 0.2%** | **Automotive 0.2%** | **Automotive 0.2%** | **Automotive 0.2%** |
| Toyota Motor Credit Corp.<sup>(c)</sup>  | Toyota Motor Credit Corp.<sup>(c)</sup>  | Toyota Motor Credit Corp.<sup>(c)</sup>  | Toyota Motor Credit Corp.<sup>(c)</sup>  |
| SOFR + 0.710% <br>05/14/2027<br>| &nbsp;&nbsp; 4.760% | 1000000 | &nbsp;&nbsp; 1003989 |
| **Banking 6.5%** | **Banking 6.5%** | **Banking 6.5%** | **Banking 6.5%** |
| Bank of America Corp.<sup>(c)</sup>  | Bank of America Corp.<sup>(c)</sup>  | Bank of America Corp.<sup>(c)</sup>  | Bank of America Corp.<sup>(c)</sup>  |
| SOFR + 1.350% <br>09/15/2027<br>| &nbsp;&nbsp; 5.400% | 2100000 | &nbsp;&nbsp; 2113768 |
| Bank of Montreal<sup>(d)</sup>  | Bank of Montreal<sup>(d)</sup>  | Bank of Montreal<sup>(d)</sup>  | Bank of Montreal<sup>(d)</sup>  |
| 09/10/2027 | &nbsp;&nbsp; 4.567% | 1000000 | &nbsp;&nbsp; 1003350 |
| Bank of New York Mellon Corp. (The)<sup>(c)</sup>  | Bank of New York Mellon Corp. (The)<sup>(c)</sup>  | Bank of New York Mellon Corp. (The)<sup>(c)</sup>  | Bank of New York Mellon Corp. (The)<sup>(c)</sup>  |
| SOFR + 0.680% <br>06/09/2028<br>| &nbsp;&nbsp; 4.730% | 1000000 | &nbsp;&nbsp; 1001455 |
| Bank of Nova Scotia (The)<sup>(c)</sup>  | Bank of Nova Scotia (The)<sup>(c)</sup>  | Bank of Nova Scotia (The)<sup>(c)</sup>  | Bank of Nova Scotia (The)<sup>(c)</sup>  |
| SOFR + 0.760% <br>09/15/2028<br>| &nbsp;&nbsp; 4.810% | 1000000 | &nbsp;&nbsp; 1000020 |
| Canadian Imperial Bank of Commerce<sup>(d)</sup>  | Canadian Imperial Bank of Commerce<sup>(d)</sup>  | Canadian Imperial Bank of Commerce<sup>(d)</sup>  | Canadian Imperial Bank of Commerce<sup>(d)</sup>  |
| 09/08/2028 | &nbsp;&nbsp; 4.243% | 1000000 | &nbsp;&nbsp; 1002650 |
| Citigroup, Inc.<sup>(d)</sup>  | Citigroup, Inc.<sup>(d)</sup>  | Citigroup, Inc.<sup>(d)</sup>  | Citigroup, Inc.<sup>(d)</sup>  |
| 06/09/2027 | &nbsp;&nbsp; 1.462% | 1825000 | &nbsp;&nbsp; 1799083 |
| Cooperatieve Rabobank UA<sup>(c)</sup>  | Cooperatieve Rabobank UA<sup>(c)</sup>  | Cooperatieve Rabobank UA<sup>(c)</sup>  | Cooperatieve Rabobank UA<sup>(c)</sup>  |
| SOFR + 0.620% <br>08/28/2026<br>| &nbsp;&nbsp; 4.670% | 850000 | &nbsp;&nbsp; 852048 |
| Goldman Sachs Group, Inc. (The)<sup>(d)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(d)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(d)</sup>  | Goldman Sachs Group, Inc. (The)<sup>(d)</sup>  |
| 04/23/2028 | &nbsp;&nbsp; 4.937% | 1800000 | &nbsp;&nbsp; 1820180 |
| HSBC Holdings PLC<sup>(d)</sup>  | HSBC Holdings PLC<sup>(d)</sup>  | HSBC Holdings PLC<sup>(d)</sup>  | HSBC Holdings PLC<sup>(d)</sup>  |
| 03/13/2028 | &nbsp;&nbsp; 4.041% | 1315000 | &nbsp;&nbsp; 1312979 |
| JPMorgan Chase & Co.<sup>(d)</sup>  | JPMorgan Chase & Co.<sup>(d)</sup>  | JPMorgan Chase & Co.<sup>(d)</sup>  | JPMorgan Chase & Co.<sup>(d)</sup>  |
| 04/22/2028 | &nbsp;&nbsp; 5.571% | 1900000 | &nbsp;&nbsp; 1938156 |
| Morgan Stanley<sup>(d)</sup>  | Morgan Stanley<sup>(d)</sup>  | Morgan Stanley<sup>(d)</sup>  | Morgan Stanley<sup>(d)</sup>  |
| 07/20/2027 | &nbsp;&nbsp; 1.512% | 1850000 | &nbsp;&nbsp; 1819304 |
| National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
| 12/10/2025 | &nbsp;&nbsp; 4.750% | 600000 | &nbsp;&nbsp; 600075 |
| PNC Financial Services Group, Inc. (The)<sup>(d)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(d)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(d)</sup>  | PNC Financial Services Group, Inc. (The)<sup>(d)</sup>  |
| 07/23/2027 | &nbsp;&nbsp; 5.102% | 1000000 | &nbsp;&nbsp; 1005547 |
| Royal Bank of Canada<sup>(c)</sup>  | Royal Bank of Canada<sup>(c)</sup>  | Royal Bank of Canada<sup>(c)</sup>  | Royal Bank of Canada<sup>(c)</sup>  |
| SOFR + 0.790% <br>07/23/2027<br>| &nbsp;&nbsp; 4.840% | 1000000 | &nbsp;&nbsp; 1002220 |
| Skandinaviska Enskilda Banken AB<sup>(a)</sup>  | Skandinaviska Enskilda Banken AB<sup>(a)</sup>  | Skandinaviska Enskilda Banken AB<sup>(a)</sup>  | Skandinaviska Enskilda Banken AB<sup>(a)</sup>  |
| 03/05/2027 | &nbsp;&nbsp; 5.125% | 825000 | &nbsp;&nbsp; 837839 |
| State Street Corp.<sup>(d)</sup>  | State Street Corp.<sup>(d)</sup>  | State Street Corp.<sup>(d)</sup>  | State Street Corp.<sup>(d)</sup>  |
| 04/24/2028 | &nbsp;&nbsp; 4.543% | 1000000 | &nbsp;&nbsp; 1008190 |
| Toronto-Dominion Bank (The)<sup>(c)</sup>  | Toronto-Dominion Bank (The)<sup>(c)</sup>  | Toronto-Dominion Bank (The)<sup>(c)</sup>  | Toronto-Dominion Bank (The)<sup>(c)</sup>  |
| SOFR + 0.620% <br>12/17/2026<br>| &nbsp;&nbsp; 4.670% | 1000000 | &nbsp;&nbsp; 1002811 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Truist Financial Corp.<sup>(d)</sup>  | Truist Financial Corp.<sup>(d)</sup>  | Truist Financial Corp.<sup>(d)</sup>  | Truist Financial Corp.<sup>(d)</sup>  |
| 03/02/2027 | &nbsp;&nbsp; 1.267% | 1000000 | &nbsp;&nbsp; 992393 |
| UBS Group AG<sup>(a),(d)</sup>  | UBS Group AG<sup>(a),(d)</sup>  | UBS Group AG<sup>(a),(d)</sup>  | UBS Group AG<sup>(a),(d)</sup>  |
| 01/30/2027 | &nbsp;&nbsp; 1.364% | 900000 | &nbsp;&nbsp; 895568 |
| US Bank NA<sup>(c)</sup>  | US Bank NA<sup>(c)</sup>  | US Bank NA<sup>(c)</sup>  | US Bank NA<sup>(c)</sup>  |
| SOFR + 0.910% <br>05/15/2028<br>| &nbsp;&nbsp; 4.960% | 925000 | &nbsp;&nbsp; 928115 |
| Wells Fargo & Co.<sup>(d)</sup>  | Wells Fargo & Co.<sup>(d)</sup>  | Wells Fargo & Co.<sup>(d)</sup>  | Wells Fargo & Co.<sup>(d)</sup>  |
| 01/24/2028 | &nbsp;&nbsp; 4.900% | 1775000 | &nbsp;&nbsp; 1790581 |
| Westpac Banking Corp.<sup>(c)</sup>  | Westpac Banking Corp.<sup>(c)</sup>  | Westpac Banking Corp.<sup>(c)</sup>  | Westpac Banking Corp.<sup>(c)</sup>  |
| SOFR + 0.460% <br>10/20/2026<br>| &nbsp;&nbsp; 4.510% | 1000000 | &nbsp;&nbsp; 1001154 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **26727486** |
| **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** |
| Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital | Charter Communications Operating LLC/Capital |
| 03/15/2028 | &nbsp;&nbsp; 4.200% | 1000000 | &nbsp;&nbsp; 994187 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 01/15/2027 | &nbsp;&nbsp; 2.350% | 1000000 | &nbsp;&nbsp; 982496 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1976683** |
| **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** |
| LYB International Finance II BV | LYB International Finance II BV | LYB International Finance II BV | LYB International Finance II BV |
| 03/02/2027 | &nbsp;&nbsp; 3.500% | 1000000 | &nbsp;&nbsp; 994397 |
| **Construction Machinery 0.5%** | **Construction Machinery 0.5%** | **Construction Machinery 0.5%** | **Construction Machinery 0.5%** |
| Caterpillar Financial Services Corp.<sup>(c)</sup>  | Caterpillar Financial Services Corp.<sup>(c)</sup>  | Caterpillar Financial Services Corp.<sup>(c)</sup>  | Caterpillar Financial Services Corp.<sup>(c)</sup>  |
| SOFR + 0.380% <br>01/07/2027<br>| &nbsp;&nbsp; 4.430% | 1000000 | &nbsp;&nbsp; 1000973 |
| John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
| 03/06/2026 | &nbsp;&nbsp; 4.950% | 1000000 | &nbsp;&nbsp; 1002077 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2003050** |
| **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 02/15/2027 | &nbsp;&nbsp; 2.493% | 1000000 | &nbsp;&nbsp; 981979 |
| Siemens Financieringsmaatschappij NV<sup>(a)</sup>  | Siemens Financieringsmaatschappij NV<sup>(a)</sup>  | Siemens Financieringsmaatschappij NV<sup>(a)</sup>  | Siemens Financieringsmaatschappij NV<sup>(a)</sup>  |
| 03/16/2027 | &nbsp;&nbsp; 3.400% | 900000 | &nbsp;&nbsp; 895555 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1877534** |
| **Electric 2.3%** | **Electric 2.3%** | **Electric 2.3%** | **Electric 2.3%** |
| CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| 06/01/2026 | &nbsp;&nbsp; 1.450% | 1000000 | &nbsp;&nbsp; 986646 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 05/15/2028 | &nbsp;&nbsp; 4.600% | 1000000 | &nbsp;&nbsp; 1012693 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 10/01/2026 | &nbsp;&nbsp; 2.850% | 1000000 | &nbsp;&nbsp; 990021 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 08/15/2027 | &nbsp;&nbsp; 3.150% | 1000000 | &nbsp;&nbsp; 985408 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 03/01/2027 | &nbsp;&nbsp; 2.900% | 925000 | &nbsp;&nbsp; 910119 |
| Georgia Power Co.<sup>(c)</sup>  | Georgia Power Co.<sup>(c)</sup>  | Georgia Power Co.<sup>(c)</sup>  | Georgia Power Co.<sup>(c)</sup>  |
| SOFR + 0.280% <br>09/15/2026<br>| &nbsp;&nbsp; 4.330% | 1000000 | &nbsp;&nbsp; 999842 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 09/01/2027 | &nbsp;&nbsp; 4.685% | 1000000 | &nbsp;&nbsp; 1010780 |
| Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
| 11/15/2027 | &nbsp;&nbsp; 5.850% | 625000 | &nbsp;&nbsp; 645514 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 01/15/2028 | &nbsp;&nbsp; 4.750% | 1000000 | &nbsp;&nbsp; 1014797 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 12/01/2026 | &nbsp;&nbsp; 3.350% | 1000000 | &nbsp;&nbsp; 992852 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **9548672** |
| **Food and Beverage 1.7%** | **Food and Beverage 1.7%** | **Food and Beverage 1.7%** | **Food and Beverage 1.7%** |
| Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  | Bacardi Ltd.<sup>(a)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.700% | 1060000 | &nbsp;&nbsp; 1068814 |
| Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. | Campbell Soup Co. |
| 03/15/2028 | &nbsp;&nbsp; 4.150% | 1000000 | &nbsp;&nbsp; 1002121 |
| Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC |
| 10/05/2026 | &nbsp;&nbsp; 5.375% | 900000 | &nbsp;&nbsp; 909574 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 05/15/2027 | &nbsp;&nbsp; 3.875% | 1000000 | &nbsp;&nbsp; 996658 |
| Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  | Mars, Inc.<sup>(a)</sup>  |
| 03/01/2027 | &nbsp;&nbsp; 4.450% | 915000 | &nbsp;&nbsp; 921359 |
| Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| 03/17/2027 | &nbsp;&nbsp; 2.625% | 925000 | &nbsp;&nbsp; 908688 |
| Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
| 06/02/2027 | &nbsp;&nbsp; 3.550% | 950000 | &nbsp;&nbsp; 942016 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6749230** |
| **Health Care 1.2%** | **Health Care 1.2%** | **Health Care 1.2%** | **Health Care 1.2%** |
| Becton Dickinson and Co. | Becton Dickinson and Co. | Becton Dickinson and Co. | Becton Dickinson and Co. |
| 06/06/2027 | &nbsp;&nbsp; 3.700% | 1000000 | &nbsp;&nbsp; 994285 |
| Cigna Corp. | Cigna Corp. | Cigna Corp. | Cigna Corp. |
| 03/01/2027 | &nbsp;&nbsp; 3.400% | 900000 | &nbsp;&nbsp; 893504 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 03/25/2028 | &nbsp;&nbsp; 4.300% | 1000000 | &nbsp;&nbsp; 1002362 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 11/15/2027 | &nbsp;&nbsp; 5.650% | 925000 | &nbsp;&nbsp; 951896 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 03/15/2027 | &nbsp;&nbsp; 3.125% | 1000000 | &nbsp;&nbsp; 987399 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4829446** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** | **Healthcare Insurance 0.5%** |
| Anthem, Inc. | Anthem, Inc. | Anthem, Inc. | Anthem, Inc. |
| 03/01/2028 | &nbsp;&nbsp; 4.101% | 1000000 | &nbsp;&nbsp; 1000493 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 06/15/2028 | &nbsp;&nbsp; 4.400% | 1000000 | &nbsp;&nbsp; 1012061 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2012554** |
| **Independent Energy 0.5%** | **Independent Energy 0.5%** | **Independent Energy 0.5%** | **Independent Energy 0.5%** |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 08/01/2027 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 1018294 |
| Woodside Finance Ltd.<sup>(a)</sup>  | Woodside Finance Ltd.<sup>(a)</sup>  | Woodside Finance Ltd.<sup>(a)</sup>  | Woodside Finance Ltd.<sup>(a)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 3.700% | 1000000 | &nbsp;&nbsp; 987712 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2006006** |
| **Integrated Energy 0.2%** | **Integrated Energy 0.2%** | **Integrated Energy 0.2%** | **Integrated Energy 0.2%** |
| BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
| 09/19/2027 | &nbsp;&nbsp; 3.279% | 1000000 | &nbsp;&nbsp; 990563 |
| **Life Insurance 0.8%** | **Life Insurance 0.8%** | **Life Insurance 0.8%** | **Life Insurance 0.8%** |
| Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  | Corebridge Global Funding<sup>(a)</sup>  |
| 08/20/2027 | &nbsp;&nbsp; 4.650% | 1000000 | &nbsp;&nbsp; 1009926 |
| Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  | Met Tower Global Funding<sup>(a)</sup>  |
| 06/20/2026 | &nbsp;&nbsp; 5.400% | 925000 | &nbsp;&nbsp; 931708 |
| Pricoa Global Funding I<sup>(a)</sup>  | Pricoa Global Funding I<sup>(a)</sup>  | Pricoa Global Funding I<sup>(a)</sup>  | Pricoa Global Funding I<sup>(a)</sup>  |
| 08/27/2027 | &nbsp;&nbsp; 4.400% | 250000 | &nbsp;&nbsp; 252011 |
| Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  | Principal Life Global Funding II<sup>(a)</sup>  |
| 11/17/2026 | &nbsp;&nbsp; 1.500% | 1000000 | &nbsp;&nbsp; 977066 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3170711** |
| **Midstream 1.7%** | **Midstream 1.7%** | **Midstream 1.7%** | **Midstream 1.7%** |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 11/15/2026 | &nbsp;&nbsp; 5.900% | 950000 | &nbsp;&nbsp; 964881 |
| Energy Transfer Operating LP | Energy Transfer Operating LP | Energy Transfer Operating LP | Energy Transfer Operating LP |
| 06/15/2028 | &nbsp;&nbsp; 4.950% | 1000000 | &nbsp;&nbsp; 1017284 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 06/20/2028 | &nbsp;&nbsp; 4.300% | 790000 | &nbsp;&nbsp; 796425 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 11/15/2026 | &nbsp;&nbsp; 1.750% | 1000000 | &nbsp;&nbsp; 979212 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 03/15/2028 | &nbsp;&nbsp; 4.000% | 325000 | &nbsp;&nbsp; 323994 |
| Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. | Plains All American Pipeline LP/Finance Corp. |
| 12/15/2026 | &nbsp;&nbsp; 4.500% | 950000 | &nbsp;&nbsp; 952636 |
| Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP | Western Gas Partners LP |
| 07/01/2026 | &nbsp;&nbsp; 4.650% | 900000 | &nbsp;&nbsp; 900587 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) | Williams Companies, Inc. (The) |
| 06/15/2027 | &nbsp;&nbsp; 3.750% | 1000000 | &nbsp;&nbsp; 993762 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6928781** |
| **Natural Gas 0.2%** | **Natural Gas 0.2%** | **Natural Gas 0.2%** | **Natural Gas 0.2%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 03/30/2028 | &nbsp;&nbsp; 5.250% | 900000 | &nbsp;&nbsp; 923342 |
| **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 03/15/2027 | &nbsp;&nbsp; 4.800% | 1000000 | &nbsp;&nbsp; 1010995 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 02/21/2027 | &nbsp;&nbsp; 2.200% | 950000 | &nbsp;&nbsp; 929540 |
| AstraZeneca Finance LLC | AstraZeneca Finance LLC | AstraZeneca Finance LLC | AstraZeneca Finance LLC |
| 05/28/2028 | &nbsp;&nbsp; 1.750% | 850000 | &nbsp;&nbsp; 809440 |
| Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. | Bristol Myers Squibb Co. |
| 02/20/2028 | &nbsp;&nbsp; 3.900% | 500000 | &nbsp;&nbsp; 501021 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 03/01/2026 | &nbsp;&nbsp; 3.650% | 775000 | &nbsp;&nbsp; 773974 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 11/15/2027 | &nbsp;&nbsp; 3.875% | 1050000 | &nbsp;&nbsp; 1052084 |
| Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  | Roche Holdings, Inc.<sup>(a)</sup>  |
| 05/15/2026 | &nbsp;&nbsp; 2.625% | 482000 | &nbsp;&nbsp; 478843 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5555897** |
| **Property & Casualty 0.5%** | **Property & Casualty 0.5%** | **Property & Casualty 0.5%** | **Property & Casualty 0.5%** |
| Chubb INA Holdings, Inc. | Chubb INA Holdings, Inc. | Chubb INA Holdings, Inc. | Chubb INA Holdings, Inc. |
| 05/03/2026 | &nbsp;&nbsp; 3.350% | 1000000 | &nbsp;&nbsp; 996558 |
| Loews Corp. | Loews Corp. | Loews Corp. | Loews Corp. |
| 04/01/2026 | &nbsp;&nbsp; 3.750% | 1050000 | &nbsp;&nbsp; 1048187 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2044745** |
| **Railroads 0.3%** | **Railroads 0.3%** | **Railroads 0.3%** | **Railroads 0.3%** |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 06/15/2026 | &nbsp;&nbsp; 2.900% | 525000 | &nbsp;&nbsp; 521828 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 02/05/2027 | &nbsp;&nbsp; 2.150% | 810000 | &nbsp;&nbsp; 794628 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1316456** |
| **Retailers 0.2%** | **Retailers 0.2%** | **Retailers 0.2%** | **Retailers 0.2%** |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| 06/25/2026 | &nbsp;&nbsp; 5.150% | 975000 | &nbsp;&nbsp; 981561 |
| **Technology 1.0%** | **Technology 1.0%** | **Technology 1.0%** | **Technology 1.0%** |
| Broadcom Corp./Cayman Finance Ltd. | Broadcom Corp./Cayman Finance Ltd. | Broadcom Corp./Cayman Finance Ltd. | Broadcom Corp./Cayman Finance Ltd. |
| 01/15/2028 | &nbsp;&nbsp; 3.500% | 1000000 | &nbsp;&nbsp; 991305 |
| NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. | NXP BV/Funding LLC/USA, Inc. |
| 06/01/2027 | &nbsp;&nbsp; 4.400% | 1000000 | &nbsp;&nbsp; 1003783 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 11/15/2027 | &nbsp;&nbsp; 3.250% | 1000000 | &nbsp;&nbsp; 979597 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 04/01/2027 | &nbsp;&nbsp; 4.550% | 1000000 | &nbsp;&nbsp; 1007081 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3981766** |
| **Transportation Services 0.3%** | **Transportation Services 0.3%** | **Transportation Services 0.3%** | **Transportation Services 0.3%** |
| ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  | ERAC USA Finance LLC<sup>(a)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.600% | 1000000 | &nbsp;&nbsp; 1014238 |
| **Wireless 0.5%** | **Wireless 0.5%** | **Wireless 0.5%** | **Wireless 0.5%** |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 07/15/2027 | &nbsp;&nbsp; 3.550% | 1000000 | &nbsp;&nbsp; 991075 |
| T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. | T-Mobile US, Inc. |
| 04/15/2027 | &nbsp;&nbsp; 3.750% | 1000000 | &nbsp;&nbsp; 995496 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1986571** |
| **Wirelines 0.5%** | **Wirelines 0.5%** | **Wirelines 0.5%** | **Wirelines 0.5%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 03/25/2026 | &nbsp;&nbsp; 1.700% | 1000000 | &nbsp;&nbsp; 992193 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 03/16/2027 | &nbsp;&nbsp; 4.125% | 1000000 | &nbsp;&nbsp; 1001985 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1994178** |
| Total Corporate Bonds & Notes <br>(Cost $94,036,816) | Total Corporate Bonds & Notes <br>(Cost $94,036,816) | Total Corporate Bonds & Notes <br>(Cost $94,036,816) | &nbsp;&nbsp; **94480331** |
| **Foreign Government Obligations**<sup>(e)</sup> **0.5%** | **Foreign Government Obligations**<sup>(e)</sup> **0.5%** | **Foreign Government Obligations**<sup>(e)</sup> **0.5%** | **Foreign Government Obligations**<sup>(e)</sup> **0.5%** |
| **Canada 0.5%** | **Canada 0.5%** | **Canada 0.5%** | **Canada 0.5%** |
| Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
| 01/21/2026 | &nbsp;&nbsp; 0.625% | 1000000 | &nbsp;&nbsp; 995169 |
| Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
| 04/20/2026 | &nbsp;&nbsp; 2.500% | 1000000 | &nbsp;&nbsp; 994398 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1989567** |
| Total Foreign Government Obligations <br>(Cost $1,986,632) | Total Foreign Government Obligations <br>(Cost $1,986,632) | Total Foreign Government Obligations <br>(Cost $1,986,632) | &nbsp;&nbsp; **1989567** |
| **Residential Mortgage-Backed Securities - Non-Agency 4.9%** | **Residential Mortgage-Backed Securities - Non-Agency 4.9%** | **Residential Mortgage-Backed Securities - Non-Agency 4.9%** | **Residential Mortgage-Backed Securities - Non-Agency 4.9%** |
| A&D Mortgage Trust<sup>(a),(d)</sup>  | A&D Mortgage Trust<sup>(a),(d)</sup>  | A&D Mortgage Trust<sup>(a),(d)</sup>  | A&D Mortgage Trust<sup>(a),(d)</sup>  |
| CMO Series 2023-NQM2 Class A1 | CMO Series 2023-NQM2 Class A1 | CMO Series 2023-NQM2 Class A1 | CMO Series 2023-NQM2 Class A1 |
| 05/25/2068 | &nbsp;&nbsp; 6.132% | 700298 | &nbsp;&nbsp; 700943 |
| BRAVO Residential Funding Trust<sup>(a),(c)</sup>  | BRAVO Residential Funding Trust<sup>(a),(c)</sup>  | BRAVO Residential Funding Trust<sup>(a),(c)</sup>  | BRAVO Residential Funding Trust<sup>(a),(c)</sup>  |
| CMO Series 2025-HE1 Class A1 | CMO Series 2025-HE1 Class A1 | CMO Series 2025-HE1 Class A1 | CMO Series 2025-HE1 Class A1 |
| 30-day Average SOFR + 1.350% <br>09/25/2072<br>| &nbsp;&nbsp; 5.548% | 3096264 | &nbsp;&nbsp; 3093375 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Connecticut Avenue Securities Trust<sup>(a),(c)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(c)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(c)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(c)</sup>  |
| CMO Series 2022-R02 Class 2M1 | CMO Series 2022-R02 Class 2M1 | CMO Series 2022-R02 Class 2M1 | CMO Series 2022-R02 Class 2M1 |
| 30-day Average SOFR + 1.200% <br>01/25/2042<br>| &nbsp;&nbsp; 5.272% | 91015 | &nbsp;&nbsp; 91066 |
| CMO Series 2022-R05 Class 2M1 | CMO Series 2022-R05 Class 2M1 | CMO Series 2022-R05 Class 2M1 | CMO Series 2022-R05 Class 2M1 |
| 30-day Average SOFR + 1.900% <br>04/25/2042<br>| &nbsp;&nbsp; 5.972% | 98631 | &nbsp;&nbsp; 98923 |
| Homeward Opportunities Fund Trust<sup>(a),(d)</sup>  | Homeward Opportunities Fund Trust<sup>(a),(d)</sup>  | Homeward Opportunities Fund Trust<sup>(a),(d)</sup>  | Homeward Opportunities Fund Trust<sup>(a),(d)</sup>  |
| CMO Series 2025-RRTL2 Class A1 | CMO Series 2025-RRTL2 Class A1 | CMO Series 2025-RRTL2 Class A1 | CMO Series 2025-RRTL2 Class A1 |
| 09/25/2040 | &nbsp;&nbsp; 5.237% | 1650000 | &nbsp;&nbsp; 1656420 |
| JP Morgan Mortgage Trust<sup>(a),(c)</sup>  | JP Morgan Mortgage Trust<sup>(a),(c)</sup>  | JP Morgan Mortgage Trust<sup>(a),(c)</sup>  | JP Morgan Mortgage Trust<sup>(a),(c)</sup>  |
| CMO Series 2024-HE3 Class A1 | CMO Series 2024-HE3 Class A1 | CMO Series 2024-HE3 Class A1 | CMO Series 2024-HE3 Class A1 |
| 30-day Average SOFR + 1.200% <br>02/25/2055<br>| &nbsp;&nbsp; 5.384% | 559164 | &nbsp;&nbsp; 559162 |
| PRET LLC<sup>(a),(d)</sup>  | PRET LLC<sup>(a),(d)</sup>  | PRET LLC<sup>(a),(d)</sup>  | PRET LLC<sup>(a),(d)</sup>  |
| CMO Series 2024-NPL6 Class A1 | CMO Series 2024-NPL6 Class A1 | CMO Series 2024-NPL6 Class A1 | CMO Series 2024-NPL6 Class A1 |
| 10/25/2054 | &nbsp;&nbsp; 5.926% | 499021 | &nbsp;&nbsp; 499177 |
| CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 | CMO Series 2024-NPL7 Class A1 |
| 10/25/2054 | &nbsp;&nbsp; 5.925% | 468905 | &nbsp;&nbsp; 469051 |
| CMO Series 2024-NPL8 Class A1 | CMO Series 2024-NPL8 Class A1 | CMO Series 2024-NPL8 Class A1 | CMO Series 2024-NPL8 Class A1 |
| 11/25/2054 | &nbsp;&nbsp; 5.963% | 788934 | &nbsp;&nbsp; 789415 |
| CMO Series 2024-NPL9 Class A1 | CMO Series 2024-NPL9 Class A1 | CMO Series 2024-NPL9 Class A1 | CMO Series 2024-NPL9 Class A1 |
| 12/25/2054 | &nbsp;&nbsp; 5.851% | 1013638 | &nbsp;&nbsp; 1013904 |
| CMO Series 2025-NPL4 Class A1 | CMO Series 2025-NPL4 Class A1 | CMO Series 2025-NPL4 Class A1 | CMO Series 2025-NPL4 Class A1 |
| 04/25/2055 | &nbsp;&nbsp; 6.368% | 177127 | &nbsp;&nbsp; 177793 |
| CMO Series 2025-NPL7 Class A1 | CMO Series 2025-NPL7 Class A1 | CMO Series 2025-NPL7 Class A1 | CMO Series 2025-NPL7 Class A1 |
| 07/25/2055 | &nbsp;&nbsp; 5.657% | 575220 | &nbsp;&nbsp; 576309 |
| CMO Series 2025-NPL8 Class A1 | CMO Series 2025-NPL8 Class A1 | CMO Series 2025-NPL8 Class A1 | CMO Series 2025-NPL8 Class A1 |
| 08/25/2055 | &nbsp;&nbsp; 5.732% | 1107274 | &nbsp;&nbsp; 1109871 |
| Pretium Mortgage Credit Partners<sup>(a),(d)</sup>  | Pretium Mortgage Credit Partners<sup>(a),(d)</sup>  | Pretium Mortgage Credit Partners<sup>(a),(d)</sup>  | Pretium Mortgage Credit Partners<sup>(a),(d)</sup>  |
| Series 2025-NPL2 Class A1 | Series 2025-NPL2 Class A1 | Series 2025-NPL2 Class A1 | Series 2025-NPL2 Class A1 |
| 03/25/2055 | &nbsp;&nbsp; 5.835% | 1467536 | &nbsp;&nbsp; 1467839 |
| PRPM LLC<sup>(a),(d)</sup>  | PRPM LLC<sup>(a),(d)</sup>  | PRPM LLC<sup>(a),(d)</sup>  | PRPM LLC<sup>(a),(d)</sup>  |
| CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 |
| 12/25/2029 | &nbsp;&nbsp; 5.897% | 870263 | &nbsp;&nbsp; 870546 |
| RCO VIII Mortgage LLC<sup>(a),(d)</sup>  | RCO VIII Mortgage LLC<sup>(a),(d)</sup>  | RCO VIII Mortgage LLC<sup>(a),(d)</sup>  | RCO VIII Mortgage LLC<sup>(a),(d)</sup>  |
| CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 |
| 05/25/2030 | &nbsp;&nbsp; 6.435% | 257138 | &nbsp;&nbsp; 257690 |
| RCO X Mortgage LLC<sup>(a),(d)</sup>  | RCO X Mortgage LLC<sup>(a),(d)</sup>  | RCO X Mortgage LLC<sup>(a),(d)</sup>  | RCO X Mortgage LLC<sup>(a),(d)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 01/25/2030 | &nbsp;&nbsp; 5.875% | 622079 | &nbsp;&nbsp; 622242 |
| Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  | Towd Point Mortgage Trust<sup>(a),(b)</sup>  |
| CMO Series 2021-SJ2 Class A1A | CMO Series 2021-SJ2 Class A1A | CMO Series 2021-SJ2 Class A1A | CMO Series 2021-SJ2 Class A1A |
| 12/25/2061 | &nbsp;&nbsp; 2.250% | 327946 | &nbsp;&nbsp; 319075 |
| VCAT LLC<sup>(a),(d)</sup>  | VCAT LLC<sup>(a),(d)</sup>  | VCAT LLC<sup>(a),(d)</sup>  | VCAT LLC<sup>(a),(d)</sup>  |
| CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 |
| 01/25/2055 | &nbsp;&nbsp; 5.877% | 377068 | &nbsp;&nbsp; 381103 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 |
| 09/25/2054 | &nbsp;&nbsp; 5.977% | 1548866 | &nbsp;&nbsp; 1568102 |
| Verus Securitization Trust<sup>(a),(d)</sup>  | Verus Securitization Trust<sup>(a),(d)</sup>  | Verus Securitization Trust<sup>(a),(d)</sup>  | Verus Securitization Trust<sup>(a),(d)</sup>  |
| CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 | CMO Series 2024-1 Class A1 |
| 01/25/2069 | &nbsp;&nbsp; 5.712% | 2518846 | &nbsp;&nbsp; 2535337 |
| Series 2025-10 Class A1FC | Series 2025-10 Class A1FC | Series 2025-10 Class A1FC | Series 2025-10 Class A1FC |
| 06/25/2070 | &nbsp;&nbsp; 5.017% | 1223600 | &nbsp;&nbsp; 1226270 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $20,045,672) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $20,045,672) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $20,045,672) | &nbsp;&nbsp; **20083613** |
| **Treasury Bills 0.5%** | **Treasury Bills 0.5%** | **Treasury Bills 0.5%** | **Treasury Bills 0.5%** |
| **Issuer** | **Yield** | **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **United States 0.5%** | **United States 0.5%** | **United States 0.5%** | **United States 0.5%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 12/26/2025 | &nbsp;&nbsp; 3.900% | 2025000 | &nbsp;&nbsp; 2018953 |
| Total Treasury Bills <br>(Cost $2,019,169) | Total Treasury Bills <br>(Cost $2,019,169) | Total Treasury Bills <br>(Cost $2,019,169) | &nbsp;&nbsp; **2018953** |
| **U.S. Government & Agency Obligations 0.5%** | **U.S. Government & Agency Obligations 0.5%** | **U.S. Government & Agency Obligations 0.5%** | **U.S. Government & Agency Obligations 0.5%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Federal Farm Credit Banks Funding Corp.<sup>(c)</sup>  | Federal Farm Credit Banks Funding Corp.<sup>(c)</sup>  | Federal Farm Credit Banks Funding Corp.<sup>(c)</sup>  | Federal Farm Credit Banks Funding Corp.<sup>(c)</sup>  |
| SOFR + 0.115% <br> 02/10/2027<br>| &nbsp;&nbsp; 4.165% | 225000 | &nbsp;&nbsp; 225009 |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 08/27/2027 | &nbsp;&nbsp; 3.625% | 1150000 | &nbsp;&nbsp; 1151170 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 03/12/2027 | &nbsp;&nbsp; 4.500% | 350000 | &nbsp;&nbsp; 353680 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 09/24/2026 | &nbsp;&nbsp; 1.875% | 275000 | &nbsp;&nbsp; 271117 |
| Total U.S. Government & Agency Obligations <br>(Cost $1,998,590) | Total U.S. Government & Agency Obligations <br>(Cost $1,998,590) | Total U.S. Government & Agency Obligations <br>(Cost $1,998,590) | &nbsp;&nbsp; **2000976** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 37.3%** | **Money Market Funds 37.3%** | **Money Market Funds 37.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(f),(g)</sup> <br>| &nbsp;&nbsp; 152445615 | &nbsp;&nbsp; 152399881 |
| Total Money Market Funds <br>(Cost $152,397,725) | Total Money Market Funds <br>(Cost $152,397,725) | &nbsp;&nbsp; **152399881** |
| **Total Investments in Securities** <br>**(Cost: $351,337,072)** | **Total Investments in Securities** <br>**(Cost: $351,337,072)** | &nbsp;&nbsp; **352038808** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **56676090** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **408714898** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

At November 30, 2025, securities and/or cash totaling $27,383,722 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Brent Crude | 140 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8675800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (348979)<br>|
| Brent Crude | 75 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4623750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (203666)<br>|
| Brent Crude | 150 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9246000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (351989)<br>|
| Brent Crude | 75 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4620750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (113599)<br>|
| Cocoa | 21 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1155840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79299)<br>|
| Coffee | 6 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 857700 | &nbsp;&nbsp;&nbsp;&nbsp; 10594 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Coffee | 22 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3144900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (55523)<br>|
| Coffee | 25 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3412500 | &nbsp;&nbsp;&nbsp;&nbsp; 60375 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Coffee | 21 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2752706 | &nbsp;&nbsp;&nbsp;&nbsp; 67977 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Coffee | 31 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4063519 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31705)<br>|
| Copper | 16 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2108800 | &nbsp;&nbsp;&nbsp;&nbsp; 56018 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Copper | 49 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6513938 | &nbsp;&nbsp;&nbsp;&nbsp; 483702 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Copper | 97 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 12991938 | &nbsp;&nbsp;&nbsp;&nbsp; 378185 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | 105 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2350688 | &nbsp;&nbsp;&nbsp;&nbsp; 5993 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | 31 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 694013 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1742)<br>|
| Corn | 232 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5286700 | &nbsp;&nbsp;&nbsp;&nbsp; 55567 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | 355 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8187188 | &nbsp;&nbsp;&nbsp;&nbsp; 124681 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | 104 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2398500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4104)<br>|
| Cotton | 40 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1294200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9009)<br>|
| Cotton | 44 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1450240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (56468)<br>|
| Cotton | 87 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2912760 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17884)<br>|
| Feeder Cattle | 23 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3725713 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (292852)<br>|
| Gas Oil | 102 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6831450 | &nbsp;&nbsp;&nbsp;&nbsp; 198397 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gas Oil | 31 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2019650 | &nbsp;&nbsp;&nbsp;&nbsp; 20565 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gas Oil | 32 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2033600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16755)<br>|
| Gas Oil | 31 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1943700 | &nbsp;&nbsp;&nbsp;&nbsp; 7856 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gas Oil | 33 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2069100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (66220)<br>|
| Gold 100 oz. | 27 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 11488230 | &nbsp;&nbsp;&nbsp;&nbsp; 1206893 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gold 100 oz. | 39 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 16710720 | &nbsp;&nbsp;&nbsp;&nbsp; 1734415 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gold 100 oz. | 78 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 33656220 | &nbsp;&nbsp;&nbsp;&nbsp; 1968290 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gold 100 oz. | 39 | 08/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 16943550 | &nbsp;&nbsp;&nbsp;&nbsp; 359502 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hard Red Winter Wheat | 48 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1266000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26692)<br>|
| Hard Red Winter Wheat | 13 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 350350 | &nbsp;&nbsp;&nbsp;&nbsp; 3843 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hard Red Winter Wheat | 49 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1320550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28070)<br>|
| Hard Red Winter Wheat | 122 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3361100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26589)<br>|
| Lead | 36 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1766943 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42800)<br>|
| Lead | 14 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 695223 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18676)<br>|
| Lead | 13 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 651381 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11960)<br>|
| Lead | 27 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1363669 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45911)<br>|
| Lean Hogs | 178 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5767200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (91994)<br>|
| Lean Hogs | 37 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1256520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (84124)<br>|
| Lean Hogs | 66 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2554200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117023)<br>|
| Lean Hogs | 26 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1017380 | &nbsp;&nbsp;&nbsp;&nbsp; 9811 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lean Hogs | 6 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 234780 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2149)<br>|
| Live Cattle | 68 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5925520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (163520)<br>|
| Live Cattle | 34 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2985880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (266027)<br>|
| Live Cattle | 70 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6003200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (552482)<br>|
| Live Cattle | 22 | 08/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1859220 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Live Cattle | 14 | 08/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1183140 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16600)<br>|
| Natural Gas | 206 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9991000 | &nbsp;&nbsp;&nbsp;&nbsp; 922080 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | 231 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8831130 | &nbsp;&nbsp;&nbsp;&nbsp; 377205 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | 235 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8739650 | &nbsp;&nbsp;&nbsp;&nbsp; 381203 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | 254 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 10266680 | &nbsp;&nbsp;&nbsp;&nbsp; 39024 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| Natural Gas | 180 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7275600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42599)<br>|
| Nickel | 5 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 442486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13312)<br>|
| Nickel | 18 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1605048 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67388)<br>|
| Nickel | 18 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1618008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (60601)<br>|
| Nickel | 36 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3257833 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87190)<br>|
| NY Harbor ULSD Heat Oil | 61 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5900542 | &nbsp;&nbsp;&nbsp;&nbsp; 175856 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NY Harbor ULSD Heat Oil | 5 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 468762 | &nbsp;&nbsp;&nbsp;&nbsp; 3843 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NY Harbor ULSD Heat Oil | 12 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1125029 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4063)<br>|
| NY Harbor ULSD Heat Oil | 18 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1631675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24776)<br>|
| NY Harbor ULSD Heat Oil | 36 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3226003 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (71427)<br>|
| Primary Aluminum | 22 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1575068 | &nbsp;&nbsp;&nbsp;&nbsp; 99942 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Primary Aluminum | 47 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3377056 | &nbsp;&nbsp;&nbsp;&nbsp; 269347 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Primary Aluminum | 47 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3385281 | &nbsp;&nbsp;&nbsp;&nbsp; 207139 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Primary Aluminum | 94 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6781724 | &nbsp;&nbsp;&nbsp;&nbsp; 97331 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| RBOB Gasoline | 105 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8032815 | &nbsp;&nbsp;&nbsp;&nbsp; 140997 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| RBOB Gasoline | 18 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1388394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28146)<br>|
| RBOB Gasoline | 16 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1366579 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24414)<br>|
| RBOB Gasoline | 18 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1509278 | &nbsp;&nbsp;&nbsp;&nbsp; 5061 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| RBOB Gasoline | 15 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1257732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (36041)<br>|
| Silver | 15 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4287225 | &nbsp;&nbsp;&nbsp;&nbsp; 444878 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Silver | 29 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8350115 | &nbsp;&nbsp;&nbsp;&nbsp; 1496672 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Silver | 57 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 16529145 | &nbsp;&nbsp;&nbsp;&nbsp; 1829448 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean | 77 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4380338 | &nbsp;&nbsp;&nbsp;&nbsp; 333396 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean | 86 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4927800 | &nbsp;&nbsp;&nbsp;&nbsp; 435880 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean | 85 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4909813 | &nbsp;&nbsp;&nbsp;&nbsp; 308238 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean | 170 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9889750 | &nbsp;&nbsp;&nbsp;&nbsp; 395138 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | 126 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4015620 | &nbsp;&nbsp;&nbsp;&nbsp; 427542 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | 82 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2658440 | &nbsp;&nbsp;&nbsp;&nbsp; 238753 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | 81 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2669760 | &nbsp;&nbsp;&nbsp;&nbsp; 209319 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | 160 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5356800 | &nbsp;&nbsp;&nbsp;&nbsp; 281426 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Oil | 32 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 999360 | &nbsp;&nbsp;&nbsp;&nbsp; 4060 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Oil | 64 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1998720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33812)<br>|
| Soybean Oil | 1 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 31530 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Oil | 97 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3058410 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (38380)<br>|
| Soybean Oil | 97 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3075288 | &nbsp;&nbsp;&nbsp;&nbsp; 58410 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Oil | 194 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6161052 | &nbsp;&nbsp;&nbsp;&nbsp; 148927 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | 7 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 119246 | &nbsp;&nbsp;&nbsp;&nbsp; 1212 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | 105 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1788696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (173061)<br>|
| Sugar #11 | 9 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 148478 | &nbsp;&nbsp;&nbsp;&nbsp; 5887 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | 127 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2095195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52631)<br>|
| Sugar #11 | 84 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1381094 | &nbsp;&nbsp;&nbsp;&nbsp; 84918 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | 190 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3123904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14950)<br>|
| Wheat | 49 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1319325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26963)<br>|
| Wheat | 22 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 601425 | &nbsp;&nbsp;&nbsp;&nbsp; 7404 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wheat | 77 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2104988 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41378)<br>|
| Wheat | 65 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1803750 | &nbsp;&nbsp;&nbsp;&nbsp; 21363 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wheat | 130 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3607500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (89044)<br>|
| WTI Crude | 20 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1171000 | &nbsp;&nbsp;&nbsp;&nbsp; 2955 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| WTI Crude | 52 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3044600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42024)<br>|
| WTI Crude | 69 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4008210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (287524)<br>|
| WTI Crude | 69 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4002690 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (245806)<br>|
| WTI Crude | 137 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7961070 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (181389)<br>|
| Zinc | 81 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6260814 | &nbsp;&nbsp;&nbsp;&nbsp; 129289 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Zinc | 23 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1756780 | &nbsp;&nbsp;&nbsp;&nbsp; 122139 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Zinc | 23 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1748207 | &nbsp;&nbsp;&nbsp;&nbsp; 65838 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Zinc | 46 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3485489 | &nbsp;&nbsp;&nbsp;&nbsp; 15581 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16541905 | &nbsp;&nbsp;&nbsp;&nbsp; (4831330)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| U.S. Treasury 2-Year Note | (209) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (43651610)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**Notes to Consolidated Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(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 November 30, 2025, the total value of these securities amounted to $83,061,686, which represents 20.32% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. The interest rate shown was the current rate as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the seven-day current annualized yield at November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Under the Investment Company Act of 1940, 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 period ended November 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 96196550 | &nbsp;&nbsp; 287177254 | &nbsp;&nbsp; (230981025)<br>| &nbsp;&nbsp; 7102 | &nbsp;&nbsp; 152399881 | &nbsp;&nbsp; (6269)<br>| &nbsp;&nbsp; 3514169 | &nbsp;&nbsp; 152445615 |

---

**Abbreviation Legend** 

CMO Collateralized Mortgage Obligation <br> SOFR Secured Overnight Financing Rate

**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.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

Investments falling into the Level 3 category, if any, 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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 64921366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64921366 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 14144121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14144121 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 94480331 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94480331 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 1989567 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1989567 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 20083613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20083613 |
| Treasury Bills |  | &nbsp;&nbsp;&nbsp;&nbsp; 2018953 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2018953 |
| U.S. Government & Agency Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 2000976 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2000976 |
| Money Market Funds | 152399881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 152399881 |
| Total Investments in Securities | 152399881 | &nbsp;&nbsp;&nbsp;&nbsp; 199638927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352038808 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 16545565 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16545565 |
| Liability |  |  |  |  |
| Futures Contracts | (4831330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4831330)<br>|
| Total | 164114116 | &nbsp;&nbsp;&nbsp;&nbsp; 199638927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 363753043 |

---

See the Consolidated Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $198,939,347) | $199638927 |
| Affiliated issuers (cost $152,397,725) | 152399881 |
| Cash | 22218192 |
| Margin deposits on: |  |
| Futures contracts | 27383722 |
| Receivable for: |  |
| Capital shares sold | 87533 |
| Dividends | 494182 |
| Interest | 1047231 |
| Foreign tax reclaims | 1425 |
| Variation margin for futures contracts | 6202971 |
| Prepaid expenses | 4091 |
| Other assets | 5274 |
| Total assets | 409483429 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 10821 |
| Variation margin for futures contracts | 616072 |
| Management services fees | 13909 |
| Distribution and/or service fees | 186 |
| Transfer agent fees | 10506 |
| Compensation of chief compliance officer | 38 |
| Compensation of board members | 1418 |
| Other expenses | 33473 |
| Deferred compensation of board members | 82108 |
| Total liabilities | 768531 |
| **Net assets applicable to outstanding capital stock** | **$408714898** |
| **Represented by** |  |
| Paid in capital | 643827269 |
| Total distributable earnings (loss) | (235112371)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$408714898** |
| **Class A** |  |
| Net assets | $13827824 |
| Shares outstanding | 1438822 |
| Net asset value per share | $9.61 |
| Maximum sales charge  | 5.75% |
| 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) | $10.20 |
| **Institutional Class** |  |
| Net assets | $37987286 |
| Shares outstanding | 3734891 |
| Net asset value per share | $10.17 |
| **Institutional 2 Class** |  |
| Net assets | $8728269 |
| Shares outstanding | 821587 |
| Net asset value per share | $10.62 |
| **Institutional 3 Class** |  |
| Net assets | $348171519 |
| Shares outstanding | 32075353 |
| Net asset value per share | $10.85 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $3514169 |
| Interest | 4913544 |
| Interfund lending | 554 |
| Total income | 8428267 |
| Expenses: |  |
| Management services fees | 1275722 |
| Distribution and/or service fees |  |
| Class A | 15637 |
| Transfer agent fees |  |
| Class A | 14032 |
| Institutional Class | 32534 |
| Institutional 2 Class | 2374 |
| Institutional 3 Class | 7102 |
| Custodian fees | 7177 |
| Printing and postage fees | 8602 |
| Registration fees | 40319 |
| Accounting services fees | 21621 |
| Legal fees | 10978 |
| Compensation of chief compliance officer | 38 |
| Compensation of board members | 7162 |
| Deferred compensation of board members | 17000 |
| Other | 8950 |
| Total expenses | 1469248 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (1281)<br>|
| Expense reduction | (20)<br>|
| Total net expenses | 1467947 |
| **Net investment income** | 6960320 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 179060 |
| Investments — affiliated issuers | (6269)<br>|
| Futures contracts | 26969992 |
| Net realized gain | 27142783 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 409265 |
| Investments — affiliated issuers | 7102 |
| Futures contracts | 14457951 |
| Net change in unrealized appreciation (depreciation) | 14874318 |
| Net realized and unrealized gain | 42017101 |
| **Net increase in net assets resulting from operations** | **$48977421** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $6960320 | &nbsp;&nbsp; $11049909 |
| Net realized gain (loss) | 27142783 | &nbsp;&nbsp; (3359888)<br>|
| Net change in unrealized appreciation (depreciation) | 14874318 | &nbsp;&nbsp; (8717413)<br>|
| Net increase (decrease) in net assets resulting from operations | 48977421 | &nbsp;&nbsp; (1027392)<br>|
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A |  | &nbsp;&nbsp; (1209527)<br>|
| Institutional Class |  | &nbsp;&nbsp; (1442580)<br>|
| Institutional 2 Class |  | &nbsp;&nbsp; (598434)<br>|
| Institutional 3 Class |  | &nbsp;&nbsp; (23741236)<br>|
| Total distributions to shareholders |  | &nbsp;&nbsp; (26991777)<br>|
| Increase in net assets from capital stock activity | 35197002 | &nbsp;&nbsp; 77320808 |
| Total increase in net assets | 84174423 | &nbsp;&nbsp; 49301639 |
| Net assets at beginning of period | 324540475 | &nbsp;&nbsp; 275238836 |
| **Net assets at end of period** | **$408714898** | &nbsp;&nbsp; **$324540475** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 203963 | &nbsp;&nbsp;&nbsp;&nbsp; 1875849 | &nbsp;&nbsp;&nbsp;&nbsp; 251301 | &nbsp;&nbsp;&nbsp;&nbsp; 2222186 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144491 | &nbsp;&nbsp;&nbsp;&nbsp; 1206498 |
| Shares redeemed | (176812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1600422)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (898987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7928629)<br>|
| Net increase (decrease) | 27151 | &nbsp;&nbsp;&nbsp;&nbsp; 275427 | &nbsp;&nbsp;&nbsp;&nbsp; (503195)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4499945)<br>|
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 394893 | &nbsp;&nbsp;&nbsp;&nbsp; 3776548 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1697232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16599103)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1302339)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12822555)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 2081870 | &nbsp;&nbsp;&nbsp;&nbsp; 19316254 | &nbsp;&nbsp;&nbsp;&nbsp; 4220215 | &nbsp;&nbsp;&nbsp;&nbsp; 40231563 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163350 | &nbsp;&nbsp;&nbsp;&nbsp; 1440748 |
| Shares redeemed | (352030)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3392787)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3088494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27905490)<br>|
| Net increase | 1729840 | &nbsp;&nbsp;&nbsp;&nbsp; 15923467 | &nbsp;&nbsp;&nbsp;&nbsp; 1295071 | &nbsp;&nbsp;&nbsp;&nbsp; 13766821 |
| Institutional 2 Class |  |  |  |  |
| Shares sold | 46953 | &nbsp;&nbsp;&nbsp;&nbsp; 474654 | &nbsp;&nbsp;&nbsp;&nbsp; 261130 | &nbsp;&nbsp;&nbsp;&nbsp; 2554225 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65112 | &nbsp;&nbsp;&nbsp;&nbsp; 598374 |
| Shares redeemed | (141954)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1420246)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (165805)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1602352)<br>|
| Net increase (decrease) | (95001)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (945592)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 160437 | &nbsp;&nbsp;&nbsp;&nbsp; 1550247 |
| Institutional 3 Class |  |  |  |  |
| Shares sold | 13848337 | &nbsp;&nbsp;&nbsp;&nbsp; 139652186 | &nbsp;&nbsp;&nbsp;&nbsp; 28788082 | &nbsp;&nbsp;&nbsp;&nbsp; 286774814 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2528346 | &nbsp;&nbsp;&nbsp;&nbsp; 23741172 |
| Shares redeemed | (11431304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (119708486)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24005445)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (231189746)<br>|
| Net increase | 2417033 | &nbsp;&nbsp;&nbsp;&nbsp; 19943700 | &nbsp;&nbsp;&nbsp;&nbsp; 7310983 | &nbsp;&nbsp;&nbsp;&nbsp; 79326240 |
| **Total net increase** | **4079023** | &nbsp;&nbsp;&nbsp;&nbsp; **35197002** | &nbsp;&nbsp;&nbsp;&nbsp; **6960957** | &nbsp;&nbsp;&nbsp;&nbsp; **77320808** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated 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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.55<br>| 0.14<br>| 0.92<br>| 1.06<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $9.23<br>| 0.32<br>| &nbsp;&nbsp; (0.25) <br>| 0.07<br>| &nbsp;&nbsp; (0.75) <br>| &nbsp;&nbsp; (0.75) <br>|
| Year Ended 5/31/2024 | $8.47<br>| 0.34<br>| 0.79<br>| 1.13<br>| &nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 5/31/2023 | $21.90<br>| 0.21<br>| &nbsp;&nbsp; (4.16) <br>| &nbsp;&nbsp; (3.95) <br>| &nbsp;&nbsp; (9.48) <br>| &nbsp;&nbsp; (9.48) <br>|
| Year Ended 5/31/2022 | $20.69<br>| &nbsp;&nbsp; (0.12) <br>| 7.43<br>| 7.31<br>| &nbsp;&nbsp; (6.10) <br>| &nbsp;&nbsp; (6.10) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $13.99<br>| &nbsp;&nbsp; (0.18) <br>| 6.90<br>| 6.72<br>| &nbsp;&nbsp; (0.02) <br>| &nbsp;&nbsp; (0.02) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $9.04<br>| 0.16<br>| 0.97<br>| 1.13<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $9.71<br>| 0.36<br>| &nbsp;&nbsp; (0.25) <br>| 0.11<br>| &nbsp;&nbsp; (0.78) <br>| &nbsp;&nbsp; (0.78) <br>|
| Year Ended 5/31/2024 | $8.89<br>| 0.38<br>| 0.84<br>| 1.22<br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; (0.40) <br>|
| Year Ended 5/31/2023 | $22.47<br>| 0.24<br>| &nbsp;&nbsp; (4.29) <br>| &nbsp;&nbsp; (4.05) <br>| &nbsp;&nbsp; (9.53) <br>| &nbsp;&nbsp; (9.53) <br>|
| Year Ended 5/31/2022 | $21.05<br>| &nbsp;&nbsp; (0.05) <br>| 7.59<br>| 7.54<br>| &nbsp;&nbsp; (6.12) <br>| &nbsp;&nbsp; (6.12) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $14.20<br>| &nbsp;&nbsp; (0.15) <br>| 7.02<br>| 6.87<br>| &nbsp;&nbsp; (0.02) <br>| &nbsp;&nbsp; (0.02) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $9.43<br>| 0.17<br>| 1.02<br>| 1.19<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $10.10<br>| 0.38<br>| &nbsp;&nbsp; (0.26) <br>| 0.12<br>| &nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp; (0.79) <br>|
| Year Ended 5/31/2024 | $9.24<br>| 0.41<br>| 0.85<br>| 1.26<br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; (0.40) <br>|
| Year Ended 5/31/2023 | $22.92<br>| 0.27<br>| &nbsp;&nbsp; (4.40) <br>| &nbsp;&nbsp; (4.13) <br>| &nbsp;&nbsp; (9.55) <br>| &nbsp;&nbsp; (9.55) <br>|
| Year Ended 5/31/2022 | $21.34<br>| &nbsp;&nbsp; (0.07) <br>| 7.78<br>| 7.71<br>| &nbsp;&nbsp; (6.13) <br>| &nbsp;&nbsp; (6.13) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $14.40<br>| &nbsp;&nbsp; (0.12) <br>| 7.08<br>| 6.96<br>| &nbsp;&nbsp; (0.02) <br>| &nbsp;&nbsp; (0.02) <br>|

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $9.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13828<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 198%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12068<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 117%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17666<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.59%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 142%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20037<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $21.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.57%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 329%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32304<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $20.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.03%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2739<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $10.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37987<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 198%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18121<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 117%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6891<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.43%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 142%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18973<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $22.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 329%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $96858<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1380<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $10.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8728<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.43<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 198%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8644<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 117%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7636<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.32%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 142%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8576<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $22.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 329%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17431<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19305<br>|

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $9.63<br>| 0.18<br>| 1.04<br>| 1.22<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $10.30<br>| 0.39<br>| &nbsp;&nbsp; (0.27) <br>| 0.12<br>| &nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp; (0.79) <br>|
| Year Ended 5/31/2024 | $9.41<br>| 0.42<br>| 0.88<br>| 1.30<br>| &nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp; (0.41) <br>|
| Year Ended 5/31/2023 | $23.15<br>| 0.29<br>| &nbsp;&nbsp; (4.47) <br>| &nbsp;&nbsp; (4.18) <br>| &nbsp;&nbsp; (9.56) <br>| &nbsp;&nbsp; (9.56) <br>|
| Year Ended 5/31/2022 | $21.48<br>| &nbsp;&nbsp; (0.07) <br>| 7.88<br>| 7.81<br>| &nbsp;&nbsp; (6.14) <br>| &nbsp;&nbsp; (6.14) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $14.48<br>| &nbsp;&nbsp; (0.11) <br>| 7.14<br>| 7.03<br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.03) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Consolidated Financial Highlights**  | **Notes to Consolidated 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 interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Class** | **5/31/2022** | **5/31/2021** |
| Class A | 0.01% | &nbsp;&nbsp; 0.02% |
| Institutional Class | 0.01% | &nbsp;&nbsp; 0.02% |
| Institutional 2 Class | 0.01% | &nbsp;&nbsp; 0.02% |
| Institutional 3 Class | 0.01% | &nbsp;&nbsp; 0.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Consolidated Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $10.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $348172<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 198%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $285708<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 117%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $230123<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.31%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 142%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $192744<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $23.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 329%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $251323<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $21.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $398386<br>|

---

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Columbia Commodity Strategy Fund \| 2025

------

Notes to Consolidated Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Commodity Strategy Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

**Basis for consolidation**

CCFS Offshore Fund, Ltd. (the Subsidiary) is a Cayman Islands exempted company and wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle in order to effect certain investment strategies consistent with the Fund's investment objective and policies as stated in its current prospectus and statement of additional information. In accordance with the Memorandum and Articles of Association of the Subsidiary (the Articles), the Fund owns the sole issued share of the Subsidiary and retains all rights associated with such share, including the right to receive notice of, attend and vote at general meetings of the Subsidiary, rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The consolidated financial statements (financial statements) include the accounts of the consolidated Fund and the respective Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated in the consolidation process.

At November 30, 2025, the Subsidiary financial statement information is as follows:

---

| | |
|:---|:---|
|  | **CCSF Offshore Fund, Ltd.** |
| % of consolidated fund net assets | 12.20<br> %<br>|
| Net assets | $49875594 |
| Net investment income (loss)  | 320981 |
| Net realized gain (loss)  | 27157829 |
| Net change in unrealized appreciation (depreciation) | 14409711 |

---

The financial statements present the portfolio holdings, financial position and results of operations of the Fund and the Subsidiary on a consolidated basis.

**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 Consolidated 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 shares are offered to the general public for investment. 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.

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.

Columbia Commodity Strategy Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's 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.

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 Consolidated Portfolio of Investments.

Columbia Commodity Strategy Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

**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 Consolidated Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. 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 expected to be 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 in respect of over-the-counter derivatives, 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 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

Columbia Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

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 Consolidated 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, to manage exposure to movements in interest rates and to maintain exposure to the commodities market. 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 Consolidated Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Consolidated 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 Consolidated 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 Consolidated Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Consolidated Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Consolidated Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

Columbia Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Consolidated statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,660<br> \*<br>|
| Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 16,541,905<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 16545565 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Consolidated statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4,831,330<br> \*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Consolidated 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 Consolidated 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 Consolidated Statement of Operations for the six months ended November 30, 2025:

---

| | |
|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Commodity-related investment risk | &nbsp;&nbsp; 27158572 |
| Interest rate risk | &nbsp;&nbsp; (188580)<br>|
| Total | &nbsp;&nbsp; 26969992 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Commodity-related investment risk | &nbsp;&nbsp; 14409709 |
| Interest rate risk | &nbsp;&nbsp; 48242 |
| Total | &nbsp;&nbsp; 14457951 |

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended November 30, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 444432587 |
| Futures contracts — short | 48242381 |

---

**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.

Columbia Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

**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.

**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 Consolidated 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.

**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 Consolidated Statement of Assets and Liabilities.

**Distributions to shareholders**

Distributions from net investment income, if any, are declared and paid annually. 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.

Columbia Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

**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**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

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 and is responsible for 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 0.63% to 0.49% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.63% of the Fund's average daily net assets.

**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 Consolidated 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 Consolidated 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 Consolidated 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.

Columbia Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

**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.

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.22 |
| Institutional Class | 0.22 |
| Institutional 2 Class | 0.05 |
| Institutional 3 Class | 0.00 |

---

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 Consolidated Statement of Operations. For the six months ended November 30, 2025, these minimum account balance fees reduced total expenses of the Fund by $20.

**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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class A shares.

**Sales charges** 

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 5.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9884 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

The Fund's other share classes are not subject to sales charges.

Columbia Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**October 1, 2025** <br>**through** <br>**September 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Voluntary** <br>**expense cap** <br>**August 1, 2025** <br>**through** <br>**September 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contractual** <br>**expense cap** <br>**prior to** <br>**August 1, 2025 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |

---

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. 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 November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 351337000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4871000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12416000 |

---

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 May 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** |
| (1148208)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (488317)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1636525)<br>|

---

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.

Columbia Commodity Strategy Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $148,288,691 and $77,204,439, respectively, for the six months ended November 30, 2025, of which $2,494,583 and $1,799,871, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Consolidated Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests significantly 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 Consolidated 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 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.

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 six months ended November 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Consolidated Statement of Operations. The Fund had no outstanding interfund loans at November 30, 2025.

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 23, 2025 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 $750 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 1.00% in each case. 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 Consolidated Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 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

Columbia Commodity Strategy Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

collective borrowings up to $900 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 1.00% in each case.

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At November 30, 2025, affiliated shareholders of record owned 72.7% 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 and noted 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 that 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.

Columbia Commodity Strategy Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Commodity Strategy Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Commodity Strategy Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia Commodity Strategy Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Columbia Commodity Strategy Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe's median expense ratio shown in the reports.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

Columbia Commodity Strategy Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Commodity Strategy Fund \| 2025

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**Columbia Commodity Strategy Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59746img46f383fe2.jpg)

**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.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR129_05_T01_(01/26)

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![](g59746imgdf109c551.jpg)

Columbia Dividend Opportunity Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_5c8720c2-f22b-47e5-acdc-e6b65fb43dba_POI-CommonContent-Date-61_1) | 3 |
| [Statement of Assets and Liabilities](#xx_5c8720c2-f22b-47e5-acdc-e6b65fb43dba_FS-CommonContent-Date-61_1) | 8 |
| [Statement of Operations](#xx_5c8720c2-f22b-47e5-acdc-e6b65fb43dba_FS-CommonContent-Date-61_3) | 10 |
| [Statement of Changes in Net Assets](#xx_5c8720c2-f22b-47e5-acdc-e6b65fb43dba_FS-CommonContent-Date-61_4) | 11 |
| [Financial Highlights](#xx_5c8720c2-f22b-47e5-acdc-e6b65fb43dba_FIHI-CommonContent-Date-61_2) | 14 |
| [Notes to Financial Statements](#xx_5c8720c2-f22b-47e5-acdc-e6b65fb43dba_NTF-CommonContent-Date-61_1) | 19 |
| [Approval of Management Agreement](#xx_5c8720c2-f22b-47e5-acdc-e6b65fb43dba_CCH-CommonContent-Date-61_1) | 28 |

---

Columbia Dividend Opportunity Fund \| 2025

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Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 93.6%** | **Common Stocks 93.6%** | **Common Stocks 93.6%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 3.6%** | **Communication Services 3.6%** | **Communication Services 3.6%** |
| **Diversified Telecommunication Services 2.9%** | **Diversified Telecommunication Services 2.9%** | **Diversified Telecommunication Services 2.9%** |
| AT&T, Inc. | &nbsp;&nbsp; 1410200 | &nbsp;&nbsp; 36693404 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 684800 | &nbsp;&nbsp; 28152128 |
| Total |  | &nbsp;&nbsp; 64845532 |
| **Media 0.7%** | **Media 0.7%** | **Media 0.7%** |
| Comcast Corp., Class A | &nbsp;&nbsp; 594300 | &nbsp;&nbsp; 15861867 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **80707399** |
| **Consumer Discretionary 7.8%** | **Consumer Discretionary 7.8%** | **Consumer Discretionary 7.8%** |
| **Automobiles 0.9%** | **Automobiles 0.9%** | **Automobiles 0.9%** |
| Ford Motor Co. | &nbsp;&nbsp; 1480200 | &nbsp;&nbsp; 19657056 |
| **Distributors 1.3%** | **Distributors 1.3%** | **Distributors 1.3%** |
| Genuine Parts Co. | &nbsp;&nbsp; 211200 | &nbsp;&nbsp; 27540480 |
| **Hotels, Restaurants & Leisure 1.8%** | **Hotels, Restaurants & Leisure 1.8%** | **Hotels, Restaurants & Leisure 1.8%** |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 122100 | &nbsp;&nbsp; 21926718 |
| Starbucks Corp. | &nbsp;&nbsp; 199600 | &nbsp;&nbsp; 17387156 |
| Total |  | &nbsp;&nbsp; 39313874 |
| **Specialty Retail 3.8%** | **Specialty Retail 3.8%** | **Specialty Retail 3.8%** |
| Best Buy Co., Inc. | &nbsp;&nbsp; 251600 | &nbsp;&nbsp; 19946848 |
| Gap, Inc. (The) | &nbsp;&nbsp; 1044100 | &nbsp;&nbsp; 28263787 |
| Home Depot, Inc. (The) | &nbsp;&nbsp; 103000 | &nbsp;&nbsp; 36762760 |
| Total |  | &nbsp;&nbsp; 84973395 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **171484805** |
| **Consumer Staples 9.7%** | **Consumer Staples 9.7%** | **Consumer Staples 9.7%** |
| **Beverages 3.0%** | **Beverages 3.0%** | **Beverages 3.0%** |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 396300 | &nbsp;&nbsp; 28977456 |
| PepsiCo, Inc. | &nbsp;&nbsp; 259500 | &nbsp;&nbsp; 38598030 |
| Total |  | &nbsp;&nbsp; 67575486 |
| **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** |
| Target Corp. | &nbsp;&nbsp; 116700 | &nbsp;&nbsp; 10575354 |
| **Food Products 1.7%** | **Food Products 1.7%** | **Food Products 1.7%** |
| Bunge Global SA | &nbsp;&nbsp; 227000 | &nbsp;&nbsp; 21807890 |
| ConAgra Foods, Inc. | &nbsp;&nbsp; 869600 | &nbsp;&nbsp; 15522360 |
| Total |  | &nbsp;&nbsp; 37330250 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Household Products 1.4%** | **Household Products 1.4%** | **Household Products 1.4%** |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 204200 | &nbsp;&nbsp; 30254272 |
| **Tobacco 3.1%** | **Tobacco 3.1%** | **Tobacco 3.1%** |
| Altria Group, Inc. | &nbsp;&nbsp; 370600 | &nbsp;&nbsp; 21869106 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 299900 | &nbsp;&nbsp; 47228252 |
| Total |  | &nbsp;&nbsp; 69097358 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **214832720** |
| **Energy 7.9%** | **Energy 7.9%** | **Energy 7.9%** |
| **Oil, Gas & Consumable Fuels 7.9%** | **Oil, Gas & Consumable Fuels 7.9%** | **Oil, Gas & Consumable Fuels 7.9%** |
| Chevron Corp. | &nbsp;&nbsp; 280100 | &nbsp;&nbsp; 42331513 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 422700 | &nbsp;&nbsp; 11345268 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 638200 | &nbsp;&nbsp; 73980144 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 846000 | &nbsp;&nbsp; 23112720 |
| Valero Energy Corp. | &nbsp;&nbsp; 137600 | &nbsp;&nbsp; 24322176 |
| Total |  | &nbsp;&nbsp; 175091821 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **175091821** |
| **Financials 20.6%** | **Financials 20.6%** | **Financials 20.6%** |
| **Banks 11.0%** | **Banks 11.0%** | **Banks 11.0%** |
| Bank of America Corp. | &nbsp;&nbsp; 894600 | &nbsp;&nbsp; 47995290 |
| Citigroup, Inc. | &nbsp;&nbsp; 373800 | &nbsp;&nbsp; 38725680 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 243200 | &nbsp;&nbsp; 76141056 |
| Truist Financial Corp. | &nbsp;&nbsp; 384300 | &nbsp;&nbsp; 17869950 |
| U.S. Bancorp | &nbsp;&nbsp; 575200 | &nbsp;&nbsp; 28213560 |
| Wells Fargo & Co. | &nbsp;&nbsp; 389000 | &nbsp;&nbsp; 33395650 |
| Total |  | &nbsp;&nbsp; 242341186 |
| **Capital Markets 6.4%** | **Capital Markets 6.4%** | **Capital Markets 6.4%** |
| Blackrock, Inc. | &nbsp;&nbsp; 14800 | &nbsp;&nbsp; 15500040 |
| Blackstone, Inc. | &nbsp;&nbsp; 103600 | &nbsp;&nbsp; 15169112 |
| CME Group, Inc. | &nbsp;&nbsp; 94000 | &nbsp;&nbsp; 26457240 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 66083200 |
| Invesco Ltd. | &nbsp;&nbsp; 787500 | &nbsp;&nbsp; 19254375 |
| Total |  | &nbsp;&nbsp; 142463967 |
| **Insurance 2.1%** | **Insurance 2.1%** | **Insurance 2.1%** |
| American Financial Group, Inc. | &nbsp;&nbsp; 169500 | &nbsp;&nbsp; 23343540 |
| MetLife, Inc. | &nbsp;&nbsp; 285300 | &nbsp;&nbsp; 21842568 |
| Total |  | &nbsp;&nbsp; 45186108 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

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Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Mortgage Real Estate Investment Trusts (REITS) 1.1%** | **Mortgage Real Estate Investment Trusts (REITS) 1.1%** | **Mortgage Real Estate Investment Trusts (REITS) 1.1%** |
| Starwood Property Trust, Inc. | &nbsp;&nbsp; 1338400 | &nbsp;&nbsp; 24546256 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **454537517** |
| **Health Care 13.4%** | **Health Care 13.4%** | **Health Care 13.4%** |
| **Biotechnology 3.5%** | **Biotechnology 3.5%** | **Biotechnology 3.5%** |
| AbbVie, Inc. | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 56925000 |
| Amgen, Inc. | &nbsp;&nbsp; 60100 | &nbsp;&nbsp; 20762146 |
| Total |  | &nbsp;&nbsp; 77687146 |
| **Health Care Equipment & Supplies 1.4%** | **Health Care Equipment & Supplies 1.4%** | **Health Care Equipment & Supplies 1.4%** |
| Medtronic PLC | &nbsp;&nbsp; 304000 | &nbsp;&nbsp; 32020320 |
| **Health Care Providers & Services 2.4%** | **Health Care Providers & Services 2.4%** | **Health Care Providers & Services 2.4%** |
| CVS Health Corp. | &nbsp;&nbsp; 378500 | &nbsp;&nbsp; 30416260 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 67600 | &nbsp;&nbsp; 22292452 |
| Total |  | &nbsp;&nbsp; 52708712 |
| **Pharmaceuticals 6.1%** | **Pharmaceuticals 6.1%** | **Pharmaceuticals 6.1%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 275300 | &nbsp;&nbsp; 13544760 |
| Johnson & Johnson | &nbsp;&nbsp; 290500 | &nbsp;&nbsp; 60110260 |
| Merck & Co., Inc. | &nbsp;&nbsp; 404600 | &nbsp;&nbsp; 42414218 |
| Pfizer, Inc. | &nbsp;&nbsp; 692900 | &nbsp;&nbsp; 17835246 |
| Total |  | &nbsp;&nbsp; 133904484 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **296320662** |
| **Industrials 8.9%** | **Industrials 8.9%** | **Industrials 8.9%** |
| **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** |
| Lockheed Martin Corp. | &nbsp;&nbsp; 58400 | &nbsp;&nbsp; 26739024 |
| RTX Corp. | &nbsp;&nbsp; 191600 | &nbsp;&nbsp; 33512756 |
| Total |  | &nbsp;&nbsp; 60251780 |
| **Air Freight & Logistics 0.5%** | **Air Freight & Logistics 0.5%** | **Air Freight & Logistics 0.5%** |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 114100 | &nbsp;&nbsp; 10929639 |
| **Building Products 0.6%** | **Building Products 0.6%** | **Building Products 0.6%** |
| Johnson Controls International PLC | &nbsp;&nbsp; 123900 | &nbsp;&nbsp; 14410809 |
| **Ground Transportation 0.9%** | **Ground Transportation 0.9%** | **Ground Transportation 0.9%** |
| Union Pacific Corp. | &nbsp;&nbsp; 83800 | &nbsp;&nbsp; 19427354 |
| **Industrial Conglomerates 1.3%** | **Industrial Conglomerates 1.3%** | **Industrial Conglomerates 1.3%** |
| 3M Co. | &nbsp;&nbsp; 173800 | &nbsp;&nbsp; 29902290 |
| **Machinery 2.1%** | **Machinery 2.1%** | **Machinery 2.1%** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| PACCAR, Inc. | &nbsp;&nbsp; 188700 | &nbsp;&nbsp; 19892754 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 364100 | &nbsp;&nbsp; 26040432 |
| Total |  | &nbsp;&nbsp; 45933186 |
| **Passenger Airlines 0.8%** | **Passenger Airlines 0.8%** | **Passenger Airlines 0.8%** |
| Southwest Airlines Co. | &nbsp;&nbsp; 480600 | &nbsp;&nbsp; 16729686 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **197584744** |
| **Information Technology 11.1%** | **Information Technology 11.1%** | **Information Technology 11.1%** |
| **Communications Equipment 2.6%** | **Communications Equipment 2.6%** | **Communications Equipment 2.6%** |
| Cisco Systems, Inc. | &nbsp;&nbsp; 750600 | &nbsp;&nbsp; 57751164 |
| **Electronic Equipment, Instruments & Components 1.3%** | **Electronic Equipment, Instruments & Components 1.3%** | **Electronic Equipment, Instruments & Components 1.3%** |
| Corning, Inc. | &nbsp;&nbsp; 342300 | &nbsp;&nbsp; 28821660 |
| **IT Services 2.7%** | **IT Services 2.7%** | **IT Services 2.7%** |
| International Business Machines Corp. | &nbsp;&nbsp; 194700 | &nbsp;&nbsp; 60080526 |
| **Semiconductors & Semiconductor Equipment 3.1%** | **Semiconductors & Semiconductor Equipment 3.1%** | **Semiconductors & Semiconductor Equipment 3.1%** |
| Broadcom, Inc. | &nbsp;&nbsp; 55600 | &nbsp;&nbsp; 22404576 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 148200 | &nbsp;&nbsp; 7940556 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp; 232700 | &nbsp;&nbsp; 15346565 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 132750 | &nbsp;&nbsp; 22337843 |
| Total |  | &nbsp;&nbsp; 68029540 |
| **Technology Hardware, Storage & Peripherals 1.4%** | **Technology Hardware, Storage & Peripherals 1.4%** | **Technology Hardware, Storage & Peripherals 1.4%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 667900 | &nbsp;&nbsp; 14606973 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 58200 | &nbsp;&nbsp; 16103358 |
| Total |  | &nbsp;&nbsp; 30710331 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **245393221** |
| **Materials 2.2%** | **Materials 2.2%** | **Materials 2.2%** |
| **Chemicals 1.4%** | **Chemicals 1.4%** | **Chemicals 1.4%** |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 228100 | &nbsp;&nbsp; 11174619 |
| Nutrien Ltd. | &nbsp;&nbsp; 327600 | &nbsp;&nbsp; 19056492 |
| Total |  | &nbsp;&nbsp; 30231111 |
| **Containers & Packaging 0.8%** | **Containers & Packaging 0.8%** | **Containers & Packaging 0.8%** |
| International Paper Co. | &nbsp;&nbsp; 485300 | &nbsp;&nbsp; 19159644 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **49390755** |
| **Real Estate 3.5%** | **Real Estate 3.5%** | **Real Estate 3.5%** |
| **Health Care REITs 0.4%** | **Health Care REITs 0.4%** | **Health Care REITs 0.4%** |
| Welltower, Inc. | &nbsp;&nbsp; 40400 | &nbsp;&nbsp; 8412088 |
| **Office REITs 0.5%** | **Office REITs 0.5%** | **Office REITs 0.5%** |
| BXP, Inc. | &nbsp;&nbsp; 156200 | &nbsp;&nbsp; 11302632 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Retail REITs 1.5%** | **Retail REITs 1.5%** | **Retail REITs 1.5%** |
| Brixmor Property Group, Inc. | &nbsp;&nbsp; 417500 | &nbsp;&nbsp; 10913450 |
| Simon Property Group, Inc. | &nbsp;&nbsp; 122900 | &nbsp;&nbsp; 22898728 |
| Total |  | &nbsp;&nbsp; 33812178 |
| **Specialized REITs 1.1%** | **Specialized REITs 1.1%** | **Specialized REITs 1.1%** |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 147600 | &nbsp;&nbsp; 23633712 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **77160610** |
| **Utilities 4.9%** | **Utilities 4.9%** | **Utilities 4.9%** |
| **Electric Utilities 2.5%** | **Electric Utilities 2.5%** | **Electric Utilities 2.5%** |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 11139300 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 114500 | &nbsp;&nbsp; 9880205 |
| Southern Co. (The) | &nbsp;&nbsp; 121900 | &nbsp;&nbsp; 11107528 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 280900 | &nbsp;&nbsp; 23064699 |
| Total |  | &nbsp;&nbsp; 55191732 |
| **Gas Utilities 1.2%** | **Gas Utilities 1.2%** | **Gas Utilities 1.2%** |
| UGI Corp. | &nbsp;&nbsp; 649200 | &nbsp;&nbsp; 25675860 |
| **Multi-Utilities 1.2%** | **Multi-Utilities 1.2%** | **Multi-Utilities 1.2%** |
| DTE Energy Co. | &nbsp;&nbsp; 117700 | &nbsp;&nbsp; 16128431 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 135600 | &nbsp;&nbsp; 11325312 |
| Total |  | &nbsp;&nbsp; 27453743 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **108321335** |
| Total Common Stocks <br>(Cost $1,354,644,370) | Total Common Stocks <br>(Cost $1,354,644,370) | &nbsp;&nbsp; **2070825589** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 0.8%** | **Convertible Bonds 0.8%** | **Convertible Bonds 0.8%** | **Convertible Bonds 0.8%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Healthcare REIT 0.8%** | **Healthcare REIT 0.8%** | **Healthcare REIT 0.8%** | **Healthcare REIT 0.8%** |
| Welltower OP LLC<sup>(a)</sup>  | Welltower OP LLC<sup>(a)</sup>  | Welltower OP LLC<sup>(a)</sup>  | Welltower OP LLC<sup>(a)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 3.125% | 10000000 | &nbsp;&nbsp; 16590000 |
| Total Convertible Bonds <br>(Cost $10,000,000) | Total Convertible Bonds <br>(Cost $10,000,000) | Total Convertible Bonds <br>(Cost $10,000,000) | &nbsp;&nbsp; **16590000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks 4.5%** | **Convertible Preferred Stocks 4.5%** | **Convertible Preferred Stocks 4.5%** | **Convertible Preferred Stocks 4.5%** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Financials 1.0%** | **Financials 1.0%** | **Financials 1.0%** | **Financials 1.0%** |
| **Capital Markets 0.5%** | **Capital Markets 0.5%** | **Capital Markets 0.5%** | **Capital Markets 0.5%** |
| Ares Management Corp. | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 231000 | &nbsp;&nbsp; 11471460 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 150800 | &nbsp;&nbsp; 10435711 |
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **21907171** |
| **Industrials 0.4%** | **Industrials 0.4%** | **Industrials 0.4%** | **Industrials 0.4%** |
| **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** | **Aerospace & Defense 0.4%** |
| Boeing Co. (The) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 143358 | &nbsp;&nbsp; 8966604 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **8966604** |
| **Information Technology 1.2%** | **Information Technology 1.2%** | **Information Technology 1.2%** | **Information Technology 1.2%** |
| **Semiconductors & Semiconductor Equipment 0.5%** | **Semiconductors & Semiconductor Equipment 0.5%** | **Semiconductors & Semiconductor Equipment 0.5%** | **Semiconductors & Semiconductor Equipment 0.5%** |
| Microchip Technology, Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 10565700 |
| **Technology Hardware, Storage & Peripherals 0.7%** | **Technology Hardware, Storage & Peripherals 0.7%** | **Technology Hardware, Storage & Peripherals 0.7%** | **Technology Hardware, Storage & Peripherals 0.7%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 248581 | &nbsp;&nbsp; 15142953 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **25708653** |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| **Chemicals 0.6%** | **Chemicals 0.6%** | **Chemicals 0.6%** | **Chemicals 0.6%** |
| Albemarle Corp. | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 257000 | &nbsp;&nbsp; 14067917 |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **14067917** |
| **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** |
| **Electric Utilities 1.3%** | **Electric Utilities 1.3%** | **Electric Utilities 1.3%** | **Electric Utilities 1.3%** |
| Nextera Energy, Inc. | &nbsp;&nbsp; 7.234% | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 12208800 |
| Southern Co. (The) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 318488 | &nbsp;&nbsp; 16027941 |
| Total |  |  | &nbsp;&nbsp; 28236741 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **28236741** |
| Total Convertible Preferred Stocks <br>(Cost $88,330,160) | Total Convertible Preferred Stocks <br>(Cost $88,330,160) | Total Convertible Preferred Stocks <br>(Cost $88,330,160) | &nbsp;&nbsp; **98887086** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 0.9%** | **Money Market Funds 0.9%** | **Money Market Funds 0.9%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 20467360 | &nbsp;&nbsp; 20461220 |
| Total Money Market Funds <br>(Cost $20,459,216) | Total Money Market Funds <br>(Cost $20,459,216) | &nbsp;&nbsp; **20461220** |
| **Total Investments in Securities** <br>**(Cost: $1,473,433,746)** | **Total Investments in Securities** <br>**(Cost: $1,473,433,746)** | &nbsp;&nbsp; **2206763895** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **5113771** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2211877666** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(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 November 30, 2025, the total value of these securities amounted to $16,590,000, which represents 0.75% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, 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 period ended November 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 15689889 | &nbsp;&nbsp; 129670683 | &nbsp;&nbsp; (124900115)<br>| &nbsp;&nbsp; 763 | &nbsp;&nbsp; 20461220 | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 400670 | &nbsp;&nbsp; 20467360 |

---

**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, if any, 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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 80707399 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80707399 |
| Consumer Discretionary | 171484805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171484805 |
| Consumer Staples | 214832720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214832720 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Energy | 175091821 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 175091821 |
| Financials | 454537517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 454537517 |
| Health Care | 296320662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 296320662 |
| Industrials | 197584744 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 197584744 |
| Information Technology | 245393221 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245393221 |
| Materials | 49390755 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49390755 |
| Real Estate | 77160610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77160610 |
| Utilities | 108321335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108321335 |
| Total Common Stocks | 2070825589 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2070825589 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 16590000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16590000 |
| Convertible Preferred Stocks |  |  |  |  |
| Financials |  | &nbsp;&nbsp;&nbsp;&nbsp; 21907171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21907171 |
| Industrials |  | &nbsp;&nbsp;&nbsp;&nbsp; 8966604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8966604 |
| Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp; 25708653 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25708653 |
| Materials |  | &nbsp;&nbsp;&nbsp;&nbsp; 14067917 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14067917 |
| Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp; 28236741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28236741 |
| Total Convertible Preferred Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 98887086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98887086 |
| Money Market Funds | 20461220 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20461220 |
| Total Investments in Securities | 2091286809 | &nbsp;&nbsp;&nbsp;&nbsp; 115477086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2206763895 |

---

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.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,452,974,530) | $2186302675 |
| Affiliated issuers (cost $20,459,216) | 20461220 |
| Receivable for: |  |
| Capital shares sold | 775882 |
| Dividends | 5676304 |
| Interest | 116320 |
| Foreign tax reclaims | 317907 |
| Prepaid expenses | 9393 |
| Other assets | 15508 |
| Total assets | 2213675209 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 1076544 |
| Management services fees | 76932 |
| Distribution and/or service fees | 21052 |
| Transfer agent fees | 149019 |
| Compensation of chief compliance officer | 180 |
| Compensation of board members | 3703 |
| Other expenses | 44639 |
| Deferred compensation of board members | 425474 |
| Total liabilities | 1797543 |
| **Net assets applicable to outstanding capital stock** | **$2211877666** |
| **Represented by** |  |
| Paid in capital | 1351698322 |
| Total distributable earnings (loss) | 860179344 |
| **Total - representing net assets applicable to outstanding capital stock** | **$2211877666** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Statement of Assets and Liabilities (continued)

November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $1234541639 |
| Shares outstanding | 29214805 |
| Net asset value per share | $42.26 |
| Maximum sales charge  | 5.75% |
| 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) | $44.84 |
| **Class C** |  |
| Net assets | $57858129 |
| Shares outstanding | 1422904 |
| Net asset value per share | $40.66 |
| **Institutional Class** |  |
| Net assets | $597963842 |
| Shares outstanding | 14035705 |
| Net asset value per share | $42.60 |
| **Institutional 2 Class** |  |
| Net assets | $103403401 |
| Shares outstanding | 2417602 |
| Net asset value per share | $42.77 |
| **Institutional 3 Class** |  |
| Net assets | $152745095 |
| Shares outstanding | 3479970 |
| Net asset value per share | $43.89 |
| **Class R** |  |
| Net assets | $39602607 |
| Shares outstanding | 937857 |
| Net asset value per share | $42.23 |
| **Class S** |  |
| Net assets | $25762953 |
| Shares outstanding | 604643 |
| Net asset value per share | $42.61 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $37439804 |
| Dividends — affiliated issuers | 400670 |
| Interest | 154514 |
| European Union tax reclaim | 45420 |
| Foreign taxes withheld | (76681)<br>|
| Total income | 37963727 |
| Expenses: |  |
| Management services fees | 6859956 |
| Distribution and/or service fees |  |
| Class A | 1505091 |
| Class C | 284675 |
| Class R | 96370 |
| Transfer agent fees |  |
| Class A | 505285 |
| Class C | 23894 |
| Institutional Class | 241101 |
| Institutional 2 Class | 25858 |
| Institutional 3 Class | 3741 |
| Class R | 16177 |
| Class S | 10689 |
| Custodian fees | 8013 |
| Printing and postage fees | 44540 |
| Registration fees | 65990 |
| Accounting services fees | 16211 |
| Legal fees | 24798 |
| Compensation of chief compliance officer | 180 |
| Compensation of board members | 16139 |
| Deferred compensation of board members | 88369 |
| Other | 25353 |
| Total expenses | 9862430 |
| Expense reduction | (80)<br>|
| Total net expenses | 9862350 |
| **Net investment income** | 28101377 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 84824287 |
| Investments — affiliated issuers | 854 |
| Net realized gain | 84825141 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 139297701 |
| Investments — affiliated issuers | 763 |
| Foreign currency translations | 6822 |
| Net change in unrealized appreciation (depreciation) | 139305286 |
| Net realized and unrealized gain | 224130427 |
| **Net increase in net assets resulting from operations** | **$252231804** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $28101377 | &nbsp;&nbsp; $58860771 |
| Net realized gain | 84825141 | &nbsp;&nbsp; 133927529 |
| Net change in unrealized appreciation (depreciation) | 139305286 | &nbsp;&nbsp; 4021526 |
| Net increase in net assets resulting from operations | 252231804 | &nbsp;&nbsp; 196809826 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (16433307)<br>| &nbsp;&nbsp; (92132908)<br>|
| Advisor Class |  | &nbsp;&nbsp; (1257877)<br>|
| Class C | (593772)<br>| &nbsp;&nbsp; (4329500)<br>|
| Institutional Class | (8447522)<br>| &nbsp;&nbsp; (43610947)<br>|
| Institutional 2 Class | (1434158)<br>| &nbsp;&nbsp; (7021930)<br>|
| Institutional 3 Class | (2197566)<br>| &nbsp;&nbsp; (11033750)<br>|
| Class R | (479672)<br>| &nbsp;&nbsp; (2851736)<br>|
| Class S | (376556)<br>| &nbsp;&nbsp; (1754646)<br>|
| Total distributions to shareholders | (29962553)<br>| &nbsp;&nbsp; (163993294)<br>|
| Decrease in net assets from capital stock activity | (77150009)<br>| &nbsp;&nbsp; (104862997)<br>|
| Total increase (decrease) in net assets | 145119242 | &nbsp;&nbsp; (72046465)<br>|
| Net assets at beginning of period | 2066758424 | &nbsp;&nbsp; 2138804889 |
| **Net assets at end of period** | **$2211877666** | &nbsp;&nbsp; **$2066758424** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 328924 | &nbsp;&nbsp;&nbsp;&nbsp; 13262845 | &nbsp;&nbsp;&nbsp;&nbsp; 953338 | &nbsp;&nbsp;&nbsp;&nbsp; 36787299 |
| Distributions reinvested | 405820 | &nbsp;&nbsp;&nbsp;&nbsp; 16059100 | &nbsp;&nbsp;&nbsp;&nbsp; 2349929 | &nbsp;&nbsp;&nbsp;&nbsp; 90094989 |
| Shares redeemed | (2113483)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (85179891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4533829)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (174811544)<br>|
| Net decrease | (1378739)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55857946)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1230562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47929256)<br>|
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142493 | &nbsp;&nbsp;&nbsp;&nbsp; 5702053 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31672 | &nbsp;&nbsp;&nbsp;&nbsp; 1252848 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2385676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101581519)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2211511)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94626618)<br>|
| Class C |  |  |  |  |
| Shares sold | 45562 | &nbsp;&nbsp;&nbsp;&nbsp; 1761955 | &nbsp;&nbsp;&nbsp;&nbsp; 135739 | &nbsp;&nbsp;&nbsp;&nbsp; 5018799 |
| Distributions reinvested | 15376 | &nbsp;&nbsp;&nbsp;&nbsp; 585639 | &nbsp;&nbsp;&nbsp;&nbsp; 115843 | &nbsp;&nbsp;&nbsp;&nbsp; 4283332 |
| Shares redeemed | (154340)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5984298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (552897)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20617728)<br>|
| Net decrease | (93402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3636704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (301315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11315597)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 876753 | &nbsp;&nbsp;&nbsp;&nbsp; 35588919 | &nbsp;&nbsp;&nbsp;&nbsp; 4188940 | &nbsp;&nbsp;&nbsp;&nbsp; 168808548 |
| Distributions reinvested | 197621 | &nbsp;&nbsp;&nbsp;&nbsp; 7884199 | &nbsp;&nbsp;&nbsp;&nbsp; 1052146 | &nbsp;&nbsp;&nbsp;&nbsp; 40634866 |
| Shares redeemed | (1323513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53805320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4202990)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (164671121)<br>|
| Net increase (decrease) | (249139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10332202)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1038096 | &nbsp;&nbsp;&nbsp;&nbsp; 44772293 |
| Institutional 2 Class |  |  |  |  |
| Shares sold | 320071 | &nbsp;&nbsp;&nbsp;&nbsp; 13096502 | &nbsp;&nbsp;&nbsp;&nbsp; 565552 | &nbsp;&nbsp;&nbsp;&nbsp; 22067942 |
| Distributions reinvested | 30105 | &nbsp;&nbsp;&nbsp;&nbsp; 1206003 | &nbsp;&nbsp;&nbsp;&nbsp; 152416 | &nbsp;&nbsp;&nbsp;&nbsp; 5904553 |
| Shares redeemed | (300145)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12207969)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1003402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39259578)<br>|
| Net increase (decrease) | 50031 | &nbsp;&nbsp;&nbsp;&nbsp; 2094536 | &nbsp;&nbsp;&nbsp;&nbsp; (285434)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11287083)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 307653 | &nbsp;&nbsp;&nbsp;&nbsp; 12961532 | &nbsp;&nbsp;&nbsp;&nbsp; 590313 | &nbsp;&nbsp;&nbsp;&nbsp; 23276882 |
| Distributions reinvested | 48141 | &nbsp;&nbsp;&nbsp;&nbsp; 1978434 | &nbsp;&nbsp;&nbsp;&nbsp; 243103 | &nbsp;&nbsp;&nbsp;&nbsp; 9663335 |
| Shares redeemed | (491965)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20753810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1037959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42133122)<br>|
| Net decrease | (136171)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5813844)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (204543)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9192905)<br>|
| Class R |  |  |  |  |
| Shares sold | 25463 | &nbsp;&nbsp;&nbsp;&nbsp; 1019725 | &nbsp;&nbsp;&nbsp;&nbsp; 57411 | &nbsp;&nbsp;&nbsp;&nbsp; 2199421 |
| Distributions reinvested | 12125 | &nbsp;&nbsp;&nbsp;&nbsp; 479509 | &nbsp;&nbsp;&nbsp;&nbsp; 74360 | &nbsp;&nbsp;&nbsp;&nbsp; 2849943 |
| Shares redeemed | (76695)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3101042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (181679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7041317)<br>|
| Net decrease | (39107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1601808)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1991953)<br>|
| Class S |  |  |  |  |
| Shares sold | 12650 | &nbsp;&nbsp;&nbsp;&nbsp; 514101 | &nbsp;&nbsp;&nbsp;&nbsp; 768117 | &nbsp;&nbsp;&nbsp;&nbsp; 31233106 |
| Distributions reinvested | 9441 | &nbsp;&nbsp;&nbsp;&nbsp; 376556 | &nbsp;&nbsp;&nbsp;&nbsp; 45421 | &nbsp;&nbsp;&nbsp;&nbsp; 1754324 |
| Shares redeemed | (71639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2892698)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (159347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6279308)<br>|
| Net increase (decrease) | (49548)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2002041)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 654191 | &nbsp;&nbsp;&nbsp;&nbsp; 26708122 |
| **Total net decrease** | **(1896075)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(77150009)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(2590986)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(104862997)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

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Columbia Dividend Opportunity Fund \| 2025

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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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $38.11<br>| 0.51 <br><sup>(c)</sup><br>| 4.19<br>| 4.70<br>| &nbsp;&nbsp; (0.55) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.55) <br>|
| Year Ended 5/31/2025 | $37.61<br>| 1.03 <br><sup>(c)</sup><br>| 2.47<br>| 3.50<br>| &nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (3.00) <br>|
| Year Ended 5/31/2024 | $32.75<br>| 0.99 <br><sup>(c)</sup><br>| 5.17<br>| 6.16<br>| &nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.30) <br>|
| Year Ended 5/31/2023 | $38.28<br>| 1.04 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.86) <br>| &nbsp;&nbsp; (2.82) <br>| &nbsp;&nbsp; (1.02) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.71) <br>|
| Year Ended 5/31/2022 | $39.82<br>| 1.04<br>| 2.32<br>| 3.36<br>| &nbsp;&nbsp; (1.05) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (4.90) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $30.78<br>| 1.01<br>| 9.43<br>| 10.44<br>| &nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.40) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | $36.68<br>| 0.35 <br><sup>(c)</sup><br>| 4.03<br>| 4.38<br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.40) <br>|
| Year Ended 5/31/2025 | $36.30<br>| 0.72 <br><sup>(c)</sup><br>| 2.37<br>| 3.09<br>| &nbsp;&nbsp; (0.75) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (2.71) <br>|
| Year Ended 5/31/2024 | $31.64<br>| 0.70 <br><sup>(c)</sup><br>| 5.00<br>| 5.70<br>| &nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.04) <br>|
| Year Ended 5/31/2023 | $37.06<br>| 0.75 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.73) <br>| &nbsp;&nbsp; (2.98) <br>| &nbsp;&nbsp; (0.75) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.44) <br>|
| Year Ended 5/31/2022 | $38.69<br>| 0.72<br>| 2.25<br>| 2.97<br>| &nbsp;&nbsp; (0.75) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (4.60) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $29.93<br>| 0.74<br>| 9.18<br>| 9.92<br>| &nbsp;&nbsp; (0.88) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.16) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $38.41<br>| 0.56 <br><sup>(c)</sup><br>| 4.22<br>| 4.78<br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.59) <br>|
| Year Ended 5/31/2025 | $37.89<br>| 1.14 <br><sup>(c)</sup><br>| 2.48<br>| 3.62<br>| &nbsp;&nbsp; (1.14) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (3.10) <br>|
| Year Ended 5/31/2024 | $32.98<br>| 1.08 <br><sup>(c)</sup><br>| 5.22<br>| 6.30<br>| &nbsp;&nbsp; (1.09) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.39) <br>|
| Year Ended 5/31/2023 | $38.54<br>| 1.13 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.88) <br>| &nbsp;&nbsp; (2.75) <br>| &nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.81) <br>|
| Year Ended 5/31/2022 | $40.06<br>| 1.15<br>| 2.33<br>| 3.48<br>| &nbsp;&nbsp; (1.15) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (5.00) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $30.95<br>| 1.10<br>| 9.49<br>| 10.59<br>| &nbsp;&nbsp; (1.20) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.48) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $38.56<br>| 0.57 <br><sup>(c)</sup><br>| 4.24<br>| 4.81<br>| &nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.60) <br>|
| Year Ended 5/31/2025 | $38.03<br>| 1.15 <br><sup>(c)</sup><br>| 2.49<br>| 3.64<br>| &nbsp;&nbsp; (1.15) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (3.11) <br>|
| Year Ended 5/31/2024 | $33.09<br>| 1.10 <br><sup>(c)</sup><br>| 5.24<br>| 6.34<br>| &nbsp;&nbsp; (1.10) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.40) <br>|
| Year Ended 5/31/2023 | $38.66<br>| 1.15 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.90) <br>| &nbsp;&nbsp; (2.75) <br>| &nbsp;&nbsp; (1.13) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.82) <br>|
| Year Ended 5/31/2022 | $40.18<br>| 1.17<br>| 2.33<br>| 3.50<br>| &nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (5.02) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $31.04<br>| 1.12<br>| 9.52<br>| 10.64<br>| &nbsp;&nbsp; (1.22) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.50) <br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $39.56<br>| 0.60 <br><sup>(c)</sup><br>| 4.34<br>| 4.94<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.61) <br>|
| Year Ended 5/31/2025 | $38.93<br>| 1.20 <br><sup>(c)</sup><br>| 2.56<br>| 3.76<br>| &nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (3.13) <br>|
| Year Ended 5/31/2024 | $33.85<br>| 1.14 <br><sup>(c)</sup><br>| 5.36<br>| 6.50<br>| &nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.42) <br>|
| Year Ended 5/31/2023 | $39.48<br>| 1.20 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.99) <br>| &nbsp;&nbsp; (2.79) <br>| &nbsp;&nbsp; (1.15) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.84) <br>|
| Year Ended 5/31/2022 | $40.92<br>| 1.21<br>| 2.39<br>| 3.60<br>| &nbsp;&nbsp; (1.19) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (5.04) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $31.59<br>| 1.16<br>| 9.68<br>| 10.84<br>| &nbsp;&nbsp; (1.23) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.51) <br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $42.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1234542<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $38.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1165770<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $37.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1196911<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $32.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.70%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1179047<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $38.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1391270<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $39.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1375445<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $40.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $57858<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $36.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55624<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $36.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $65979<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $31.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.41%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $80832<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $37.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $94620<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $104339<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $42.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $597964<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $38.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $548695<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $37.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $501940<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $32.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.48%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $588310<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $38.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $597311<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $572007<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $42.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $103403<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $38.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $91296<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $38.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100890<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $33.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.44%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $117286<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $38.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123165<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $134775<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $43.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $152745<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $39.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $143040<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $38.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $148758<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $33.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.41%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $158595<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $39.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $146214<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $40.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $145247<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six Months Ended 11/30/2025 (Unaudited) | $38.08<br>| 0.46 <br><sup>(c)</sup><br>| 4.19<br>| 4.65<br>| &nbsp;&nbsp; (0.50) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.50) <br>|
| Year Ended 5/31/2025 | $37.59<br>| 0.94 <br><sup>(c)</sup><br>| 2.46<br>| 3.40<br>| &nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (2.91) <br>|
| Year Ended 5/31/2024 | $32.73<br>| 0.90 <br><sup>(c)</sup><br>| 5.18<br>| 6.08<br>| &nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (1.22) <br>|
| Year Ended 5/31/2023 | $38.25<br>| 0.95 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (2.90) <br>| &nbsp;&nbsp; (0.93) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (2.62) <br>|
| Year Ended 5/31/2022 | $39.79<br>| 0.94<br>| 2.32<br>| 3.26<br>| &nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp; (3.85) <br>| &nbsp;&nbsp; (4.80) <br>|
| Year Ended 5/31/2021<sup>(f)</sup> <br>| $30.76<br>| 0.92<br>| 9.43<br>| 10.35<br>| &nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.32) <br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | $38.42<br>| 0.56 <br><sup>(c)</sup><br>| 4.22<br>| 4.78<br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.59) <br>|
| Year Ended 5/31/2025<sup>(g)</sup> <br>| $40.55<br>| 0.77 <br><sup>(c)</sup><br>| &nbsp;&nbsp; (0.37 )<sup>(h)</sup><br>| 0.40<br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; (1.96) <br>| &nbsp;&nbsp; (2.53) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **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) | Includes income resulting from European Union tax reclaims. The effect of these amounted to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Class** | **Net Investment income per share ($)** | **Net Investment income ratio (%)** |
| **Six Months Ended 11/30/2025 (Unaudited)** |  |  |
| Class A | lessthan<br> 0.01<br>| &nbsp;&nbsp; lessthan<br> 0.01<br>|
| Class C | lessthan<br> 0.01<br>| &nbsp;&nbsp; lessthan<br> 0.01<br>|
| Institutional Class | lessthan<br> 0.01<br>| &nbsp;&nbsp; lessthan<br> 0.01<br>|
| Institutional 2 Class | lessthan<br> 0.01<br>| &nbsp;&nbsp; lessthan<br> 0.01<br>|
| Institutional 3 Class | lessthan<br> 0.01<br>| &nbsp;&nbsp; lessthan<br> 0.01<br>|
| Class R | lessthan<br> 0.01<br>| &nbsp;&nbsp; lessthan<br> 0.01<br>|
| Class S | lessthan<br> 0.01<br>| &nbsp;&nbsp; lessthan<br> 0.01<br>|
| **Year Ended 5/31/2025** |  |  |
| Class A | 0.06 | 0.15 |
| Class C | 0.06 | 0.15 |
| Institutional Class | 0.06 | 0.15 |
| Institutional 2 Class | 0.06 | 0.15 |
| Institutional 3 Class | 0.06 | 0.15 |
| Class R | 0.06 | 0.15 |
| Class S | 0.04 | 0.15 |
| **Year Ended 5/31/2024** |  |  |
| Class A | 0.05 | 0.14 |
| Class C | 0.05 | 0.14 |
| Institutional Class | 0.05 | 0.14 |
| Institutional 2 Class | 0.05 | 0.14 |
| Institutional 3 Class | 0.05 | 0.14 |
| Class R | 0.05 | 0.14 |
| **Year Ended 5/31/2023** |  |  |
| Class A | lessthan<br> 0.01<br>| 0.01 |
| Class C | lessthan<br> 0.01<br>| 0.01 |
| Institutional Class | lessthan<br> 0.01<br>| 0.01 |
| Institutional 2 Class | lessthan<br> 0.01<br>| 0.01 |
| Institutional 3 Class | lessthan<br> 0.01<br>| 0.01 |
| Class R | lessthan<br> 0.01<br>| 0.01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The benefits derived from expense reductions had an impact of less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratios include interfund lending expense which is less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $42.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39603<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $38.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37202<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $37.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38595<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $32.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.93%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37060<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $38.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24% <br><sup>(d),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40089<br>|
|  Year Ended 5/31/2021 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $39.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39905<br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $42.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25763<br>|
|  Year Ended 5/31/2025 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $38.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25131<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Dividend Opportunity Fund \| 2025

------

Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Dividend Opportunity Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business 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. Institutional Class, Institutional 2 Class, Institutional 3 Class, Class R and Class S 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.

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Columbia Dividend Opportunity Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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.

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.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**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.

Columbia Dividend Opportunity Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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. For convertible securities, premiums attributable to the conversion feature are not amortized.

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.

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**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.

**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.

Columbia Dividend Opportunity Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.

**Distributions to shareholders**

Distributions from net investment income, if any, are declared and paid each calendar quarter. 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**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

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 and is responsible for 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 0.72% to 0.52% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.64% of the Fund's average daily net assets.

**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.

Columbia Dividend Opportunity Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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.

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.08 |
| Class C | 0.08 |
| Institutional Class | 0.08 |
| Institutional 2 Class | 0.05 |
| Institutional 3 Class | 0.01 |
| Class R | 0.08 |
| Class S | 0.08 |

---

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 six months ended November 30, 2025, these minimum account balance fees reduced total expenses of the Fund by $80.

**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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund's average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.

Columbia Dividend Opportunity Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $759,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2025, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

**Sales charges** 

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 5.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 119485 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 1, 2025** <br>**through** <br>**September 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**October 1, 2025 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |

---

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. 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.

Columbia Dividend Opportunity Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

At November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 1473434000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22142000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733330000 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

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 $279,839,757 and $363,774,682, respectively, for the six months ended November 30, 2025. 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 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.

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 did not borrow or lend money under the Interfund Program during the six months ended November 30, 2025.

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 23, 2025 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 $750 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

Columbia Dividend Opportunity Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. 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 23, 2025 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 $900 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 1.00% in each case.

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At November 30, 2025, affiliated shareholders of record owned 54.1% 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 and noted 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 that 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

Columbia Dividend Opportunity Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Dividend Opportunity Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Dividend Opportunity Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia Dividend Opportunity Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Columbia Dividend Opportunity Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe's median expense ratio shown in the reports.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

Columbia Dividend Opportunity Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Dividend Opportunity Fund \| 2025

------

**Columbia Dividend Opportunity Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59746img97bf68a32.jpg)

**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.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR140_05_T01_(01/26)

------

![](g59746img317dc61f1.jpg)

Columbia Flexible Capital Income Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_d39ed3a0-75fd-4263-a9b3-1c39b1aa0224_POI-CommonContent-Date-65_1) | 3 |
| [Statement of Assets and Liabilities](#xx_d39ed3a0-75fd-4263-a9b3-1c39b1aa0224_FS-CommonContent-Date-65_1) | 12 |
| [Statement of Operations](#xx_d39ed3a0-75fd-4263-a9b3-1c39b1aa0224_FS-CommonContent-Date-65_2) | 13 |
| [Statement of Changes in Net Assets](#xx_d39ed3a0-75fd-4263-a9b3-1c39b1aa0224_FS-CommonContent-Date-65_3) | 14 |
| [Financial Highlights](#xx_d39ed3a0-75fd-4263-a9b3-1c39b1aa0224_FIHI-CommonContent-Date-65_1) | 16 |
| [Notes to Financial Statements](#xx_d39ed3a0-75fd-4263-a9b3-1c39b1aa0224_NTF-CommonContent-Date-65_1) | 20 |
| [Approval of Management Agreement](#xx_d39ed3a0-75fd-4263-a9b3-1c39b1aa0224_CCH-CommonContent-Date-65_1) | 29 |

---

Columbia Flexible Capital Income Fund \| 2025

------

Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 36.9%** | **Common Stocks 36.9%** | **Common Stocks 36.9%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 2.4%** | **Communication Services 2.4%** | **Communication Services 2.4%** |
| **Diversified Telecommunication Services 1.9%** | **Diversified Telecommunication Services 1.9%** | **Diversified Telecommunication Services 1.9%** |
| AT&T, Inc. | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 13660500 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 10277500 |
| Total |  | &nbsp;&nbsp; 23938000 |
| **Media 0.5%** | **Media 0.5%** | **Media 0.5%** |
| Comcast Corp., Class A | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 6005250 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **29943250** |
| **Consumer Discretionary 2.0%** | **Consumer Discretionary 2.0%** | **Consumer Discretionary 2.0%** |
| **Broadline Retail 0.5%** | **Broadline Retail 0.5%** | **Broadline Retail 0.5%** |
| Macy's, Inc. | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 6708000 |
| **Hotels, Restaurants & Leisure 0.8%** | **Hotels, Restaurants & Leisure 0.8%** | **Hotels, Restaurants & Leisure 0.8%** |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 52500 | &nbsp;&nbsp; 9427950 |
| **Household Durables 0.2%** | **Household Durables 0.2%** | **Household Durables 0.2%** |
| Newell Brands, Inc. | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 2737500 |
| **Specialty Retail 0.5%** | **Specialty Retail 0.5%** | **Specialty Retail 0.5%** |
| Best Buy Co., Inc. | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 6738800 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **25612250** |
| **Consumer Staples 3.3%** | **Consumer Staples 3.3%** | **Consumer Staples 3.3%** |
| **Beverages 1.0%** | **Beverages 1.0%** | **Beverages 1.0%** |
| PepsiCo, Inc. | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 12642900 |
| **Food Products 0.7%** | **Food Products 0.7%** | **Food Products 0.7%** |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 9499050 |
| **Personal Care Products 0.5%** | **Personal Care Products 0.5%** | **Personal Care Products 0.5%** |
| Kenvue, Inc. | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 6940000 |
| **Tobacco 1.1%** | **Tobacco 1.1%** | **Tobacco 1.1%** |
| Philip Morris International, Inc. | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 13385800 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **42467750** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Energy 3.0%** | **Energy 3.0%** | **Energy 3.0%** |
| **Oil, Gas & Consumable Fuels 3.0%** | **Oil, Gas & Consumable Fuels 3.0%** | **Oil, Gas & Consumable Fuels 3.0%** |
| Chevron Corp. | &nbsp;&nbsp; 82500 | &nbsp;&nbsp; 12468225 |
| Diamondback Energy, Inc. | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 6866550 |
| EOG Resources, Inc. | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 6471000 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 12171600 |
| Total |  | &nbsp;&nbsp; 37977375 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **37977375** |
| **Financials 6.9%** | **Financials 6.9%** | **Financials 6.9%** |
| **Banks 2.9%** | **Banks 2.9%** | **Banks 2.9%** |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 31500 | &nbsp;&nbsp; 9862020 |
| M&T Bank Corp. | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 13315400 |
| U.S. Bancorp | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 12998250 |
| Total |  | &nbsp;&nbsp; 36175670 |
| **Capital Markets 2.3%** | **Capital Markets 2.3%** | **Capital Markets 2.3%** |
| Ares Capital Corp. | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 9794500 |
| Blackstone Secured Lending Fund | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 6897500 |
| Morgan Stanley | &nbsp;&nbsp; 77500 | &nbsp;&nbsp; 13148650 |
| Total |  | &nbsp;&nbsp; 29840650 |
| **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** |
| Clovis Liquidation Trust<sup>(a),(b),(c)</sup> <br>| &nbsp;&nbsp; 11789772 | &nbsp;&nbsp; 176847 |
| **Insurance 0.7%** | **Insurance 0.7%** | **Insurance 0.7%** |
| MetLife, Inc. | &nbsp;&nbsp; 117500 | &nbsp;&nbsp; 8995800 |
| **Mortgage Real Estate Investment Trusts (REITS) 1.0%** | **Mortgage Real Estate Investment Trusts (REITS) 1.0%** | **Mortgage Real Estate Investment Trusts (REITS) 1.0%** |
| Starwood Property Trust, Inc. | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 12379500 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **87568467** |
| **Health Care 5.7%** | **Health Care 5.7%** | **Health Care 5.7%** |
| **Biotechnology 1.7%** | **Biotechnology 1.7%** | **Biotechnology 1.7%** |
| AbbVie, Inc. | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 12523500 |
| Amgen, Inc. | &nbsp;&nbsp; 27500 | &nbsp;&nbsp; 9500150 |
| Total |  | &nbsp;&nbsp; 22023650 |
| **Health Care Equipment & Supplies 0.6%** | **Health Care Equipment & Supplies 0.6%** | **Health Care Equipment & Supplies 0.6%** |
| Medtronic PLC | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 7373100 |
| **Health Care Providers & Services 1.0%** | **Health Care Providers & Services 1.0%** | **Health Care Providers & Services 1.0%** |
| CVS Health Corp. | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 12455800 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Pharmaceuticals 2.4%** | **Pharmaceuticals 2.4%** | **Pharmaceuticals 2.4%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 11070000 |
| Merck & Co., Inc. | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 12055450 |
| Pfizer, Inc. | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 6692400 |
| Total |  | &nbsp;&nbsp; 29817850 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **71670400** |
| **Industrials 2.7%** | **Industrials 2.7%** | **Industrials 2.7%** |
| **Aerospace & Defense 1.2%** | **Aerospace & Defense 1.2%** | **Aerospace & Defense 1.2%** |
| Lockheed Martin Corp. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 9615060 |
| RTX Corp. | &nbsp;&nbsp; 36500 | &nbsp;&nbsp; 6384215 |
| Total |  | &nbsp;&nbsp; 15999275 |
| **Air Freight & Logistics 0.5%** | **Air Freight & Logistics 0.5%** | **Air Freight & Logistics 0.5%** |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 6226350 |
| **Ground Transportation 0.5%** | **Ground Transportation 0.5%** | **Ground Transportation 0.5%** |
| Union Pacific Corp. | &nbsp;&nbsp; 25500 | &nbsp;&nbsp; 5911665 |
| **Machinery 0.5%** | **Machinery 0.5%** | **Machinery 0.5%** |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 92500 | &nbsp;&nbsp; 6615600 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **34752890** |
| **Information Technology 4.4%** | **Information Technology 4.4%** | **Information Technology 4.4%** |
| **Communications Equipment 1.0%** | **Communications Equipment 1.0%** | **Communications Equipment 1.0%** |
| Cisco Systems, Inc. | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 12695100 |
| **Electronic Equipment, Instruments & Components 0.7%** | **Electronic Equipment, Instruments & Components 0.7%** | **Electronic Equipment, Instruments & Components 0.7%** |
| Corning, Inc. | &nbsp;&nbsp; 107500 | &nbsp;&nbsp; 9051500 |
| **IT Services 0.6%** | **IT Services 0.6%** | **IT Services 0.6%** |
| International Business Machines Corp. | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 7714500 |
| **Semiconductors & Semiconductor Equipment 1.3%** | **Semiconductors & Semiconductor Equipment 1.3%** | **Semiconductors & Semiconductor Equipment 1.3%** |
| Broadcom, Inc. | &nbsp;&nbsp; 16500 | &nbsp;&nbsp; 6648840 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 10096200 |
| Total |  | &nbsp;&nbsp; 16745040 |
| **Technology Hardware, Storage & Peripherals 0.8%** | **Technology Hardware, Storage & Peripherals 0.8%** | **Technology Hardware, Storage & Peripherals 0.8%** |
| HP, Inc. | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 9157500 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **55363640** |
| **Materials 1.6%** | **Materials 1.6%** | **Materials 1.6%** |
| **Chemicals 1.1%** | **Chemicals 1.1%** | **Chemicals 1.1%** |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 6858600 |
| Nutrien Ltd. | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 6398700 |
| Total |  | &nbsp;&nbsp; 13257300 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Containers & Packaging 0.5%** | **Containers & Packaging 0.5%** | **Containers & Packaging 0.5%** |
| International Paper Co. | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 6711600 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **19968900** |
| **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** |
| **Industrial REITs 0.6%** | **Industrial REITs 0.6%** | **Industrial REITs 0.6%** |
| Prologis, Inc. | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 7711800 |
| **Office REITs 0.6%** | **Office REITs 0.6%** | **Office REITs 0.6%** |
| BXP, Inc. | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 6874200 |
| **Residential REITs 0.5%** | **Residential REITs 0.5%** | **Residential REITs 0.5%** |
| Invitation Homes, Inc. | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 6345000 |
| **Retail REITs 0.5%** | **Retail REITs 0.5%** | **Retail REITs 0.5%** |
| Realty Income Corp. | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 6625150 |
| **Specialized REITs 0.5%** | **Specialized REITs 0.5%** | **Specialized REITs 0.5%** |
| VICI Properties, Inc. | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 6484500 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **34040650** |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| **Electric Utilities 1.6%** | **Electric Utilities 1.6%** | **Electric Utilities 1.6%** |
| Duke Energy Corp. | &nbsp;&nbsp; 52500 | &nbsp;&nbsp; 6506850 |
| Entergy Corp. | &nbsp;&nbsp; 67500 | &nbsp;&nbsp; 6582600 |
| FirstEnergy Corp. | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 6680800 |
| Total |  | &nbsp;&nbsp; 19770250 |
| **Gas Utilities 0.6%** | **Gas Utilities 0.6%** | **Gas Utilities 0.6%** |
| UGI Corp. | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 7712250 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **27482500** |
| Total Common Stocks <br>(Cost $380,765,541) | Total Common Stocks <br>(Cost $380,765,541) | &nbsp;&nbsp; **466848072** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 13.7%** | **Convertible Bonds 13.7%** | **Convertible Bonds 13.7%** | **Convertible Bonds 13.7%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** |
| Intuitive Machines, Inc.<sup>(d)</sup>  | Intuitive Machines, Inc.<sup>(d)</sup>  | Intuitive Machines, Inc.<sup>(d)</sup>  | Intuitive Machines, Inc.<sup>(d)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 2.500% | 6000000 | &nbsp;&nbsp; 6260400 |
| **Automotive 0.6%** | **Automotive 0.6%** | **Automotive 0.6%** | **Automotive 0.6%** |
| Rivian Automotive, Inc. | Rivian Automotive, Inc. | Rivian Automotive, Inc. | Rivian Automotive, Inc. |
| 03/15/2029 | &nbsp;&nbsp; 4.625% | 6500000 | &nbsp;&nbsp; 7228431 |
| **Brokerage/Asset Managers/Exchanges 1.0%** | **Brokerage/Asset Managers/Exchanges 1.0%** | **Brokerage/Asset Managers/Exchanges 1.0%** | **Brokerage/Asset Managers/Exchanges 1.0%** |
| Galaxy Digital Holdings LP<sup>(d)</sup>  | Galaxy Digital Holdings LP<sup>(d)</sup>  | Galaxy Digital Holdings LP<sup>(d)</sup>  | Galaxy Digital Holdings LP<sup>(d)</sup>  |
| 12/01/2029 | &nbsp;&nbsp; 2.500% | 3000000 | &nbsp;&nbsp; 4151357 |
| 05/01/2031 | &nbsp;&nbsp; 0.500% | 2500000 | &nbsp;&nbsp; 2083287 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds (continued)** | **Convertible Bonds (continued)** | **Convertible Bonds (continued)** | **Convertible Bonds (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| WisdomTree, Inc.<sup>(d)</sup>  | WisdomTree, Inc.<sup>(d)</sup>  | WisdomTree, Inc.<sup>(d)</sup>  | WisdomTree, Inc.<sup>(d)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 4.625% | 6000000 | &nbsp;&nbsp; 5997810 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12232454** |
| **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** | **Cable and Satellite 0.5%** |
| BlackSky Technology, Inc.<sup>(d)</sup>  | BlackSky Technology, Inc.<sup>(d)</sup>  | BlackSky Technology, Inc.<sup>(d)</sup>  | BlackSky Technology, Inc.<sup>(d)</sup>  |
| 08/01/2033 | &nbsp;&nbsp; 8.250% | 6000000 | &nbsp;&nbsp; 6194230 |
| **Consumer Products 0.5%** | **Consumer Products 0.5%** | **Consumer Products 0.5%** | **Consumer Products 0.5%** |
| LCI Industries<sup>(d)</sup>  | LCI Industries<sup>(d)</sup>  | LCI Industries<sup>(d)</sup>  | LCI Industries<sup>(d)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 3.000% | 5500000 | &nbsp;&nbsp; 6146422 |
| **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** | **Diversified Manufacturing 0.5%** |
| Greenbrier Companies, Inc. (The) | Greenbrier Companies, Inc. (The) | Greenbrier Companies, Inc. (The) | Greenbrier Companies, Inc. (The) |
| 04/15/2028 | &nbsp;&nbsp; 2.875% | 6000000 | &nbsp;&nbsp; 6339000 |
| **Electric 1.7%** | **Electric 1.7%** | **Electric 1.7%** | **Electric 1.7%** |
| PG&E Corp. | PG&E Corp. | PG&E Corp. | PG&E Corp. |
| 12/01/2027 | &nbsp;&nbsp; 4.250% | 6000000 | &nbsp;&nbsp; 6153000 |
| PPL Capital Funding, Inc.<sup>(d)</sup>  | PPL Capital Funding, Inc.<sup>(d)</sup>  | PPL Capital Funding, Inc.<sup>(d)</sup>  | PPL Capital Funding, Inc.<sup>(d)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 3.000% | 6000000 | &nbsp;&nbsp; 6113672 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 06/01/2029 | &nbsp;&nbsp; 4.375% | 7500000 | &nbsp;&nbsp; 9117942 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **21384614** |
| **Finance Companies 0.5%** | **Finance Companies 0.5%** | **Finance Companies 0.5%** | **Finance Companies 0.5%** |
| Hercules Capital, Inc.<sup>(d)</sup>  | Hercules Capital, Inc.<sup>(d)</sup>  | Hercules Capital, Inc.<sup>(d)</sup>  | Hercules Capital, Inc.<sup>(d)</sup>  |
| 09/01/2028 | &nbsp;&nbsp; 4.750% | 6400000 | &nbsp;&nbsp; 6327040 |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Oscar Health, Inc.<sup>(d)</sup>  | Oscar Health, Inc.<sup>(d)</sup>  | Oscar Health, Inc.<sup>(d)</sup>  | Oscar Health, Inc.<sup>(d)</sup>  |
| 09/01/2030 | &nbsp;&nbsp; 2.250% | 6000000 | &nbsp;&nbsp; 6453000 |
| **Healthcare REIT 0.5%** | **Healthcare REIT 0.5%** | **Healthcare REIT 0.5%** | **Healthcare REIT 0.5%** |
| Welltower OP LLC<sup>(d)</sup>  | Welltower OP LLC<sup>(d)</sup>  | Welltower OP LLC<sup>(d)</sup>  | Welltower OP LLC<sup>(d)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 3.125% | 4000000 | &nbsp;&nbsp; 6636000 |
| **Leisure 0.9%** | **Leisure 0.9%** | **Leisure 0.9%** | **Leisure 0.9%** |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 12/01/2027 | &nbsp;&nbsp; 5.750% | 2500000 | &nbsp;&nbsp; 5046791 |
| Live Nation Entertainment, Inc.<sup>(d)</sup>  | Live Nation Entertainment, Inc.<sup>(d)</sup>  | Live Nation Entertainment, Inc.<sup>(d)</sup>  | Live Nation Entertainment, Inc.<sup>(d)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 2.875% | 6500000 | &nbsp;&nbsp; 6565000 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11611791** |
| **Metals and Mining 0.3%** | **Metals and Mining 0.3%** | **Metals and Mining 0.3%** | **Metals and Mining 0.3%** |
| Vizsla Silver Corp.<sup>(d)</sup>  | Vizsla Silver Corp.<sup>(d)</sup>  | Vizsla Silver Corp.<sup>(d)</sup>  | Vizsla Silver Corp.<sup>(d)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.000% | 3100000 | &nbsp;&nbsp; 3723365 |
| **Other Financial Institutions 0.7%** | **Other Financial Institutions 0.7%** | **Other Financial Institutions 0.7%** | **Other Financial Institutions 0.7%** |
| MARA Holdings, Inc.<sup>(d),(e)</sup>  | MARA Holdings, Inc.<sup>(d),(e)</sup>  | MARA Holdings, Inc.<sup>(d),(e)</sup>  | MARA Holdings, Inc.<sup>(d),(e)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 0.000% | 10500000 | &nbsp;&nbsp; 9133588 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds (continued)** | **Convertible Bonds (continued)** | **Convertible Bonds (continued)** | **Convertible Bonds (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Other REIT 0.9%** | **Other REIT 0.9%** | **Other REIT 0.9%** | **Other REIT 0.9%** |
| PennyMac Corp. | PennyMac Corp. | PennyMac Corp. | PennyMac Corp. |
| 03/15/2026 | &nbsp;&nbsp; 5.500% | 12000000 | &nbsp;&nbsp; 11976000 |
| **Pharmaceuticals 0.9%** | **Pharmaceuticals 0.9%** | **Pharmaceuticals 0.9%** | **Pharmaceuticals 0.9%** |
| Bridgebio Pharma, Inc.<sup>(d)</sup>  | Bridgebio Pharma, Inc.<sup>(d)</sup>  | Bridgebio Pharma, Inc.<sup>(d)</sup>  | Bridgebio Pharma, Inc.<sup>(d)</sup>  |
| 03/01/2031 | &nbsp;&nbsp; 1.750% | 3300000 | &nbsp;&nbsp; 5480062 |
| Cytokinetics, Inc.<sup>(d)</sup>  | Cytokinetics, Inc.<sup>(d)</sup>  | Cytokinetics, Inc.<sup>(d)</sup>  | Cytokinetics, Inc.<sup>(d)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 1.750% | 5000000 | &nbsp;&nbsp; 6359011 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11839073** |
| **Retailers 0.0%** | **Retailers 0.0%** | **Retailers 0.0%** | **Retailers 0.0%** |
| Farfetch Ltd.<sup>(f)</sup>  | Farfetch Ltd.<sup>(f)</sup>  | Farfetch Ltd.<sup>(f)</sup>  | Farfetch Ltd.<sup>(f)</sup>  |
| 05/01/2027 | &nbsp;&nbsp; 0.000% | 8300000 | &nbsp;&nbsp; 31125 |
| **Technology 2.2%** | **Technology 2.2%** | **Technology 2.2%** | **Technology 2.2%** |
| Eos Energy Enterprises, Inc.<sup>(d)</sup>  | Eos Energy Enterprises, Inc.<sup>(d)</sup>  | Eos Energy Enterprises, Inc.<sup>(d)</sup>  | Eos Energy Enterprises, Inc.<sup>(d)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 6.750% | 1600000 | &nbsp;&nbsp; 5086171 |
| Nebius Group NV<sup>(d)</sup>  | Nebius Group NV<sup>(d)</sup>  | Nebius Group NV<sup>(d)</sup>  | Nebius Group NV<sup>(d)</sup>  |
| 09/15/2032 | &nbsp;&nbsp; 2.750% | 6000000 | &nbsp;&nbsp; 6257800 |
| Plug Power, Inc.<sup>(d)</sup>  | Plug Power, Inc.<sup>(d)</sup>  | Plug Power, Inc.<sup>(d)</sup>  | Plug Power, Inc.<sup>(d)</sup>  |
| 12/01/2033 | &nbsp;&nbsp; 6.750% | 3200000 | &nbsp;&nbsp; 3108615 |
| Progress Software Corp. | Progress Software Corp. | Progress Software Corp. | Progress Software Corp. |
| 03/01/2030 | &nbsp;&nbsp; 3.500% | 6500000 | &nbsp;&nbsp; 6533244 |
| Strategy, Inc.<sup>(e)</sup>  | Strategy, Inc.<sup>(e)</sup>  | Strategy, Inc.<sup>(e)</sup>  | Strategy, Inc.<sup>(e)</sup>  |
| 12/01/2029 | &nbsp;&nbsp; 0.000% | 7500000 | &nbsp;&nbsp; 6183750 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **27169580** |
| **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** |
| Hertz Corp. (The)<sup>(d)</sup>  | Hertz Corp. (The)<sup>(d)</sup>  | Hertz Corp. (The)<sup>(d)</sup>  | Hertz Corp. (The)<sup>(d)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 5.500% | 8000000 | &nbsp;&nbsp; 6307678 |
| **Wireless 0.5%** | **Wireless 0.5%** | **Wireless 0.5%** | **Wireless 0.5%** |
| AST SpaceMobile, Inc.<sup>(d)</sup>  | AST SpaceMobile, Inc.<sup>(d)</sup>  | AST SpaceMobile, Inc.<sup>(d)</sup>  | AST SpaceMobile, Inc.<sup>(d)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 2.375% | 4500000 | &nbsp;&nbsp; 4941000 |
| 01/15/2036 | &nbsp;&nbsp; 2.000% | 1500000 | &nbsp;&nbsp; 1253850 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6194850** |
| Total Convertible Bonds <br>(Cost $168,376,841) | Total Convertible Bonds <br>(Cost $168,376,841) | Total Convertible Bonds <br>(Cost $168,376,841) | &nbsp;&nbsp; **173188641** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks 10.3%** | **Convertible Preferred Stocks 10.3%** | **Convertible Preferred Stocks 10.3%** | **Convertible Preferred Stocks 10.3%** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Financials 3.0%** | **Financials 3.0%** | **Financials 3.0%** | **Financials 3.0%** |
| **Banks 1.0%** | **Banks 1.0%** | **Banks 1.0%** | **Banks 1.0%** |
| Bank of America Corp.<sup>(g)</sup> <br>| &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 12520000 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Capital Markets 1.5%** | **Capital Markets 1.5%** | **Capital Markets 1.5%** | **Capital Markets 1.5%** |
| Ares Management Corp. | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 6704100 |
| KKR & Co., Inc. | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 12440000 |
| Total |  |  | &nbsp;&nbsp; 19144100 |
| **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** |
| Shift4 Payments, Inc. | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 67500 | &nbsp;&nbsp; 6070859 |
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **37734959** |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| **Health Care Providers & Services 0.5%** | **Health Care Providers & Services 0.5%** | **Health Care Providers & Services 0.5%** | **Health Care Providers & Services 0.5%** |
| BrightSpring Health Services, Inc. | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 52500 | &nbsp;&nbsp; 6411207 |
| **Life Sciences Tools & Services 0.5%** | **Life Sciences Tools & Services 0.5%** | **Life Sciences Tools & Services 0.5%** | **Life Sciences Tools & Services 0.5%** |
| Bruker Corp. | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 6527850 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **12939057** |
| **Industrials 1.8%** | **Industrials 1.8%** | **Industrials 1.8%** | **Industrials 1.8%** |
| **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** |
| Boeing Co. (The) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 12509387 |
| **Trading Companies & Distributors 0.8%** | **Trading Companies & Distributors 0.8%** | **Trading Companies & Distributors 0.8%** | **Trading Companies & Distributors 0.8%** |
| QXO, Inc. | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 9979718 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **22489105** |
| **Information Technology 1.7%** | **Information Technology 1.7%** | **Information Technology 1.7%** | **Information Technology 1.7%** |
| **Semiconductors & Semiconductor Equipment 0.8%** | **Semiconductors & Semiconductor Equipment 0.8%** | **Semiconductors & Semiconductor Equipment 0.8%** | **Semiconductors & Semiconductor Equipment 0.8%** |
| Microchip Technology, Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 9792600 |
| **Technology Hardware, Storage & Peripherals 0.9%** | **Technology Hardware, Storage & Peripherals 0.9%** | **Technology Hardware, Storage & Peripherals 0.9%** | **Technology Hardware, Storage & Peripherals 0.9%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 12183517 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **21976117** |
| **Materials 0.8%** | **Materials 0.8%** | **Materials 0.8%** | **Materials 0.8%** |
| **Chemicals 0.8%** | **Chemicals 0.8%** | **Chemicals 0.8%** | **Chemicals 0.8%** |
| Albemarle Corp. | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 9579321 |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **9579321** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Utilities 2.0%** | **Utilities 2.0%** | **Utilities 2.0%** | **Utilities 2.0%** |
| **Electric Utilities 2.0%** | **Electric Utilities 2.0%** | **Electric Utilities 2.0%** | **Electric Utilities 2.0%** |
| Nextera Energy, Inc. | &nbsp;&nbsp; 7.234% | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 4578300 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 7.299% | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 4404745 |
| PG&E Corp. | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 6737206 |
| Southern Co. (The) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 187500 | &nbsp;&nbsp; 9435957 |
| Total |  |  | &nbsp;&nbsp; 25156208 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **25156208** |
| Total Convertible Preferred Stocks <br>(Cost $119,865,729) | Total Convertible Preferred Stocks <br>(Cost $119,865,729) | Total Convertible Preferred Stocks <br>(Cost $119,865,729) | &nbsp;&nbsp; **129874767** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes 36.7%** | **Corporate Bonds & Notes 36.7%** | **Corporate Bonds & Notes 36.7%** | **Corporate Bonds & Notes 36.7%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** | **Aerospace & Defense 1.0%** |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 05/01/2054 | &nbsp;&nbsp; 6.858% | 5500000 | &nbsp;&nbsp; 6266308 |
| United Technologies Corp. | United Technologies Corp. | United Technologies Corp. | United Technologies Corp. |
| 06/01/2042 | &nbsp;&nbsp; 4.500% | 6800000 | &nbsp;&nbsp; 6207324 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12473632** |
| **Airlines 0.5%** | **Airlines 0.5%** | **Airlines 0.5%** | **Airlines 0.5%** |
| American Airlines, Inc.<sup>(d)</sup>  | American Airlines, Inc.<sup>(d)</sup>  | American Airlines, Inc.<sup>(d)</sup>  | American Airlines, Inc.<sup>(d)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 7.250% | 6000000 | &nbsp;&nbsp; 6144537 |
| **Apartment REIT 0.5%** | **Apartment REIT 0.5%** | **Apartment REIT 0.5%** | **Apartment REIT 0.5%** |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 02/01/2035 | &nbsp;&nbsp; 4.875% | 6300000 | &nbsp;&nbsp; 6256704 |
| **Automotive 1.3%** | **Automotive 1.3%** | **Automotive 1.3%** | **Automotive 1.3%** |
| American Axle & Manufacturing, Inc.<sup>(d)</sup>  | American Axle & Manufacturing, Inc.<sup>(d)</sup>  | American Axle & Manufacturing, Inc.<sup>(d)</sup>  | American Axle & Manufacturing, Inc.<sup>(d)</sup>  |
| 10/15/2033 | &nbsp;&nbsp; 7.750% | 6500000 | &nbsp;&nbsp; 6562592 |
| Nissan Motor Co., Ltd.<sup>(d)</sup>  | Nissan Motor Co., Ltd.<sup>(d)</sup>  | Nissan Motor Co., Ltd.<sup>(d)</sup>  | Nissan Motor Co., Ltd.<sup>(d)</sup>  |
| 07/17/2030 | &nbsp;&nbsp; 7.500% | 6000000 | &nbsp;&nbsp; 6264341 |
| Rivian Holdings/Automotive LLC<sup>(d)</sup>  | Rivian Holdings/Automotive LLC<sup>(d)</sup>  | Rivian Holdings/Automotive LLC<sup>(d)</sup>  | Rivian Holdings/Automotive LLC<sup>(d)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 10.000% | 3300000 | &nbsp;&nbsp; 3144299 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15971232** |
| **Banking 1.5%** | **Banking 1.5%** | **Banking 1.5%** | **Banking 1.5%** |
| Citigroup, Inc.<sup>(h)</sup>  | Citigroup, Inc.<sup>(h)</sup>  | Citigroup, Inc.<sup>(h)</sup>  | Citigroup, Inc.<sup>(h)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/19/2039 | &nbsp;&nbsp; 5.411% | 6500000 | &nbsp;&nbsp; 6567130 |
| JPMorgan Chase & Co.<sup>(g),(h)</sup>  | JPMorgan Chase & Co.<sup>(g),(h)</sup>  | JPMorgan Chase & Co.<sup>(g),(h)</sup>  | JPMorgan Chase & Co.<sup>(g),(h)</sup>  |
|  | &nbsp;&nbsp; 6.500% | 5800000 | &nbsp;&nbsp; 5986380 |
| JPMorgan Chase & Co.<sup>(h)</sup>  | JPMorgan Chase & Co.<sup>(h)</sup>  | JPMorgan Chase & Co.<sup>(h)</sup>  | JPMorgan Chase & Co.<sup>(h)</sup>  |
| 04/22/2052 | &nbsp;&nbsp; 3.328% | 9000000 | &nbsp;&nbsp; 6514096 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **19067606** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Building Materials 0.5%** | **Building Materials 0.5%** | **Building Materials 0.5%** | **Building Materials 0.5%** |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. |
| 11/15/2048 | &nbsp;&nbsp; 4.850% | 7500000 | &nbsp;&nbsp; 6605740 |
| **Cable and Satellite 0.3%** | **Cable and Satellite 0.3%** | **Cable and Satellite 0.3%** | **Cable and Satellite 0.3%** |
| Telesat Canada/LLC<sup>(d)</sup>  | Telesat Canada/LLC<sup>(d)</sup>  | Telesat Canada/LLC<sup>(d)</sup>  | Telesat Canada/LLC<sup>(d)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 6.500% | 7114000 | &nbsp;&nbsp; 3227799 |
| **Chemicals 1.6%** | **Chemicals 1.6%** | **Chemicals 1.6%** | **Chemicals 1.6%** |
| INEOS Finance PLC<sup>(d)</sup>  | INEOS Finance PLC<sup>(d)</sup>  | INEOS Finance PLC<sup>(d)</sup>  | INEOS Finance PLC<sup>(d)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 7.500% | 7000000 | &nbsp;&nbsp; 6282137 |
| Innophos Holdings, Inc.<sup>(d)</sup>  | Innophos Holdings, Inc.<sup>(d)</sup>  | Innophos Holdings, Inc.<sup>(d)</sup>  | Innophos Holdings, Inc.<sup>(d)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 11.500% | 5900000 | &nbsp;&nbsp; 5318112 |
| Olympus Water US Holding Corp.<sup>(d)</sup>  | Olympus Water US Holding Corp.<sup>(d)</sup>  | Olympus Water US Holding Corp.<sup>(d)</sup>  | Olympus Water US Holding Corp.<sup>(d)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 6.250% | 9500000 | &nbsp;&nbsp; 9206607 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **20806856** |
| **Construction Machinery 0.2%** | **Construction Machinery 0.2%** | **Construction Machinery 0.2%** | **Construction Machinery 0.2%** |
| Vortex Opco LLC.<sup>(d)</sup>  | Vortex Opco LLC.<sup>(d)</sup>  | Vortex Opco LLC.<sup>(d)</sup>  | Vortex Opco LLC.<sup>(d)</sup>  |
| 04/30/2030 | &nbsp;&nbsp; 8.000% | 7837500 | &nbsp;&nbsp; 736399 |
| Vortex Opco LLC.<sup>(d),(i)</sup>  | Vortex Opco LLC.<sup>(d),(i)</sup>  | Vortex Opco LLC.<sup>(d),(i)</sup>  | Vortex Opco LLC.<sup>(d),(i)</sup>  |
| 3-month Term SOFR + 6.250% <br>Floor 0.500% <br>04/30/2030<br>| &nbsp;&nbsp; 10.842% | 1800000 | &nbsp;&nbsp; 1623264 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2359663** |
| **Consumer Products 1.4%** | **Consumer Products 1.4%** | **Consumer Products 1.4%** | **Consumer Products 1.4%** |
| Mattel, Inc.<sup>(d)</sup>  | Mattel, Inc.<sup>(d)</sup>  | Mattel, Inc.<sup>(d)</sup>  | Mattel, Inc.<sup>(d)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 3.750% | 2600000 | &nbsp;&nbsp; 2534149 |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 10/01/2040 | &nbsp;&nbsp; 6.200% | 2770000 | &nbsp;&nbsp; 2791398 |
| 11/01/2041 | &nbsp;&nbsp; 5.450% | 1100000 | &nbsp;&nbsp; 1052406 |
| Newell Brands, Inc.<sup>(h)</sup>  | Newell Brands, Inc.<sup>(h)</sup>  | Newell Brands, Inc.<sup>(h)</sup>  | Newell Brands, Inc.<sup>(h)</sup>  |
| 04/01/2036 | &nbsp;&nbsp; 7.375% | 3900000 | &nbsp;&nbsp; 3617431 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 04/01/2046 | &nbsp;&nbsp; 7.000% | 5700000 | &nbsp;&nbsp; 4696322 |
| SWF Escrow Issuer Corp.<sup>(d)</sup>  | SWF Escrow Issuer Corp.<sup>(d)</sup>  | SWF Escrow Issuer Corp.<sup>(d)</sup>  | SWF Escrow Issuer Corp.<sup>(d)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 6.500% | 10500000 | &nbsp;&nbsp; 3609679 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **18301385** |
| **Electric 3.7%** | **Electric 3.7%** | **Electric 3.7%** | **Electric 3.7%** |
| Duke Energy Corp.<sup>(h)</sup>  | Duke Energy Corp.<sup>(h)</sup>  | Duke Energy Corp.<sup>(h)</sup>  | Duke Energy Corp.<sup>(h)</sup>  |
| 09/01/2054 | &nbsp;&nbsp; 6.450% | 6100000 | &nbsp;&nbsp; 6397816 |
| Entergy Corp.<sup>(h)</sup>  | Entergy Corp.<sup>(h)</sup>  | Entergy Corp.<sup>(h)</sup>  | Entergy Corp.<sup>(h)</sup>  |
| 12/01/2054 | &nbsp;&nbsp; 7.125% | 6000000 | &nbsp;&nbsp; 6317190 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 03/15/2055 | &nbsp;&nbsp; 5.800% | 6000000 | &nbsp;&nbsp; 6157202 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 03/01/2050 | &nbsp;&nbsp; 3.400% | 18000000 | &nbsp;&nbsp; 12607279 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 07/01/2050 | &nbsp;&nbsp; 4.950% | 7500000 | &nbsp;&nbsp; 6465763 |
| Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
| 10/01/2054 | &nbsp;&nbsp; 5.050% | 9800000 | &nbsp;&nbsp; 9225069 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **47170319** |
| **Food and Beverage 1.4%** | **Food and Beverage 1.4%** | **Food and Beverage 1.4%** | **Food and Beverage 1.4%** |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(d)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(d)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(d)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(d)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 9000000 | &nbsp;&nbsp; 9053772 |
| United Natural Foods, Inc.<sup>(d)</sup>  | United Natural Foods, Inc.<sup>(d)</sup>  | United Natural Foods, Inc.<sup>(d)</sup>  | United Natural Foods, Inc.<sup>(d)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 6.750% | 9220000 | &nbsp;&nbsp; 9234478 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **18288250** |
| **Gaming 0.8%** | **Gaming 0.8%** | **Gaming 0.8%** | **Gaming 0.8%** |
| Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 6.625% | 12000000 | &nbsp;&nbsp; 10626663 |
| **Health Care 1.9%** | **Health Care 1.9%** | **Health Care 1.9%** | **Health Care 1.9%** |
| Acadia Healthcare Co., Inc.<sup>(d)</sup>  | Acadia Healthcare Co., Inc.<sup>(d)</sup>  | Acadia Healthcare Co., Inc.<sup>(d)</sup>  | Acadia Healthcare Co., Inc.<sup>(d)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.000% | 6500000 | &nbsp;&nbsp; 6315280 |
| CVS Health Corp.<sup>(h)</sup>  | CVS Health Corp.<sup>(h)</sup>  | CVS Health Corp.<sup>(h)</sup>  | CVS Health Corp.<sup>(h)</sup>  |
| 03/10/2055 | &nbsp;&nbsp; 7.000% | 6000000 | &nbsp;&nbsp; 6328377 |
| Quotient Ltd.<sup>(a),(c),(d),(j)</sup>  | Quotient Ltd.<sup>(a),(c),(d),(j)</sup>  | Quotient Ltd.<sup>(a),(c),(d),(j)</sup>  | Quotient Ltd.<sup>(a),(c),(d),(j)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 12.000% | 2146137 | &nbsp;&nbsp; 2081753 |
| Star Parent, Inc.<sup>(d)</sup>  | Star Parent, Inc.<sup>(d)</sup>  | Star Parent, Inc.<sup>(d)</sup>  | Star Parent, Inc.<sup>(d)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 9.000% | 8500000 | &nbsp;&nbsp; 9121356 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **23846766** |
| **Independent Energy 2.5%** | **Independent Energy 2.5%** | **Independent Energy 2.5%** | **Independent Energy 2.5%** |
| Hilcorp Energy I LP/Finance Co.<sup>(d)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(d)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(d)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(d)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 6.000% | 12500000 | &nbsp;&nbsp; 12090188 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 07/15/2044 | &nbsp;&nbsp; 4.500% | 11572000 | &nbsp;&nbsp; 9259890 |
| 04/15/2046 | &nbsp;&nbsp; 4.400% | 12200000 | &nbsp;&nbsp; 9701925 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **31052003** |
| **Life Insurance 0.5%** | **Life Insurance 0.5%** | **Life Insurance 0.5%** | **Life Insurance 0.5%** |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| 07/15/2052 | &nbsp;&nbsp; 5.000% | 7000000 | &nbsp;&nbsp; 6491176 |
| **Media and Entertainment 2.9%** | **Media and Entertainment 2.9%** | **Media and Entertainment 2.9%** | **Media and Entertainment 2.9%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 7.750% | 12200000 | &nbsp;&nbsp; 12209766 |
| Deluxe Corp.<sup>(d)</sup>  | Deluxe Corp.<sup>(d)</sup>  | Deluxe Corp.<sup>(d)</sup>  | Deluxe Corp.<sup>(d)</sup>  |
| 06/01/2029 | &nbsp;&nbsp; 8.000% | 6500000 | &nbsp;&nbsp; 6569926 |
| Lions Gate Capital Holdings LLC<sup>(d)</sup>  | Lions Gate Capital Holdings LLC<sup>(d)</sup>  | Lions Gate Capital Holdings LLC<sup>(d)</sup>  | Lions Gate Capital Holdings LLC<sup>(d)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.500% | 14500000 | &nbsp;&nbsp; 11411128 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Mav Acquisition Corp.<sup>(d)</sup>  | Mav Acquisition Corp.<sup>(d)</sup>  | Mav Acquisition Corp.<sup>(d)</sup>  | Mav Acquisition Corp.<sup>(d)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 8.000% | 6000000 | &nbsp;&nbsp; 6080675 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **36271495** |
| **Midstream 0.5%** | **Midstream 0.5%** | **Midstream 0.5%** | **Midstream 0.5%** |
| AmeriGas Partners LP/Finance Corp.<sup>(d)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(d)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(d)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(d)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.500% | 6000000 | &nbsp;&nbsp; 6356800 |
| **Oil Field Services 1.8%** | **Oil Field Services 1.8%** | **Oil Field Services 1.8%** | **Oil Field Services 1.8%** |
| Nabors Industries Ltd.<sup>(d)</sup>  | Nabors Industries Ltd.<sup>(d)</sup>  | Nabors Industries Ltd.<sup>(d)</sup>  | Nabors Industries Ltd.<sup>(d)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 7.500% | 5500000 | &nbsp;&nbsp; 5512010 |
| Nabors Industries, Inc.<sup>(d)</sup>  | Nabors Industries, Inc.<sup>(d)</sup>  | Nabors Industries, Inc.<sup>(d)</sup>  | Nabors Industries, Inc.<sup>(d)</sup>  |
| 08/15/2031 | &nbsp;&nbsp; 8.875% | 7000000 | &nbsp;&nbsp; 6849039 |
| Transocean Aquila Ltd.<sup>(d)</sup>  | Transocean Aquila Ltd.<sup>(d)</sup>  | Transocean Aquila Ltd.<sup>(d)</sup>  | Transocean Aquila Ltd.<sup>(d)</sup>  |
| 09/30/2028 | &nbsp;&nbsp; 8.000% | 5061538 | &nbsp;&nbsp; 5201466 |
| Transocean Titan Financing Ltd.<sup>(d)</sup>  | Transocean Titan Financing Ltd.<sup>(d)</sup>  | Transocean Titan Financing Ltd.<sup>(d)</sup>  | Transocean Titan Financing Ltd.<sup>(d)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 8.375% | 5010143 | &nbsp;&nbsp; 5149028 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **22711543** |
| **Other Financial Institutions —%** | **Other Financial Institutions —%** | **Other Financial Institutions —%** | **Other Financial Institutions —%** |
| WeWork Companies US LLC<sup>(a),(c),(d)</sup>  | WeWork Companies US LLC<sup>(a),(c),(d)</sup>  | WeWork Companies US LLC<sup>(a),(c),(d)</sup>  | WeWork Companies US LLC<sup>(a),(c),(d)</sup>  |
| 08/15/2027 | &nbsp;&nbsp; 0.000% | 6975000 | &nbsp;&nbsp; 0 |
| **Other REIT 0.5%** | **Other REIT 0.5%** | **Other REIT 0.5%** | **Other REIT 0.5%** |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 03/15/2054 | &nbsp;&nbsp; 5.250% | 6500000 | &nbsp;&nbsp; 6266869 |
| **Packaging 0.9%** | **Packaging 0.9%** | **Packaging 0.9%** | **Packaging 0.9%** |
| Mauser Packaging Solutions Holding Co.<sup>(d)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(d)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(d)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(d)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 9.250% | 11500000 | &nbsp;&nbsp; 10881530 |
| **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** |
| 1261229 BC Ltd.<sup>(d)</sup>  | 1261229 BC Ltd.<sup>(d)</sup>  | 1261229 BC Ltd.<sup>(d)</sup>  | 1261229 BC Ltd.<sup>(d)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 10.000% | 6100000 | &nbsp;&nbsp; 6313583 |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 03/15/2055 | &nbsp;&nbsp; 5.600% | 6000000 | &nbsp;&nbsp; 6144224 |
| Organon & Co./Foreign Debt Co-Issuer BV<sup>(d)</sup>  | Organon & Co./Foreign Debt Co-Issuer BV<sup>(d)</sup>  | Organon & Co./Foreign Debt Co-Issuer BV<sup>(d)</sup>  | Organon & Co./Foreign Debt Co-Issuer BV<sup>(d)</sup>  |
| 05/15/2034 | &nbsp;&nbsp; 7.875% | 4700000 | &nbsp;&nbsp; 3967529 |
| Organon Finance 1 LLC<sup>(d)</sup>  | Organon Finance 1 LLC<sup>(d)</sup>  | Organon Finance 1 LLC<sup>(d)</sup>  | Organon Finance 1 LLC<sup>(d)</sup>  |
| 04/30/2031 | &nbsp;&nbsp; 5.125% | 2000000 | &nbsp;&nbsp; 1675032 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **18100368** |
| **Railroads 0.5%** | **Railroads 0.5%** | **Railroads 0.5%** | **Railroads 0.5%** |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 02/20/2035 | &nbsp;&nbsp; 5.100% | 6100000 | &nbsp;&nbsp; 6331411 |
| **Restaurants 1.0%** | **Restaurants 1.0%** | **Restaurants 1.0%** | **Restaurants 1.0%** |
| Fertitta Entertainment LLC/Finance Co., Inc.<sup>(d)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(d)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(d)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(d)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 6.750% | 13000000 | &nbsp;&nbsp; 12124599 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Retailers 1.1%** | **Retailers 1.1%** | **Retailers 1.1%** | **Retailers 1.1%** |
| Hanesbrands, Inc.<sup>(d)</sup>  | Hanesbrands, Inc.<sup>(d)</sup>  | Hanesbrands, Inc.<sup>(d)</sup>  | Hanesbrands, Inc.<sup>(d)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 9.000% | 5500000 | &nbsp;&nbsp; 5803719 |
| Magic MergeCo, Inc.<sup>(d)</sup>  | Magic MergeCo, Inc.<sup>(d)</sup>  | Magic MergeCo, Inc.<sup>(d)</sup>  | Magic MergeCo, Inc.<sup>(d)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 7.875% | 9700000 | &nbsp;&nbsp; 8794470 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14598189** |
| **Supermarkets 0.7%** | **Supermarkets 0.7%** | **Supermarkets 0.7%** | **Supermarkets 0.7%** |
| Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  | Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  | Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  | Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(d)</sup>  |
| 03/31/2031 | &nbsp;&nbsp; 5.500% | 2739000 | &nbsp;&nbsp; 2777681 |
| Safeway, Inc. | Safeway, Inc. | Safeway, Inc. | Safeway, Inc. |
| 02/01/2031 | &nbsp;&nbsp; 7.250% | 5500000 | &nbsp;&nbsp; 5983759 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8761440** |
| **Technology 5.3%** | **Technology 5.3%** | **Technology 5.3%** | **Technology 5.3%** |
| APLD ComputeCo LLC<sup>(d)</sup>  | APLD ComputeCo LLC<sup>(d)</sup>  | APLD ComputeCo LLC<sup>(d)</sup>  | APLD ComputeCo LLC<sup>(d)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 9.250% | 6800000 | &nbsp;&nbsp; 6555822 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 02/15/2041 | &nbsp;&nbsp; 3.500% | 7800000 | &nbsp;&nbsp; 6482868 |
| Cloud Software Group, Inc.<sup>(d)</sup>  | Cloud Software Group, Inc.<sup>(d)</sup>  | Cloud Software Group, Inc.<sup>(d)</sup>  | Cloud Software Group, Inc.<sup>(d)</sup>  |
| 09/30/2029 | &nbsp;&nbsp; 9.000% | 6000000 | &nbsp;&nbsp; 6201787 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 10/15/2054 | &nbsp;&nbsp; 5.600% | 6500000 | &nbsp;&nbsp; 6074160 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 02/06/2053 | &nbsp;&nbsp; 5.100% | 5400000 | &nbsp;&nbsp; 5027919 |
| Minerva Merger Sub, Inc.<sup>(d)</sup>  | Minerva Merger Sub, Inc.<sup>(d)</sup>  | Minerva Merger Sub, Inc.<sup>(d)</sup>  | Minerva Merger Sub, Inc.<sup>(d)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.500% | 12500000 | &nbsp;&nbsp; 12411396 |
| Neptune Bidco US, Inc.<sup>(d)</sup>  | Neptune Bidco US, Inc.<sup>(d)</sup>  | Neptune Bidco US, Inc.<sup>(d)</sup>  | Neptune Bidco US, Inc.<sup>(d)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 9.290% | 9655000 | &nbsp;&nbsp; 9614175 |
| Picard Midco, Inc.<sup>(d)</sup>  | Picard Midco, Inc.<sup>(d)</sup>  | Picard Midco, Inc.<sup>(d)</sup>  | Picard Midco, Inc.<sup>(d)</sup>  |
| 03/31/2029 | &nbsp;&nbsp; 6.500% | 5800000 | &nbsp;&nbsp; 5851988 |
| Rocket Software, Inc.<sup>(d)</sup>  | Rocket Software, Inc.<sup>(d)</sup>  | Rocket Software, Inc.<sup>(d)</sup>  | Rocket Software, Inc.<sup>(d)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 6.500% | 9000000 | &nbsp;&nbsp; 8774900 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **66995015** |
| **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** |
| Hertz Corp. (The)<sup>(d)</sup>  | Hertz Corp. (The)<sup>(d)</sup>  | Hertz Corp. (The)<sup>(d)</sup>  | Hertz Corp. (The)<sup>(d)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 12.625% | 6000000 | &nbsp;&nbsp; 6003460 |
| Total Corporate Bonds & Notes <br>(Cost $478,933,546) | Total Corporate Bonds & Notes <br>(Cost $478,933,546) | Total Corporate Bonds & Notes <br>(Cost $478,933,546) | &nbsp;&nbsp; **464093050** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Preferred Debt 0.5%** | **Preferred Debt 0.5%** | **Preferred Debt 0.5%** | **Preferred Debt 0.5%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Shares** | **Value ($)** |
| **Banking 0.5%** | **Banking 0.5%** | **Banking 0.5%** | **Banking 0.5%** |
| Citigroup Capital XIII<sup>(h)</sup>  | Citigroup Capital XIII<sup>(h)</sup>  | Citigroup Capital XIII<sup>(h)</sup>  | Citigroup Capital XIII<sup>(h)</sup>  |
| 10/30/2040 | &nbsp;&nbsp; 10.470% | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 5990000 |
| Total Preferred Debt <br>(Cost $5,262,418) | Total Preferred Debt <br>(Cost $5,262,418) | Total Preferred Debt <br>(Cost $5,262,418) | &nbsp;&nbsp; **5990000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Warrants —%** | **Warrants —%** | **Warrants —%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care —%** | **Health Care —%** | **Health Care —%** |
| **Health Care Equipment & Supplies —%** | **Health Care Equipment & Supplies —%** | **Health Care Equipment & Supplies —%** |
| Quotient Ltd.<sup>(a),(b),(c)</sup> <br>10/13/2026<br>| &nbsp;&nbsp; 24163 | &nbsp;&nbsp; 0 |
| Quotient Ltd.<sup>(a),(b),(c)</sup> <br>07/06/2027<br>| &nbsp;&nbsp; 111309 | &nbsp;&nbsp; 0 |
| Total |  | &nbsp;&nbsp; 0 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **0** |
| Total Warrants <br>(Cost $—) | Total Warrants <br>(Cost $—) | &nbsp;&nbsp; **0** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 1.0%** | **Money Market Funds 1.0%** | **Money Market Funds 1.0%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(k),(l)</sup> <br>| &nbsp;&nbsp; 12883945 | &nbsp;&nbsp; 12880079 |
| Total Money Market Funds <br>(Cost $12,879,825) | Total Money Market Funds <br>(Cost $12,879,825) | &nbsp;&nbsp; **12880079** |
| **Total Investments in Securities** <br>**(Cost: $1,166,083,900)** | **Total Investments in Securities** <br>**(Cost: $1,166,083,900)** | &nbsp;&nbsp; **1252874609** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **11717030** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1264591639** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2025, the total value of these securities amounted to $2,258,600, which represents 0.18% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At November 30, 2025, the total value of these securities amounted to $400,848,272, which represents 31.70% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Zero coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Perpetual security with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(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 November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Variable rate security. The interest rate shown was the current rate as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The rate shown is the seven-day current annualized yield at November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Under the Investment Company Act of 1940, 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 period ended November 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 197401 | &nbsp;&nbsp; 175982349 | &nbsp;&nbsp; (163299905)<br>| &nbsp;&nbsp; 234 | &nbsp;&nbsp; 12880079 | &nbsp;&nbsp; (63)<br>| &nbsp;&nbsp; 214320 | &nbsp;&nbsp; 12883945 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Abbreviation Legend** 

SOFR Secured Overnight Financing Rate

**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, if any, 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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 29943250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29943250 |
| Consumer Discretionary | 25612250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25612250 |
| Consumer Staples | 42467750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42467750 |
| Energy | 37977375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37977375 |
| Financials | 87391620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176847 | &nbsp;&nbsp;&nbsp;&nbsp; 87568467 |
| Health Care | 71670400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71670400 |
| Industrials | 34752890 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34752890 |
| Information Technology | 55363640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55363640 |
| Materials | 19968900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19968900 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Real Estate | 34040650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34040650 |
| Utilities | 27482500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27482500 |
| Total Common Stocks | 466671225 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176847 | &nbsp;&nbsp;&nbsp;&nbsp; 466848072 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 173188641 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173188641 |
| Convertible Preferred Stocks |  |  |  |  |
| Financials |  | &nbsp;&nbsp;&nbsp;&nbsp; 37734959 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37734959 |
| Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp; 12939057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12939057 |
| Industrials |  | &nbsp;&nbsp;&nbsp;&nbsp; 22489105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22489105 |
| Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp; 21976117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21976117 |
| Materials |  | &nbsp;&nbsp;&nbsp;&nbsp; 9579321 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9579321 |
| Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp; 25156208 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25156208 |
| Total Convertible Preferred Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 129874767 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129874767 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 462011297 | &nbsp;&nbsp;&nbsp;&nbsp; 2081753 | &nbsp;&nbsp;&nbsp;&nbsp; 464093050 |
| Preferred Debt | 5990000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5990000 |
| Warrants |  |  |  |  |
| Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Total Warrants |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Money Market Funds | 12880079 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12880079 |
| Total Investments in Securities | 485541304 | &nbsp;&nbsp;&nbsp;&nbsp; 765074705 | &nbsp;&nbsp;&nbsp;&nbsp; 2258600 | &nbsp;&nbsp;&nbsp;&nbsp; 1252874609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Rounds to zero.

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.

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 Flexible Capital Income Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,153,204,075) | $1239994530 |
| Affiliated issuers (cost $12,879,825) | 12880079 |
| Cash | 192351 |
| Receivable for: |  |
| Investments sold | 1076512 |
| Capital shares sold | 157387 |
| Dividends | 1913589 |
| Interest | 8945494 |
| Foreign tax reclaims | 8774 |
| Prepaid expenses | 6421 |
| Other assets | 29414 |
| Total assets | 1265204551 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 299463 |
| Management services fees | 43746 |
| Distribution and/or service fees | 12570 |
| Transfer agent fees | 95241 |
| Compensation of chief compliance officer | 104 |
| Compensation of board members | 2651 |
| Other expenses | 35837 |
| Deferred compensation of board members | 123300 |
| Total liabilities | 612912 |
| **Net assets applicable to outstanding capital stock** | **$1264591639** |
| **Represented by** |  |
| Paid in capital | 1178345224 |
| Total distributable earnings (loss) | 86246415 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1264591639** |
| **Class A** |  |
| Net assets | $385872771 |
| Shares outstanding | 25746268 |
| Net asset value per share | $14.99 |
| Maximum sales charge  | 5.75% |
| 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) | $15.90 |
| **Class C** |  |
| Net assets | $133968997 |
| Shares outstanding | 9013073 |
| Net asset value per share | $14.86 |
| **Institutional Class** |  |
| Net assets | $689519497 |
| Shares outstanding | 46023442 |
| Net asset value per share | $14.98 |
| **Institutional 2 Class** |  |
| Net assets | $29989132 |
| Shares outstanding | 1975227 |
| Net asset value per share | $15.18 |
| **Institutional 3 Class** |  |
| Net assets | $21524951 |
| Shares outstanding | 1444918 |
| Net asset value per share | $14.90 |
| **Class S** |  |
| Net assets | $3716291 |
| Shares outstanding | 247985 |
| Net asset value per share | $14.99 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $13076668 |
| Dividends — affiliated issuers | 214320 |
| Interest | 21661520 |
| Foreign taxes withheld | (53023)<br>|
| Total income | 34899485 |
| Expenses: |  |
| Management services fees | 3919732 |
| Distribution and/or service fees |  |
| Class A | 466782 |
| Class C | 691004 |
| Transfer agent fees |  |
| Class A | 144136 |
| Class C | 53369 |
| Institutional Class | 258753 |
| Institutional 2 Class | 7561 |
| Institutional 3 Class | 1754 |
| Class S | 1662 |
| Custodian fees | 5100 |
| Printing and postage fees | 28995 |
| Registration fees | 54608 |
| Accounting services fees | 16211 |
| Legal fees | 17780 |
| Compensation of chief compliance officer | 104 |
| Compensation of board members | 11554 |
| Deferred compensation of board members | 25556 |
| Other | 18592 |
| Total expenses | 5723253 |
| Expense reduction | (20)<br>|
| Total net expenses | 5723233 |
| **Net investment income** | 29176252 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 36217195 |
| Investments — affiliated issuers | (63)<br>|
| Net realized gain | 36217132 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 57560473 |
| Investments — affiliated issuers | 234 |
| Net change in unrealized appreciation (depreciation) | 57560707 |
| Net realized and unrealized gain | 93777839 |
| **Net increase in net assets resulting from operations** | **$122954091** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $29176252 | &nbsp;&nbsp; $57977686 |
| Net realized gain | 36217132 | &nbsp;&nbsp; 43139752 |
| Net change in unrealized appreciation (depreciation) | 57560707 | &nbsp;&nbsp; 4861866 |
| Net increase in net assets resulting from operations | 122954091 | &nbsp;&nbsp; 105979304 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (8465176)<br>| &nbsp;&nbsp; (17381551)<br>|
| Advisor Class |  | &nbsp;&nbsp; (837611)<br>|
| Class C | (2691632)<br>| &nbsp;&nbsp; (6677890)<br>|
| Institutional Class | (16024343)<br>| &nbsp;&nbsp; (32474136)<br>|
| Institutional 2 Class | (683491)<br>| &nbsp;&nbsp; (1611325)<br>|
| Institutional 3 Class | (514757)<br>| &nbsp;&nbsp; (1173867)<br>|
| Class S | (107253)<br>| &nbsp;&nbsp; (180373)<br>|
| Total distributions to shareholders | (28486652)<br>| &nbsp;&nbsp; (60336753)<br>|
| Decrease in net assets from capital stock activity | (21460150)<br>| &nbsp;&nbsp; (70790524)<br>|
| Total increase (decrease) in net assets | 73007289 | &nbsp;&nbsp; (25147973)<br>|
| Net assets at beginning of period | 1191584350 | &nbsp;&nbsp; 1216732323 |
| **Net assets at end of period** | **$1264591639** | &nbsp;&nbsp; **$1191584350** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 1436521 | &nbsp;&nbsp;&nbsp;&nbsp; 20928779 | &nbsp;&nbsp;&nbsp;&nbsp; 3340089 | &nbsp;&nbsp;&nbsp;&nbsp; 46386052 |
| Distributions reinvested | 572049 | &nbsp;&nbsp;&nbsp;&nbsp; 8214584 | &nbsp;&nbsp;&nbsp;&nbsp; 1220117 | &nbsp;&nbsp;&nbsp;&nbsp; 16868837 |
| Shares redeemed | (1951390)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28358305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4916888)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (68152615)<br>|
| Net increase (decrease) | 57180 | &nbsp;&nbsp;&nbsp;&nbsp; 785058 | &nbsp;&nbsp;&nbsp;&nbsp; (356682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4897726)<br>|
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 428606 | &nbsp;&nbsp;&nbsp;&nbsp; 5969838 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60557 | &nbsp;&nbsp;&nbsp;&nbsp; 832577 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2986390)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43053119)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2497227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36250704)<br>|
| Class C |  |  |  |  |
| Shares sold | 216208 | &nbsp;&nbsp;&nbsp;&nbsp; 3115861 | &nbsp;&nbsp;&nbsp;&nbsp; 584893 | &nbsp;&nbsp;&nbsp;&nbsp; 8090196 |
| Distributions reinvested | 188611 | &nbsp;&nbsp;&nbsp;&nbsp; 2687014 | &nbsp;&nbsp;&nbsp;&nbsp; 485956 | &nbsp;&nbsp;&nbsp;&nbsp; 6668467 |
| Shares redeemed | (1540271)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22244513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3682266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50583688)<br>|
| Net decrease | (1135452)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16441638)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2611417)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35825025)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 2918992 | &nbsp;&nbsp;&nbsp;&nbsp; 42512194 | &nbsp;&nbsp;&nbsp;&nbsp; 9057085 | &nbsp;&nbsp;&nbsp;&nbsp; 127197175 |
| Distributions reinvested | 1111648 | &nbsp;&nbsp;&nbsp;&nbsp; 15953313 | &nbsp;&nbsp;&nbsp;&nbsp; 2333910 | &nbsp;&nbsp;&nbsp;&nbsp; 32250440 |
| Shares redeemed | (4291482)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (62359712)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10888833)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (150887470)<br>|
| Net increase (decrease) | (260842)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3894205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 502162 | &nbsp;&nbsp;&nbsp;&nbsp; 8560145 |
| Institutional 2 Class |  |  |  |  |
| Shares sold | 148755 | &nbsp;&nbsp;&nbsp;&nbsp; 2195751 | &nbsp;&nbsp;&nbsp;&nbsp; 235546 | &nbsp;&nbsp;&nbsp;&nbsp; 3314638 |
| Distributions reinvested | 46386 | &nbsp;&nbsp;&nbsp;&nbsp; 674217 | &nbsp;&nbsp;&nbsp;&nbsp; 113875 | &nbsp;&nbsp;&nbsp;&nbsp; 1592387 |
| Shares redeemed | (183977)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2703031)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (723409)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9964427)<br>|
| Net increase (decrease) | 11164 | &nbsp;&nbsp;&nbsp;&nbsp; 166937 | &nbsp;&nbsp;&nbsp;&nbsp; (373988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5057402)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 113115 | &nbsp;&nbsp;&nbsp;&nbsp; 1644054 | &nbsp;&nbsp;&nbsp;&nbsp; 248797 | &nbsp;&nbsp;&nbsp;&nbsp; 3463103 |
| Distributions reinvested | 34349 | &nbsp;&nbsp;&nbsp;&nbsp; 489919 | &nbsp;&nbsp;&nbsp;&nbsp; 84257 | &nbsp;&nbsp;&nbsp;&nbsp; 1157350 |
| Shares redeemed | (207694)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2994645)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (480718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6629024)<br>|
| Net decrease | (60230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (860672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (147664)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2008571)<br>|
| Class S |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 719573 | &nbsp;&nbsp;&nbsp;&nbsp; 10155246 |
| Distributions reinvested | 7477 | &nbsp;&nbsp;&nbsp;&nbsp; 107253 | &nbsp;&nbsp;&nbsp;&nbsp; 12817 | &nbsp;&nbsp;&nbsp;&nbsp; 180373 |
| Shares redeemed | (90652)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1322883)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (401230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5646860)<br>|
| Net increase (decrease) | (83175)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1215630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 331160 | &nbsp;&nbsp;&nbsp;&nbsp; 4688759 |
| **Total net decrease** | **(1471355)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(21460150)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(5153656)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(70790524)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $13.88<br>| 0.34<br>| 1.10<br>| 1.44<br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.33) <br>|
| Year Ended 5/31/2025 | $13.37<br>| 0.65<br>| 0.54<br>| 1.19<br>| &nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.68) <br>|
| Year Ended 5/31/2024 | $12.36<br>| 0.65<br>| 1.06<br>| 1.71<br>| &nbsp;&nbsp; (0.70) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.70) <br>|
| Year Ended 5/31/2023 | $14.56<br>| 0.67<br>| &nbsp;&nbsp; (1.85) <br>| &nbsp;&nbsp; (1.18) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (1.02) <br>|
| Year Ended 5/31/2022 | $15.90<br>| 0.63<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (1.26) <br>|
| Year Ended 5/31/2021 | $12.06<br>| 0.58<br>| 3.90<br>| 4.48<br>| &nbsp;&nbsp; (0.64) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.64) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | $13.77<br>| 0.28<br>| 1.09<br>| 1.37<br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.28) <br>|
| Year Ended 5/31/2025 | $13.27<br>| 0.54<br>| 0.53<br>| 1.07<br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.57) <br>|
| Year Ended 5/31/2024 | $12.27<br>| 0.55<br>| 1.05<br>| 1.60<br>| &nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.60) <br>|
| Year Ended 5/31/2023 | $14.46<br>| 0.57<br>| &nbsp;&nbsp; (1.84) <br>| &nbsp;&nbsp; (1.27) <br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (0.92) <br>|
| Year Ended 5/31/2022 | $15.80<br>| 0.51<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (1.14) <br>|
| Year Ended 5/31/2021 | $11.99<br>| 0.47<br>| 3.89<br>| 4.36<br>| &nbsp;&nbsp; (0.55) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.55) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $13.88<br>| 0.36<br>| 1.09<br>| 1.45<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.35) <br>|
| Year Ended 5/31/2025 | $13.36<br>| 0.68<br>| 0.55<br>| 1.23<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.71) <br>|
| Year Ended 5/31/2024 | $12.36<br>| 0.69<br>| 1.04<br>| 1.73<br>| &nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.73) <br>|
| Year Ended 5/31/2023 | $14.56<br>| 0.71<br>| &nbsp;&nbsp; (1.86) <br>| &nbsp;&nbsp; (1.15) <br>| &nbsp;&nbsp; (0.70) <br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (1.05) <br>|
| Year Ended 5/31/2022 | $15.90<br>| 0.67<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (1.30) <br>|
| Year Ended 5/31/2021 | $12.06<br>| 0.61<br>| 3.91<br>| 4.52<br>| &nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.68) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $14.06<br>| 0.36<br>| 1.11<br>| 1.47<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.35) <br>|
| Year Ended 5/31/2025 | $13.53<br>| 0.70<br>| 0.54<br>| 1.24<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.71) <br>|
| Year Ended 5/31/2024 | $12.50<br>| 0.70<br>| 1.07<br>| 1.77<br>| &nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.74) <br>|
| Year Ended 5/31/2023 | $14.72<br>| 0.71<br>| &nbsp;&nbsp; (1.87) <br>| &nbsp;&nbsp; (1.16) <br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (1.06) <br>|
| Year Ended 5/31/2022 | $16.06<br>| 0.68<br>| &nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (1.30) <br>|
| Year Ended 5/31/2021 | $12.17<br>| 0.62<br>| 3.95<br>| 4.57<br>| &nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.68) <br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $14.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $385873<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $356608<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $348263<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $12.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.30%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $349966<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $14.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $371502<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $15.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $327938<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $14.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $133969<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $139750<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $169308<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $12.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.01%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $191070<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $14.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.41%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $245459<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $15.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $242640<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $14.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $689519<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $642249<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $611788<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $12.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.06%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $666294<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $14.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $734226<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $15.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $573637<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $15.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29989<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $14.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27610<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31637<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $12.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.08%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39047<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $14.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $64534<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $16.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $58024<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $13.80<br>| 0.36<br>| 1.09<br>| 1.45<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.35) <br>|
| Year Ended 5/31/2025 | $13.30<br>| 0.69<br>| 0.53<br>| 1.22<br>| &nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.72) <br>|
| Year Ended 5/31/2024 | $12.30<br>| 0.69<br>| 1.05<br>| 1.74<br>| &nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.74) <br>|
| Year Ended 5/31/2023 | $14.49<br>| 0.71<br>| &nbsp;&nbsp; (1.84) <br>| &nbsp;&nbsp; (1.13) <br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (1.06) <br>|
| Year Ended 5/31/2022 | $15.83<br>| 0.68<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (1.31) <br>|
| Year Ended 5/31/2021 | $12.01<br>| 0.62<br>| 3.89<br>| 4.51<br>| &nbsp;&nbsp; (0.69) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.69) <br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | $13.88<br>| 0.36<br>| 1.10<br>| 1.46<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.35) <br>|
| Year Ended 5/31/2025<sup>(d)</sup> <br>| $14.09<br>| 0.44<br>| &nbsp;&nbsp; (0.30 )<sup>(e)</sup><br>| 0.14<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.35) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **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) | Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date. |
| (e) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $14.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21525<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20771<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $13.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21976<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $12.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.96%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22443<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $14.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23010<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $15.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17878<br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $14.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3716<br>|
|  Year Ended 5/31/2025 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $13.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4596<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Flexible Capital Income Fund \| 2025

------

Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Flexible Capital Income Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business 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. Institutional Class, Institutional 2 Class, Institutional 3 Class and Class S 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.

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Columbia Flexible Capital Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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.

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.

**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. For convertible securities, premiums attributable to the conversion feature are not amortized.

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.

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

Columbia Flexible Capital Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

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.

**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 and paid each calendar quarter. 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.

Columbia Flexible Capital Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

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 and is responsible for 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 0.65% to 0.54% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.63% of the Fund's average daily net assets.

**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).

Columbia Flexible Capital Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

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| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.08 |
| Class C | 0.08 |
| Institutional Class | 0.08 |
| Institutional 2 Class | 0.05 |
| Institutional 3 Class | 0.02 |
| Class S | 0.08 |

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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 six months ended November 30, 2025, these minimum account balance fees reduced total expenses of the Fund by $20.

**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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25% and 1.00% of the Fund's average daily net assets attributable to Class A and Class C shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $1,101,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2025, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

**Sales charges** 

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

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| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 5.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 125385 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 987 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Columbia Flexible Capital Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 1, 2025** <br>**through** <br>**September 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**October 1, 2025 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |

---

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. 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 November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

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| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 1166084000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146972000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60181000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86791000 |

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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 May 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

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| | | |
|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** |
| (40221784)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40221784)<br>|

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Columbia Flexible Capital Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 $247,858,317 and $281,011,716, respectively, for the six months ended November 30, 2025. 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 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.

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 did not borrow or lend money under the Interfund Program during the six months ended November 30, 2025.

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 23, 2025 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 $750 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 1.00% in each case. 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 23, 2025 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 $900 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 1.00% in each case.

Columbia Flexible Capital Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At November 30, 2025, affiliated shareholders of record owned 34.5% 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 and noted 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 that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse

Columbia Flexible Capital Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Flexible Capital Income Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Flexible Capital Income Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia Flexible Capital Income Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Columbia Flexible Capital Income Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

Columbia Flexible Capital Income Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Flexible Capital Income Fund \| 2025

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**Columbia Flexible Capital Income Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59746img9d19f4022.jpg)

**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.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR148_05_T01_(01/26)

------

![](g59746imgd361e4cb1.jpg)

Columbia High Yield Bond Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_495005cd-d0fa-47cb-87b7-ba6fd8b5a057_POI-CommonContent-Date-79_1) | 3 |
| [Statement of Assets and Liabilities](#xx_495005cd-d0fa-47cb-87b7-ba6fd8b5a057_FS-CommonContent-Date-79_1) | 16 |
| [Statement of Operations](#xx_495005cd-d0fa-47cb-87b7-ba6fd8b5a057_FS-CommonContent-Date-79_3) | 18 |
| [Statement of Changes in Net Assets](#xx_495005cd-d0fa-47cb-87b7-ba6fd8b5a057_FS-CommonContent-Date-79_4) | 19 |
| [Financial Highlights](#xx_495005cd-d0fa-47cb-87b7-ba6fd8b5a057_FIHI-CommonContent-Date-79_2) | 22 |
| [Notes to Financial Statements](#xx_495005cd-d0fa-47cb-87b7-ba6fd8b5a057_NTF-CommonContent-Date-79_1) | 26 |
| [Approval of Management Agreement](#xx_495005cd-d0fa-47cb-87b7-ba6fd8b5a057_CCH-CommonContent-Date-79_1) | 36 |

---

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 0.1%** | **Common Stocks 0.1%** | **Common Stocks 0.1%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| **Wireless Telecommunication Services 0.1%** | **Wireless Telecommunication Services 0.1%** | **Wireless Telecommunication Services 0.1%** |
| Altice Luxco 3<sup>(a)</sup> <br>| &nbsp;&nbsp; 82594 | &nbsp;&nbsp; 1510071 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1510071** |
| Total Common Stocks <br>(Cost $10) | Total Common Stocks <br>(Cost $10) | &nbsp;&nbsp; **1510071** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 0.6%** | **Convertible Bonds 0.6%** | **Convertible Bonds 0.6%** | **Convertible Bonds 0.6%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Electric 0.6%** | **Electric 0.6%** | **Electric 0.6%** | **Electric 0.6%** |
| NextEra Energy Partners LP<sup>(b)</sup>  | NextEra Energy Partners LP<sup>(b)</sup>  | NextEra Energy Partners LP<sup>(b)</sup>  | NextEra Energy Partners LP<sup>(b)</sup>  |
| 06/15/2026 | &nbsp;&nbsp; 2.500% | 7035000 | &nbsp;&nbsp; 6911887 |
| Total Convertible Bonds <br>(Cost $6,868,594) | Total Convertible Bonds <br>(Cost $6,868,594) | Total Convertible Bonds <br>(Cost $6,868,594) | &nbsp;&nbsp; **6911887** |
| **Corporate Bonds & Notes 91.0%** | **Corporate Bonds & Notes 91.0%** | **Corporate Bonds & Notes 91.0%** | **Corporate Bonds & Notes 91.0%** |
| **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** |
| Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. | Allegheny Technologies, Inc. |
| 10/01/2029 | &nbsp;&nbsp; 4.875% | 1139000 | &nbsp;&nbsp; 1137244 |
| 10/01/2031 | &nbsp;&nbsp; 5.125% | 3617000 | &nbsp;&nbsp; 3626876 |
| Spirit AeroSystems, Inc.<sup>(b)</sup>  | Spirit AeroSystems, Inc.<sup>(b)</sup>  | Spirit AeroSystems, Inc.<sup>(b)</sup>  | Spirit AeroSystems, Inc.<sup>(b)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 9.750% | 1038000 | &nbsp;&nbsp; 1137235 |
| TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 6.375% | 5529000 | &nbsp;&nbsp; 5702519 |
| 03/01/2032 | &nbsp;&nbsp; 6.625% | 3229000 | &nbsp;&nbsp; 3357321 |
| 01/15/2033 | &nbsp;&nbsp; 6.000% | 2379000 | &nbsp;&nbsp; 2433384 |
| 05/31/2033 | &nbsp;&nbsp; 6.375% | 5072000 | &nbsp;&nbsp; 5210416 |
| 01/31/2034 | &nbsp;&nbsp; 6.750% | 2906000 | &nbsp;&nbsp; 3039414 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **25644409** |
| **Airlines 0.6%** | **Airlines 0.6%** | **Airlines 0.6%** | **Airlines 0.6%** |
| American Airlines, Inc.<sup>(b)</sup>  | American Airlines, Inc.<sup>(b)</sup>  | American Airlines, Inc.<sup>(b)</sup>  | American Airlines, Inc.<sup>(b)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 8.500% | 3783000 | &nbsp;&nbsp; 3952312 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup>  | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup>  |
| 04/20/2029 | &nbsp;&nbsp; 5.750% | 3490691 | &nbsp;&nbsp; 3524855 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7477167** |
| **Automotive 2.7%** | **Automotive 2.7%** | **Automotive 2.7%** | **Automotive 2.7%** |
| American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
| 10/01/2029 | &nbsp;&nbsp; 5.000% | 745000 | &nbsp;&nbsp; 712764 |
| American Axle & Manufacturing, Inc.<sup>(b)</sup>  | American Axle & Manufacturing, Inc.<sup>(b)</sup>  | American Axle & Manufacturing, Inc.<sup>(b)</sup>  | American Axle & Manufacturing, Inc.<sup>(b)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.375% | 1337000 | &nbsp;&nbsp; 1347541 |
| 10/15/2033 | &nbsp;&nbsp; 7.750% | 4218000 | &nbsp;&nbsp; 4258617 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Clarios Global LP/US Finance Co.<sup>(b)</sup>  | Clarios Global LP/US Finance Co.<sup>(b)</sup>  | Clarios Global LP/US Finance Co.<sup>(b)</sup>  | Clarios Global LP/US Finance Co.<sup>(b)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.750% | 1637000 | &nbsp;&nbsp; 1701546 |
| 09/15/2032 | &nbsp;&nbsp; 6.750% | 2375000 | &nbsp;&nbsp; 2443150 |
| Forvia SE<sup>(b)</sup>  | Forvia SE<sup>(b)</sup>  | Forvia SE<sup>(b)</sup>  | Forvia SE<sup>(b)</sup>  |
| 09/15/2033 | &nbsp;&nbsp; 6.750% | 1575000 | &nbsp;&nbsp; 1603077 |
| IHO Verwaltungs GmbH<sup>(b),(c)</sup>  | IHO Verwaltungs GmbH<sup>(b),(c)</sup>  | IHO Verwaltungs GmbH<sup>(b),(c)</sup>  | IHO Verwaltungs GmbH<sup>(b),(c)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.750% | 1598000 | &nbsp;&nbsp; 1662024 |
| 11/15/2032 | &nbsp;&nbsp; 8.000% | 1948000 | &nbsp;&nbsp; 2031197 |
| Nissan Motor Acceptance Co. LLC<sup>(b)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(b)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(b)</sup>  | Nissan Motor Acceptance Co. LLC<sup>(b)</sup>  |
| 09/30/2030 | &nbsp;&nbsp; 6.125% | 1252000 | &nbsp;&nbsp; 1241159 |
| Nissan Motor Co., Ltd.<sup>(b)</sup>  | Nissan Motor Co., Ltd.<sup>(b)</sup>  | Nissan Motor Co., Ltd.<sup>(b)</sup>  | Nissan Motor Co., Ltd.<sup>(b)</sup>  |
| 07/17/2032 | &nbsp;&nbsp; 7.750% | 557000 | &nbsp;&nbsp; 586188 |
| 07/17/2035 | &nbsp;&nbsp; 8.125% | 3695000 | &nbsp;&nbsp; 3914530 |
| ZF North America Capital, Inc.<sup>(b)</sup>  | ZF North America Capital, Inc.<sup>(b)</sup>  | ZF North America Capital, Inc.<sup>(b)</sup>  | ZF North America Capital, Inc.<sup>(b)</sup>  |
| 04/14/2030 | &nbsp;&nbsp; 7.125% | 1203000 | &nbsp;&nbsp; 1196376 |
| 03/24/2031 | &nbsp;&nbsp; 7.500% | 2405000 | &nbsp;&nbsp; 2382411 |
| 04/23/2032 | &nbsp;&nbsp; 6.875% | 6822000 | &nbsp;&nbsp; 6482160 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **31562740** |
| **Banking 0.2%** | **Banking 0.2%** | **Banking 0.2%** | **Banking 0.2%** |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 02/14/2033 | &nbsp;&nbsp; 6.700% | 1642000 | &nbsp;&nbsp; 1718909 |
| Ally Financial, Inc.<sup>(d)</sup>  | Ally Financial, Inc.<sup>(d)</sup>  | Ally Financial, Inc.<sup>(d)</sup>  | Ally Financial, Inc.<sup>(d)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 01/17/2040 | &nbsp;&nbsp; 6.646% | 584000 | &nbsp;&nbsp; 586907 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2305816** |
| **Brokerage/Asset Managers/Exchanges 1.9%** | **Brokerage/Asset Managers/Exchanges 1.9%** | **Brokerage/Asset Managers/Exchanges 1.9%** | **Brokerage/Asset Managers/Exchanges 1.9%** |
| AG Issuer LLC<sup>(b)</sup>  | AG Issuer LLC<sup>(b)</sup>  | AG Issuer LLC<sup>(b)</sup>  | AG Issuer LLC<sup>(b)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 6.250% | 1157000 | &nbsp;&nbsp; 1160203 |
| Aretec Escrow Issuer 2, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer 2, Inc.<sup>(b)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 10.000% | 2769000 | &nbsp;&nbsp; 3003923 |
| Aretec Escrow Issuer, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer, Inc.<sup>(b)</sup>  | Aretec Escrow Issuer, Inc.<sup>(b)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 7.500% | 4494000 | &nbsp;&nbsp; 4519603 |
| Focus Financial Partners LLC<sup>(b)</sup>  | Focus Financial Partners LLC<sup>(b)</sup>  | Focus Financial Partners LLC<sup>(b)</sup>  | Focus Financial Partners LLC<sup>(b)</sup>  |
| 09/15/2031 | &nbsp;&nbsp; 6.750% | 1668000 | &nbsp;&nbsp; 1724019 |
| Hightower Holding LLC<sup>(b)</sup>  | Hightower Holding LLC<sup>(b)</sup>  | Hightower Holding LLC<sup>(b)</sup>  | Hightower Holding LLC<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.750% | 1727000 | &nbsp;&nbsp; 1727488 |
| 01/31/2030 | &nbsp;&nbsp; 9.125% | 4164000 | &nbsp;&nbsp; 4438102 |
| Osaic Holdings, Inc.<sup>(b)</sup>  | Osaic Holdings, Inc.<sup>(b)</sup>  | Osaic Holdings, Inc.<sup>(b)</sup>  | Osaic Holdings, Inc.<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 2712000 | &nbsp;&nbsp; 2807135 |
| 08/01/2033 | &nbsp;&nbsp; 8.000% | 3133000 | &nbsp;&nbsp; 3221947 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **22602420** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Building Materials 1.7%** | **Building Materials 1.7%** | **Building Materials 1.7%** | **Building Materials 1.7%** |
| LBM Acquisition LLC<sup>(b)</sup>  | LBM Acquisition LLC<sup>(b)</sup>  | LBM Acquisition LLC<sup>(b)</sup>  | LBM Acquisition LLC<sup>(b)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 6.250% | 1255000 | &nbsp;&nbsp; 1121019 |
| 06/15/2031 | &nbsp;&nbsp; 9.500% | 3022000 | &nbsp;&nbsp; 3113902 |
| Quikrete Holdings, Inc.<sup>(b)</sup>  | Quikrete Holdings, Inc.<sup>(b)</sup>  | Quikrete Holdings, Inc.<sup>(b)</sup>  | Quikrete Holdings, Inc.<sup>(b)</sup>  |
| 03/01/2032 | &nbsp;&nbsp; 6.375% | 4400000 | &nbsp;&nbsp; 4575639 |
| 03/01/2033 | &nbsp;&nbsp; 6.750% | 1648000 | &nbsp;&nbsp; 1718991 |
| QXO Building Products, Inc.<sup>(b)</sup>  | QXO Building Products, Inc.<sup>(b)</sup>  | QXO Building Products, Inc.<sup>(b)</sup>  | QXO Building Products, Inc.<sup>(b)</sup>  |
| 04/30/2032 | &nbsp;&nbsp; 6.750% | 2225000 | &nbsp;&nbsp; 2327205 |
| Standard Building Solutions, Inc.<sup>(b)</sup>  | Standard Building Solutions, Inc.<sup>(b)</sup>  | Standard Building Solutions, Inc.<sup>(b)</sup>  | Standard Building Solutions, Inc.<sup>(b)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.500% | 2523000 | &nbsp;&nbsp; 2604630 |
| 08/01/2033 | &nbsp;&nbsp; 6.250% | 580000 | &nbsp;&nbsp; 594985 |
| White Cap Supply Holdings LLC<sup>(b)</sup>  | White Cap Supply Holdings LLC<sup>(b)</sup>  | White Cap Supply Holdings LLC<sup>(b)</sup>  | White Cap Supply Holdings LLC<sup>(b)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.375% | 3330000 | &nbsp;&nbsp; 3395529 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **19451900** |
| **Cable and Satellite 5.3%** | **Cable and Satellite 5.3%** | **Cable and Satellite 5.3%** | **Cable and Satellite 5.3%** |
| CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  | CCO Holdings LLC/Capital Corp.<sup>(b)</sup>  |
| 06/01/2029 | &nbsp;&nbsp; 5.375% | 2730000 | &nbsp;&nbsp; 2705676 |
| 03/01/2030 | &nbsp;&nbsp; 4.750% | 5338000 | &nbsp;&nbsp; 5086250 |
| 08/15/2030 | &nbsp;&nbsp; 4.500% | 4269000 | &nbsp;&nbsp; 4013466 |
| 03/01/2031 | &nbsp;&nbsp; 7.375% | 665000 | &nbsp;&nbsp; 678771 |
| 02/01/2032 | &nbsp;&nbsp; 4.750% | 4141000 | &nbsp;&nbsp; 3809147 |
| 01/15/2034 | &nbsp;&nbsp; 4.250% | 3180000 | &nbsp;&nbsp; 2711634 |
| CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. | CCO Holdings LLC/Capital Corp. |
| 05/01/2032 | &nbsp;&nbsp; 4.500% | 2030000 | &nbsp;&nbsp; 1832073 |
| CSC Holdings LLC<sup>(b)</sup>  | CSC Holdings LLC<sup>(b)</sup>  | CSC Holdings LLC<sup>(b)</sup>  | CSC Holdings LLC<sup>(b)</sup>  |
| 04/15/2027 | &nbsp;&nbsp; 5.500% | 520000 | &nbsp;&nbsp; 448563 |
| 02/01/2028 | &nbsp;&nbsp; 5.375% | 1020000 | &nbsp;&nbsp; 737709 |
| 04/01/2028 | &nbsp;&nbsp; 7.500% | 460000 | &nbsp;&nbsp; 274841 |
| 05/15/2028 | &nbsp;&nbsp; 11.250% | 681000 | &nbsp;&nbsp; 527934 |
| 01/31/2029 | &nbsp;&nbsp; 11.750% | 1770000 | &nbsp;&nbsp; 1233955 |
| 02/01/2029 | &nbsp;&nbsp; 6.500% | 1199000 | &nbsp;&nbsp; 750520 |
| 01/15/2030 | &nbsp;&nbsp; 5.750% | 2571000 | &nbsp;&nbsp; 950953 |
| 12/01/2030 | &nbsp;&nbsp; 4.625% | 1277000 | &nbsp;&nbsp; 455556 |
| 02/15/2031 | &nbsp;&nbsp; 3.375% | 2688000 | &nbsp;&nbsp; 1492085 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 07/01/2028 | &nbsp;&nbsp; 7.375% | 915000 | &nbsp;&nbsp; 854007 |
| 06/01/2029 | &nbsp;&nbsp; 5.125% | 1306000 | &nbsp;&nbsp; 1097932 |
| DISH DBS Corp.<sup>(b)</sup>  | DISH DBS Corp.<sup>(b)</sup>  | DISH DBS Corp.<sup>(b)</sup>  | DISH DBS Corp.<sup>(b)</sup>  |
| 12/01/2028 | &nbsp;&nbsp; 5.750% | 2603000 | &nbsp;&nbsp; 2513396 |
| DISH Network Corp.<sup>(b)</sup>  | DISH Network Corp.<sup>(b)</sup>  | DISH Network Corp.<sup>(b)</sup>  | DISH Network Corp.<sup>(b)</sup>  |
| 11/15/2027 | &nbsp;&nbsp; 11.750% | 6231000 | &nbsp;&nbsp; 6511666 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 11/30/2029 | &nbsp;&nbsp; 10.750% | 5185670 | &nbsp;&nbsp; 5717197 |
| EchoStar Corp.<sup>(c)</sup>  | EchoStar Corp.<sup>(c)</sup>  | EchoStar Corp.<sup>(c)</sup>  | EchoStar Corp.<sup>(c)</sup>  |
| 11/30/2030 | &nbsp;&nbsp; 6.750% | 1932949 | &nbsp;&nbsp; 2007758 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Sirius XM Radio, Inc.<sup>(b)</sup>  | Sirius XM Radio, Inc.<sup>(b)</sup>  | Sirius XM Radio, Inc.<sup>(b)</sup>  | Sirius XM Radio, Inc.<sup>(b)</sup>  |
| 09/01/2026 | &nbsp;&nbsp; 3.125% | 3338000 | &nbsp;&nbsp; 3309285 |
| 07/15/2028 | &nbsp;&nbsp; 4.000% | 615000 | &nbsp;&nbsp; 599583 |
| 07/01/2030 | &nbsp;&nbsp; 4.125% | 1890000 | &nbsp;&nbsp; 1795733 |
| Virgin Media Finance PLC<sup>(b)</sup>  | Virgin Media Finance PLC<sup>(b)</sup>  | Virgin Media Finance PLC<sup>(b)</sup>  | Virgin Media Finance PLC<sup>(b)</sup>  |
| 07/15/2030 | &nbsp;&nbsp; 5.000% | 3099000 | &nbsp;&nbsp; 2740066 |
| VZ Secured Financing BV<sup>(b)</sup>  | VZ Secured Financing BV<sup>(b)</sup>  | VZ Secured Financing BV<sup>(b)</sup>  | VZ Secured Financing BV<sup>(b)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 5.000% | 6211000 | &nbsp;&nbsp; 5576884 |
| Ziggo Bond Co. BV<sup>(b)</sup>  | Ziggo Bond Co. BV<sup>(b)</sup>  | Ziggo Bond Co. BV<sup>(b)</sup>  | Ziggo Bond Co. BV<sup>(b)</sup>  |
| 02/28/2030 | &nbsp;&nbsp; 5.125% | 2315000 | &nbsp;&nbsp; 2073062 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **62505702** |
| **Chemicals 5.0%** | **Chemicals 5.0%** | **Chemicals 5.0%** | **Chemicals 5.0%** |
| Ashland LLC<sup>(b)</sup>  | Ashland LLC<sup>(b)</sup>  | Ashland LLC<sup>(b)</sup>  | Ashland LLC<sup>(b)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 3.375% | 3955000 | &nbsp;&nbsp; 3580328 |
| Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC |
| 04/15/2030 | &nbsp;&nbsp; 6.500% | 798000 | &nbsp;&nbsp; 795615 |
| 07/15/2032 | &nbsp;&nbsp; 6.879% | 953000 | &nbsp;&nbsp; 972483 |
| 04/15/2033 | &nbsp;&nbsp; 6.750% | 1142000 | &nbsp;&nbsp; 1136158 |
| 11/15/2033 | &nbsp;&nbsp; 7.200% | 2117000 | &nbsp;&nbsp; 2212061 |
| Element Solutions, Inc.<sup>(b)</sup>  | Element Solutions, Inc.<sup>(b)</sup>  | Element Solutions, Inc.<sup>(b)</sup>  | Element Solutions, Inc.<sup>(b)</sup>  |
| 09/01/2028 | &nbsp;&nbsp; 3.875% | 2432000 | &nbsp;&nbsp; 2377079 |
| Herens Holdco Sarl<sup>(b)</sup>  | Herens Holdco Sarl<sup>(b)</sup>  | Herens Holdco Sarl<sup>(b)</sup>  | Herens Holdco Sarl<sup>(b)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 4.750% | 1777000 | &nbsp;&nbsp; 1536482 |
| INEOS Finance PLC<sup>(b)</sup>  | INEOS Finance PLC<sup>(b)</sup>  | INEOS Finance PLC<sup>(b)</sup>  | INEOS Finance PLC<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 7.500% | 4533000 | &nbsp;&nbsp; 4068132 |
| INEOS Quattro Finance 2 PLC<sup>(b)</sup>  | INEOS Quattro Finance 2 PLC<sup>(b)</sup>  | INEOS Quattro Finance 2 PLC<sup>(b)</sup>  | INEOS Quattro Finance 2 PLC<sup>(b)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 9.625% | 6170000 | &nbsp;&nbsp; 5263750 |
| Innophos Holdings, Inc.<sup>(b)</sup>  | Innophos Holdings, Inc.<sup>(b)</sup>  | Innophos Holdings, Inc.<sup>(b)</sup>  | Innophos Holdings, Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 11.500% | 4196851 | &nbsp;&nbsp; 3782937 |
| Inversion Escrow Issuer LLC<sup>(b)</sup>  | Inversion Escrow Issuer LLC<sup>(b)</sup>  | Inversion Escrow Issuer LLC<sup>(b)</sup>  | Inversion Escrow Issuer LLC<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 6.750% | 3546000 | &nbsp;&nbsp; 3466727 |
| Olympus Water US Holding Corp.<sup>(b)</sup>  | Olympus Water US Holding Corp.<sup>(b)</sup>  | Olympus Water US Holding Corp.<sup>(b)</sup>  | Olympus Water US Holding Corp.<sup>(b)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 4.250% | 1200000 | &nbsp;&nbsp; 1150294 |
| 10/01/2029 | &nbsp;&nbsp; 6.250% | 2953000 | &nbsp;&nbsp; 2861801 |
| 06/15/2031 | &nbsp;&nbsp; 7.250% | 3344000 | &nbsp;&nbsp; 3357984 |
| 02/15/2033 | &nbsp;&nbsp; 7.250% | 2308000 | &nbsp;&nbsp; 2291639 |
| Qnity Electronics, Inc.<sup>(b)</sup>  | Qnity Electronics, Inc.<sup>(b)</sup>  | Qnity Electronics, Inc.<sup>(b)</sup>  | Qnity Electronics, Inc.<sup>(b)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 5.750% | 1290000 | &nbsp;&nbsp; 1324311 |
| 08/15/2033 | &nbsp;&nbsp; 6.250% | 1035000 | &nbsp;&nbsp; 1073667 |
| Tronox, Inc.<sup>(b)</sup>  | Tronox, Inc.<sup>(b)</sup>  | Tronox, Inc.<sup>(b)</sup>  | Tronox, Inc.<sup>(b)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 4.625% | 2763000 | &nbsp;&nbsp; 1783786 |
| 09/30/2030 | &nbsp;&nbsp; 9.125% | 2788000 | &nbsp;&nbsp; 2620428 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| WR Grace Holdings LLC<sup>(b)</sup>  | WR Grace Holdings LLC<sup>(b)</sup>  | WR Grace Holdings LLC<sup>(b)</sup>  | WR Grace Holdings LLC<sup>(b)</sup>  |
| 06/15/2027 | &nbsp;&nbsp; 4.875% | 768000 | &nbsp;&nbsp; 762375 |
| 08/15/2029 | &nbsp;&nbsp; 5.625% | 6331000 | &nbsp;&nbsp; 5970910 |
| 03/01/2031 | &nbsp;&nbsp; 7.375% | 1104000 | &nbsp;&nbsp; 1121695 |
| 08/15/2032 | &nbsp;&nbsp; 6.625% | 5502000 | &nbsp;&nbsp; 5465359 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **58976001** |
| **Construction Machinery 1.2%** | **Construction Machinery 1.2%** | **Construction Machinery 1.2%** | **Construction Machinery 1.2%** |
| Herc Holdings, Inc.<sup>(b)</sup>  | Herc Holdings, Inc.<sup>(b)</sup>  | Herc Holdings, Inc.<sup>(b)</sup>  | Herc Holdings, Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 6.625% | 1213000 | &nbsp;&nbsp; 1257560 |
| 06/15/2030 | &nbsp;&nbsp; 7.000% | 2317000 | &nbsp;&nbsp; 2434973 |
| 06/15/2033 | &nbsp;&nbsp; 7.250% | 5523000 | &nbsp;&nbsp; 5843724 |
| Ritchie Bros Holdings, Inc.<sup>(b)</sup>  | Ritchie Bros Holdings, Inc.<sup>(b)</sup>  | Ritchie Bros Holdings, Inc.<sup>(b)</sup>  | Ritchie Bros Holdings, Inc.<sup>(b)</sup>  |
| 03/15/2031 | &nbsp;&nbsp; 7.750% | 2162000 | &nbsp;&nbsp; 2265882 |
| Synergy Infrastructure Holdings LLC<sup>(b)</sup>  | Synergy Infrastructure Holdings LLC<sup>(b)</sup>  | Synergy Infrastructure Holdings LLC<sup>(b)</sup>  | Synergy Infrastructure Holdings LLC<sup>(b)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 7.875% | 2131000 | &nbsp;&nbsp; 2195554 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13997693** |
| **Consumer Cyclical Services 1.2%** | **Consumer Cyclical Services 1.2%** | **Consumer Cyclical Services 1.2%** | **Consumer Cyclical Services 1.2%** |
| Arches Buyer, Inc.<sup>(b)</sup>  | Arches Buyer, Inc.<sup>(b)</sup>  | Arches Buyer, Inc.<sup>(b)</sup>  | Arches Buyer, Inc.<sup>(b)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 4.250% | 2193000 | &nbsp;&nbsp; 2160403 |
| 12/01/2028 | &nbsp;&nbsp; 6.125% | 5419000 | &nbsp;&nbsp; 5312846 |
| Garda World Security Corp.<sup>(b)</sup>  | Garda World Security Corp.<sup>(b)</sup>  | Garda World Security Corp.<sup>(b)</sup>  | Garda World Security Corp.<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 8.250% | 650000 | &nbsp;&nbsp; 665053 |
| Match Group Holdings II LLC<sup>(b)</sup>  | Match Group Holdings II LLC<sup>(b)</sup>  | Match Group Holdings II LLC<sup>(b)</sup>  | Match Group Holdings II LLC<sup>(b)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 3.625% | 1536000 | &nbsp;&nbsp; 1406362 |
| Match Group, Inc.<sup>(b)</sup>  | Match Group, Inc.<sup>(b)</sup>  | Match Group, Inc.<sup>(b)</sup>  | Match Group, Inc.<sup>(b)</sup>  |
| 12/15/2027 | &nbsp;&nbsp; 5.000% | 1031000 | &nbsp;&nbsp; 1030532 |
| 06/01/2028 | &nbsp;&nbsp; 4.625% | 3232000 | &nbsp;&nbsp; 3201706 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13776902** |
| **Consumer Products 0.9%** | **Consumer Products 0.9%** | **Consumer Products 0.9%** | **Consumer Products 0.9%** |
| CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(b)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(b)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(b)</sup>  | CD&R Smokey Buyer, Inc./Radio Systems Corp.<sup>(b)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 9.500% | 1587000 | &nbsp;&nbsp; 1076545 |
| Newell Brands, Inc.<sup>(b)</sup>  | Newell Brands, Inc.<sup>(b)</sup>  | Newell Brands, Inc.<sup>(b)</sup>  | Newell Brands, Inc.<sup>(b)</sup>  |
| 06/01/2028 | &nbsp;&nbsp; 8.500% | 1711000 | &nbsp;&nbsp; 1784684 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 05/15/2030 | &nbsp;&nbsp; 6.375% | 1681000 | &nbsp;&nbsp; 1613130 |
| 05/15/2032 | &nbsp;&nbsp; 6.625% | 2416000 | &nbsp;&nbsp; 2277715 |
| Opal Bidco SAS<sup>(b)</sup>  | Opal Bidco SAS<sup>(b)</sup>  | Opal Bidco SAS<sup>(b)</sup>  | Opal Bidco SAS<sup>(b)</sup>  |
| 03/31/2032 | &nbsp;&nbsp; 6.500% | 2520000 | &nbsp;&nbsp; 2597234 |
| Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
| 06/15/2030 | &nbsp;&nbsp; 6.125% | 536000 | &nbsp;&nbsp; 542930 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 559000 | &nbsp;&nbsp; 555599 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10447837** |
| **Diversified Manufacturing 1.6%** | **Diversified Manufacturing 1.6%** | **Diversified Manufacturing 1.6%** | **Diversified Manufacturing 1.6%** |
| Emerald Debt Merger Sub LLC<sup>(b)</sup>  | Emerald Debt Merger Sub LLC<sup>(b)</sup>  | Emerald Debt Merger Sub LLC<sup>(b)</sup>  | Emerald Debt Merger Sub LLC<sup>(b)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 6.625% | 4556000 | &nbsp;&nbsp; 4722310 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| EMRLD Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | EMRLD Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  |
| 07/15/2031 | &nbsp;&nbsp; 6.750% | 1126000 | &nbsp;&nbsp; 1179422 |
| Gates Corp. (The)<sup>(b)</sup>  | Gates Corp. (The)<sup>(b)</sup>  | Gates Corp. (The)<sup>(b)</sup>  | Gates Corp. (The)<sup>(b)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 6.875% | 1548000 | &nbsp;&nbsp; 1613227 |
| Madison IAQ LLC<sup>(b)</sup>  | Madison IAQ LLC<sup>(b)</sup>  | Madison IAQ LLC<sup>(b)</sup>  | Madison IAQ LLC<sup>(b)</sup>  |
| 06/30/2029 | &nbsp;&nbsp; 5.875% | 2959000 | &nbsp;&nbsp; 2924783 |
| Vertical US Newco, Inc.<sup>(b)</sup>  | Vertical US Newco, Inc.<sup>(b)</sup>  | Vertical US Newco, Inc.<sup>(b)</sup>  | Vertical US Newco, Inc.<sup>(b)</sup>  |
| 07/15/2027 | &nbsp;&nbsp; 5.250% | 1123000 | &nbsp;&nbsp; 1125709 |
| Wesco Distribution, Inc.<sup>(b)</sup>  | Wesco Distribution, Inc.<sup>(b)</sup>  | Wesco Distribution, Inc.<sup>(b)</sup>  | Wesco Distribution, Inc.<sup>(b)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.375% | 1404000 | &nbsp;&nbsp; 1471206 |
| WESCO Distribution, Inc.<sup>(b)</sup>  | WESCO Distribution, Inc.<sup>(b)</sup>  | WESCO Distribution, Inc.<sup>(b)</sup>  | WESCO Distribution, Inc.<sup>(b)</sup>  |
| 06/15/2028 | &nbsp;&nbsp; 7.250% | 1312000 | &nbsp;&nbsp; 1330229 |
| 03/15/2029 | &nbsp;&nbsp; 6.375% | 1333000 | &nbsp;&nbsp; 1378232 |
| 03/15/2032 | &nbsp;&nbsp; 6.625% | 3324000 | &nbsp;&nbsp; 3488094 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **19233212** |
| **Electric 5.1%** | **Electric 5.1%** | **Electric 5.1%** | **Electric 5.1%** |
| Alpha Generation LLC<sup>(b)</sup>  | Alpha Generation LLC<sup>(b)</sup>  | Alpha Generation LLC<sup>(b)</sup>  | Alpha Generation LLC<sup>(b)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 6.750% | 1116000 | &nbsp;&nbsp; 1148293 |
| 01/15/2034 | &nbsp;&nbsp; 6.250% | 1312000 | &nbsp;&nbsp; 1314249 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<sup>(b)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 6.375% | 2770000 | &nbsp;&nbsp; 2769761 |
| Clearway Energy Operating LLC<sup>(b)</sup>  | Clearway Energy Operating LLC<sup>(b)</sup>  | Clearway Energy Operating LLC<sup>(b)</sup>  | Clearway Energy Operating LLC<sup>(b)</sup>  |
| 03/15/2028 | &nbsp;&nbsp; 4.750% | 1741000 | &nbsp;&nbsp; 1740174 |
| 02/15/2031 | &nbsp;&nbsp; 3.750% | 3711000 | &nbsp;&nbsp; 3452140 |
| 01/15/2032 | &nbsp;&nbsp; 3.750% | 3029000 | &nbsp;&nbsp; 2767814 |
| Long Ridge Energy LLC<sup>(b)</sup>  | Long Ridge Energy LLC<sup>(b)</sup>  | Long Ridge Energy LLC<sup>(b)</sup>  | Long Ridge Energy LLC<sup>(b)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.750% | 3035000 | &nbsp;&nbsp; 3179389 |
| NextEra Energy Operating Partners LP<sup>(b)</sup>  | NextEra Energy Operating Partners LP<sup>(b)</sup>  | NextEra Energy Operating Partners LP<sup>(b)</sup>  | NextEra Energy Operating Partners LP<sup>(b)</sup>  |
| 09/15/2027 | &nbsp;&nbsp; 4.500% | 1771000 | &nbsp;&nbsp; 1740602 |
| 01/15/2029 | &nbsp;&nbsp; 7.250% | 1702000 | &nbsp;&nbsp; 1743502 |
| NRG Energy, Inc.<sup>(b)</sup>  | NRG Energy, Inc.<sup>(b)</sup>  | NRG Energy, Inc.<sup>(b)</sup>  | NRG Energy, Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 5.250% | 4296000 | &nbsp;&nbsp; 4317394 |
| 07/15/2029 | &nbsp;&nbsp; 5.750% | 294000 | &nbsp;&nbsp; 295461 |
| 02/15/2031 | &nbsp;&nbsp; 3.625% | 958000 | &nbsp;&nbsp; 896868 |
| 02/01/2033 | &nbsp;&nbsp; 6.000% | 1546000 | &nbsp;&nbsp; 1579140 |
| 01/15/2034 | &nbsp;&nbsp; 5.750% | 1937000 | &nbsp;&nbsp; 1950173 |
| 11/01/2034 | &nbsp;&nbsp; 6.250% | 1180000 | &nbsp;&nbsp; 1216195 |
| 01/15/2036 | &nbsp;&nbsp; 6.000% | 1937000 | &nbsp;&nbsp; 1965460 |
| PG&E Corp.<sup>(d)</sup>  | PG&E Corp.<sup>(d)</sup>  | PG&E Corp.<sup>(d)</sup>  | PG&E Corp.<sup>(d)</sup>  |
| 03/15/2055 | &nbsp;&nbsp; 7.375% | 1165000 | &nbsp;&nbsp; 1206904 |
| Talen Energy Supply LLC<sup>(b)</sup>  | Talen Energy Supply LLC<sup>(b)</sup>  | Talen Energy Supply LLC<sup>(b)</sup>  | Talen Energy Supply LLC<sup>(b)</sup>  |
| 02/01/2034 | &nbsp;&nbsp; 6.250% | 2288000 | &nbsp;&nbsp; 2335236 |
| 02/01/2036 | &nbsp;&nbsp; 6.500% | 2288000 | &nbsp;&nbsp; 2365957 |
| TerraForm Power Operating LLC<sup>(b)</sup>  | TerraForm Power Operating LLC<sup>(b)</sup>  | TerraForm Power Operating LLC<sup>(b)</sup>  | TerraForm Power Operating LLC<sup>(b)</sup>  |
| 01/31/2028 | &nbsp;&nbsp; 5.000% | 1764000 | &nbsp;&nbsp; 1760866 |
| 01/15/2030 | &nbsp;&nbsp; 4.750% | 2189000 | &nbsp;&nbsp; 2104573 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Vistra Operations Co. LLC<sup>(b)</sup>  | Vistra Operations Co. LLC<sup>(b)</sup>  | Vistra Operations Co. LLC<sup>(b)</sup>  | Vistra Operations Co. LLC<sup>(b)</sup>  |
| 02/15/2027 | &nbsp;&nbsp; 5.625% | 2840000 | &nbsp;&nbsp; 2840308 |
| 07/31/2027 | &nbsp;&nbsp; 5.000% | 1538000 | &nbsp;&nbsp; 1542710 |
| 10/15/2031 | &nbsp;&nbsp; 7.750% | 3221000 | &nbsp;&nbsp; 3423589 |
| 04/15/2032 | &nbsp;&nbsp; 6.875% | 1715000 | &nbsp;&nbsp; 1802984 |
| VoltaGrid LLC<sup>(b)</sup>  | VoltaGrid LLC<sup>(b)</sup>  | VoltaGrid LLC<sup>(b)</sup>  | VoltaGrid LLC<sup>(b)</sup>  |
| 11/01/2030 | &nbsp;&nbsp; 7.375% | 2128000 | &nbsp;&nbsp; 2122775 |
| XPLR Infrastructure Operating Partners LP<sup>(b)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(b)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(b)</sup>  | XPLR Infrastructure Operating Partners LP<sup>(b)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 8.375% | 1654000 | &nbsp;&nbsp; 1733652 |
| 03/15/2033 | &nbsp;&nbsp; 8.625% | 2949000 | &nbsp;&nbsp; 3084781 |
| 04/15/2034 | &nbsp;&nbsp; 7.750% | 1751000 | &nbsp;&nbsp; 1779489 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **60180439** |
| **Environmental 0.2%** | **Environmental 0.2%** | **Environmental 0.2%** | **Environmental 0.2%** |
| Waste Pro USA, Inc.<sup>(b)</sup>  | Waste Pro USA, Inc.<sup>(b)</sup>  | Waste Pro USA, Inc.<sup>(b)</sup>  | Waste Pro USA, Inc.<sup>(b)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 7.000% | 2802000 | &nbsp;&nbsp; 2921481 |
| **Finance Companies 4.7%** | **Finance Companies 4.7%** | **Finance Companies 4.7%** | **Finance Companies 4.7%** |
| Bread Financial Holdings, Inc.<sup>(b)</sup>  | Bread Financial Holdings, Inc.<sup>(b)</sup>  | Bread Financial Holdings, Inc.<sup>(b)</sup>  | Bread Financial Holdings, Inc.<sup>(b)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 6.750% | 573000 | &nbsp;&nbsp; 584955 |
| CrossCountry Intermediate HoldCo LLC<sup>(b)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(b)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(b)</sup>  | CrossCountry Intermediate HoldCo LLC<sup>(b)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 6.500% | 1327000 | &nbsp;&nbsp; 1343940 |
| GGAM Finance Ltd.<sup>(b)</sup>  | GGAM Finance Ltd.<sup>(b)</sup>  | GGAM Finance Ltd.<sup>(b)</sup>  | GGAM Finance Ltd.<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.875% | 507000 | &nbsp;&nbsp; 526583 |
| 03/15/2030 | &nbsp;&nbsp; 5.875% | 4584000 | &nbsp;&nbsp; 4649863 |
| goeasy Ltd.<sup>(b)</sup>  | goeasy Ltd.<sup>(b)</sup>  | goeasy Ltd.<sup>(b)</sup>  | goeasy Ltd.<sup>(b)</sup>  |
| 12/01/2028 | &nbsp;&nbsp; 9.250% | 178000 | &nbsp;&nbsp; 183351 |
| 07/01/2029 | &nbsp;&nbsp; 7.625% | 1543000 | &nbsp;&nbsp; 1530413 |
| 05/15/2030 | &nbsp;&nbsp; 6.875% | 370000 | &nbsp;&nbsp; 354302 |
| 10/01/2030 | &nbsp;&nbsp; 7.375% | 369000 | &nbsp;&nbsp; 356912 |
| 02/15/2031 | &nbsp;&nbsp; 6.875% | 211000 | &nbsp;&nbsp; 199063 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 03/15/2029 | &nbsp;&nbsp; 5.500% | 1194000 | &nbsp;&nbsp; 1175442 |
| 03/15/2031 | &nbsp;&nbsp; 11.500% | 1787000 | &nbsp;&nbsp; 1996669 |
| 08/01/2033 | &nbsp;&nbsp; 5.625% | 1250000 | &nbsp;&nbsp; 1126111 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 05/15/2029 | &nbsp;&nbsp; 6.625% | 4204000 | &nbsp;&nbsp; 4351738 |
| 03/15/2030 | &nbsp;&nbsp; 7.875% | 1925000 | &nbsp;&nbsp; 2040469 |
| 09/15/2030 | &nbsp;&nbsp; 4.000% | 2692000 | &nbsp;&nbsp; 2527643 |
| 11/15/2031 | &nbsp;&nbsp; 7.125% | 991000 | &nbsp;&nbsp; 1029332 |
| 03/15/2032 | &nbsp;&nbsp; 6.750% | 2477000 | &nbsp;&nbsp; 2530423 |
| 09/15/2032 | &nbsp;&nbsp; 7.125% | 557000 | &nbsp;&nbsp; 577010 |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 3211000 | &nbsp;&nbsp; 3227821 |
| Provident Funding Associates LP/PFG Finance Corp.<sup>(b)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(b)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(b)</sup>  | Provident Funding Associates LP/PFG Finance Corp.<sup>(b)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 9.750% | 4825000 | &nbsp;&nbsp; 5068483 |
| Rocket Cos, Inc.<sup>(b)</sup>  | Rocket Cos, Inc.<sup>(b)</sup>  | Rocket Cos, Inc.<sup>(b)</sup>  | Rocket Cos, Inc.<sup>(b)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 6.125% | 1350000 | &nbsp;&nbsp; 1401442 |
| 08/01/2033 | &nbsp;&nbsp; 6.375% | 1722000 | &nbsp;&nbsp; 1804924 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(b)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(b)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(b)</sup>  | Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(b)</sup>  |
| 03/01/2031 | &nbsp;&nbsp; 3.875% | 2598000 | &nbsp;&nbsp; 2460023 |
| 10/15/2033 | &nbsp;&nbsp; 4.000% | 5131000 | &nbsp;&nbsp; 4754464 |
| United Wholesale Mortgage LLC<sup>(b)</sup>  | United Wholesale Mortgage LLC<sup>(b)</sup>  | United Wholesale Mortgage LLC<sup>(b)</sup>  | United Wholesale Mortgage LLC<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.500% | 2207000 | &nbsp;&nbsp; 2184660 |
| UWM Holdings LLC<sup>(b)</sup>  | UWM Holdings LLC<sup>(b)</sup>  | UWM Holdings LLC<sup>(b)</sup>  | UWM Holdings LLC<sup>(b)</sup>  |
| 02/01/2030 | &nbsp;&nbsp; 6.625% | 3344000 | &nbsp;&nbsp; 3396954 |
| 03/15/2031 | &nbsp;&nbsp; 6.250% | 3558000 | &nbsp;&nbsp; 3574458 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **54957448** |
| **Food and Beverage 1.2%** | **Food and Beverage 1.2%** | **Food and Beverage 1.2%** | **Food and Beverage 1.2%** |
| Chobani Holdco II LLC<sup>(b),(c)</sup>  | Chobani Holdco II LLC<sup>(b),(c)</sup>  | Chobani Holdco II LLC<sup>(b),(c)</sup>  | Chobani Holdco II LLC<sup>(b),(c)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 8.750% | 3915511 | &nbsp;&nbsp; 4162323 |
| Post Holdings, Inc.<sup>(b)</sup>  | Post Holdings, Inc.<sup>(b)</sup>  | Post Holdings, Inc.<sup>(b)</sup>  | Post Holdings, Inc.<sup>(b)</sup>  |
| 09/15/2031 | &nbsp;&nbsp; 4.500% | 1245000 | &nbsp;&nbsp; 1177040 |
| 02/15/2032 | &nbsp;&nbsp; 6.250% | 1302000 | &nbsp;&nbsp; 1345584 |
| 10/15/2034 | &nbsp;&nbsp; 6.250% | 1575000 | &nbsp;&nbsp; 1602521 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(b)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 2275000 | &nbsp;&nbsp; 2288592 |
| Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(b)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(b)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(b)</sup>  | Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(b)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 4.625% | 2448000 | &nbsp;&nbsp; 2357354 |
| US Foods, Inc.<sup>(b)</sup>  | US Foods, Inc.<sup>(b)</sup>  | US Foods, Inc.<sup>(b)</sup>  | US Foods, Inc.<sup>(b)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 7.250% | 1499000 | &nbsp;&nbsp; 1579433 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14512847** |
| **Gaming 2.7%** | **Gaming 2.7%** | **Gaming 2.7%** | **Gaming 2.7%** |
| Caesars Entertainment, Inc.<sup>(b)</sup>  | Caesars Entertainment, Inc.<sup>(b)</sup>  | Caesars Entertainment, Inc.<sup>(b)</sup>  | Caesars Entertainment, Inc.<sup>(b)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 4.625% | 1235000 | &nbsp;&nbsp; 1170096 |
| 02/15/2030 | &nbsp;&nbsp; 7.000% | 1302000 | &nbsp;&nbsp; 1348031 |
| 02/15/2032 | &nbsp;&nbsp; 6.500% | 4463000 | &nbsp;&nbsp; 4542376 |
| 10/15/2032 | &nbsp;&nbsp; 6.000% | 3099000 | &nbsp;&nbsp; 2956922 |
| Churchill Downs, Inc.<sup>(b)</sup>  | Churchill Downs, Inc.<sup>(b)</sup>  | Churchill Downs, Inc.<sup>(b)</sup>  | Churchill Downs, Inc.<sup>(b)</sup>  |
| 05/01/2031 | &nbsp;&nbsp; 6.750% | 2584000 | &nbsp;&nbsp; 2666945 |
| Light & Wonder International, Inc.<sup>(b)</sup>  | Light & Wonder International, Inc.<sup>(b)</sup>  | Light & Wonder International, Inc.<sup>(b)</sup>  | Light & Wonder International, Inc.<sup>(b)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 6.250% | 2409000 | &nbsp;&nbsp; 2423789 |
| Penn National Gaming, Inc.<sup>(b)</sup>  | Penn National Gaming, Inc.<sup>(b)</sup>  | Penn National Gaming, Inc.<sup>(b)</sup>  | Penn National Gaming, Inc.<sup>(b)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.125% | 4401000 | &nbsp;&nbsp; 4077277 |
| Rivers Enterprise Borrower LLC/Finance Corp.<sup>(b)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(b)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(b)</sup>  | Rivers Enterprise Borrower LLC/Finance Corp.<sup>(b)</sup>  |
| 02/01/2033 | &nbsp;&nbsp; 6.625% | 2308000 | &nbsp;&nbsp; 2340644 |
| Rivers Enterprise Lender LLC/Corp.<sup>(b)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(b)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(b)</sup>  | Rivers Enterprise Lender LLC/Corp.<sup>(b)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 6.250% | 1734000 | &nbsp;&nbsp; 1760683 |
| Scientific Games Holdings LP/US FinCo, Inc.<sup>(b)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(b)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(b)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(b)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 6.625% | 6058000 | &nbsp;&nbsp; 5364694 |
| Voyager Parent LLC<sup>(b)</sup>  | Voyager Parent LLC<sup>(b)</sup>  | Voyager Parent LLC<sup>(b)</sup>  | Voyager Parent LLC<sup>(b)</sup>  |
| 07/01/2032 | &nbsp;&nbsp; 9.250% | 2577000 | &nbsp;&nbsp; 2730449 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **31381906** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Health Care 5.4%** | **Health Care 5.4%** | **Health Care 5.4%** | **Health Care 5.4%** |
| Acadia Healthcare Co., Inc.<sup>(b)</sup>  | Acadia Healthcare Co., Inc.<sup>(b)</sup>  | Acadia Healthcare Co., Inc.<sup>(b)</sup>  | Acadia Healthcare Co., Inc.<sup>(b)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 5.500% | 601000 | &nbsp;&nbsp; 594999 |
| 04/15/2029 | &nbsp;&nbsp; 5.000% | 2971000 | &nbsp;&nbsp; 2886569 |
| 03/15/2033 | &nbsp;&nbsp; 7.375% | 2267000 | &nbsp;&nbsp; 2320362 |
| Avantor Funding, Inc.<sup>(b)</sup>  | Avantor Funding, Inc.<sup>(b)</sup>  | Avantor Funding, Inc.<sup>(b)</sup>  | Avantor Funding, Inc.<sup>(b)</sup>  |
| 11/01/2029 | &nbsp;&nbsp; 3.875% | 4425000 | &nbsp;&nbsp; 4222798 |
| Bausch & Lomb Escrow Corp.<sup>(b)</sup>  | Bausch & Lomb Escrow Corp.<sup>(b)</sup>  | Bausch & Lomb Escrow Corp.<sup>(b)</sup>  | Bausch & Lomb Escrow Corp.<sup>(b)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 8.375% | 1194000 | &nbsp;&nbsp; 1246393 |
| Charles River Laboratories International, Inc.<sup>(b)</sup>  | Charles River Laboratories International, Inc.<sup>(b)</sup>  | Charles River Laboratories International, Inc.<sup>(b)</sup>  | Charles River Laboratories International, Inc.<sup>(b)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.250% | 1072000 | &nbsp;&nbsp; 1060658 |
| 03/15/2029 | &nbsp;&nbsp; 3.750% | 1397000 | &nbsp;&nbsp; 1349213 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup>  | CHS/Community Health Systems, Inc.<sup>(b)</sup>  | CHS/Community Health Systems, Inc.<sup>(b)</sup>  | CHS/Community Health Systems, Inc.<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 6.875% | 1783000 | &nbsp;&nbsp; 1638347 |
| 05/15/2030 | &nbsp;&nbsp; 5.250% | 2990000 | &nbsp;&nbsp; 2825960 |
| 02/15/2031 | &nbsp;&nbsp; 4.750% | 922000 | &nbsp;&nbsp; 825443 |
| 01/15/2032 | &nbsp;&nbsp; 10.875% | 1599000 | &nbsp;&nbsp; 1728050 |
| Concentra Escrow Issuer Corp.<sup>(b)</sup>  | Concentra Escrow Issuer Corp.<sup>(b)</sup>  | Concentra Escrow Issuer Corp.<sup>(b)</sup>  | Concentra Escrow Issuer Corp.<sup>(b)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 6.875% | 2137000 | &nbsp;&nbsp; 2243704 |
| DaVita, Inc.<sup>(b)</sup>  | DaVita, Inc.<sup>(b)</sup>  | DaVita, Inc.<sup>(b)</sup>  | DaVita, Inc.<sup>(b)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 4.625% | 1590000 | &nbsp;&nbsp; 1542974 |
| 07/15/2033 | &nbsp;&nbsp; 6.750% | 2002000 | &nbsp;&nbsp; 2084326 |
| IQVIA, Inc.<sup>(b)</sup>  | IQVIA, Inc.<sup>(b)</sup>  | IQVIA, Inc.<sup>(b)</sup>  | IQVIA, Inc.<sup>(b)</sup>  |
| 05/15/2030 | &nbsp;&nbsp; 6.500% | 1268000 | &nbsp;&nbsp; 1321128 |
| 06/01/2032 | &nbsp;&nbsp; 6.250% | 3189000 | &nbsp;&nbsp; 3339177 |
| LifePoint Health, Inc.<sup>(b)</sup>  | LifePoint Health, Inc.<sup>(b)</sup>  | LifePoint Health, Inc.<sup>(b)</sup>  | LifePoint Health, Inc.<sup>(b)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 11.000% | 961000 | &nbsp;&nbsp; 1059325 |
| Medline Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  | Medline Borrower LP/Co-Issuer, Inc.<sup>(b)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 1117000 | &nbsp;&nbsp; 1154994 |
| Mozart Debt Merger Sub, Inc.<sup>(b)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(b)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(b)</sup>  | Mozart Debt Merger Sub, Inc.<sup>(b)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 5.250% | 5432000 | &nbsp;&nbsp; 5443370 |
| Select Medical Corp.<sup>(b)</sup>  | Select Medical Corp.<sup>(b)</sup>  | Select Medical Corp.<sup>(b)</sup>  | Select Medical Corp.<sup>(b)</sup>  |
| 12/01/2032 | &nbsp;&nbsp; 6.250% | 1287000 | &nbsp;&nbsp; 1277469 |
| Star Parent, Inc.<sup>(b)</sup>  | Star Parent, Inc.<sup>(b)</sup>  | Star Parent, Inc.<sup>(b)</sup>  | Star Parent, Inc.<sup>(b)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 9.000% | 4402000 | &nbsp;&nbsp; 4723789 |
| Surgery Center Holdings, Inc.<sup>(b)</sup>  | Surgery Center Holdings, Inc.<sup>(b)</sup>  | Surgery Center Holdings, Inc.<sup>(b)</sup>  | Surgery Center Holdings, Inc.<sup>(b)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 7.250% | 3321000 | &nbsp;&nbsp; 3409980 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 11/01/2027 | &nbsp;&nbsp; 5.125% | 2309000 | &nbsp;&nbsp; 2316422 |
| 10/01/2028 | &nbsp;&nbsp; 6.125% | 1456000 | &nbsp;&nbsp; 1460546 |
| 06/15/2030 | &nbsp;&nbsp; 6.125% | 2352000 | &nbsp;&nbsp; 2405795 |
| 05/15/2031 | &nbsp;&nbsp; 6.750% | 1992000 | &nbsp;&nbsp; 2074610 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | Tenet Healthcare Corp.<sup>(b)</sup>  | Tenet Healthcare Corp.<sup>(b)</sup>  | Tenet Healthcare Corp.<sup>(b)</sup>  |
| 11/15/2032 | &nbsp;&nbsp; 5.500% | 5186000 | &nbsp;&nbsp; 5267683 |
| 11/15/2033 | &nbsp;&nbsp; 6.000% | 1845000 | &nbsp;&nbsp; 1905342 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **63729426** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Independent Energy 3.5%** | **Independent Energy 3.5%** | **Independent Energy 3.5%** | **Independent Energy 3.5%** |
| Baytex Energy Corp.<sup>(b)</sup>  | Baytex Energy Corp.<sup>(b)</sup>  | Baytex Energy Corp.<sup>(b)</sup>  | Baytex Energy Corp.<sup>(b)</sup>  |
| 03/15/2032 | &nbsp;&nbsp; 7.375% | 1026000 | &nbsp;&nbsp; 1042584 |
| Civitas Resources, Inc.<sup>(b)</sup>  | Civitas Resources, Inc.<sup>(b)</sup>  | Civitas Resources, Inc.<sup>(b)</sup>  | Civitas Resources, Inc.<sup>(b)</sup>  |
| 07/01/2028 | &nbsp;&nbsp; 8.375% | 1465000 | &nbsp;&nbsp; 1513847 |
| 07/01/2031 | &nbsp;&nbsp; 8.750% | 3452000 | &nbsp;&nbsp; 3597551 |
| 06/15/2033 | &nbsp;&nbsp; 9.625% | 4713000 | &nbsp;&nbsp; 5089061 |
| CNX Resources Corp.<sup>(b)</sup>  | CNX Resources Corp.<sup>(b)</sup>  | CNX Resources Corp.<sup>(b)</sup>  | CNX Resources Corp.<sup>(b)</sup>  |
| 01/15/2029 | &nbsp;&nbsp; 6.000% | 1737000 | &nbsp;&nbsp; 1745038 |
| 03/01/2032 | &nbsp;&nbsp; 7.250% | 1093000 | &nbsp;&nbsp; 1141361 |
| Colgate Energy Partners III LLC<sup>(b)</sup>  | Colgate Energy Partners III LLC<sup>(b)</sup>  | Colgate Energy Partners III LLC<sup>(b)</sup>  | Colgate Energy Partners III LLC<sup>(b)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 5.875% | 2906000 | &nbsp;&nbsp; 2916442 |
| Comstock Resources, Inc.<sup>(b)</sup>  | Comstock Resources, Inc.<sup>(b)</sup>  | Comstock Resources, Inc.<sup>(b)</sup>  | Comstock Resources, Inc.<sup>(b)</sup>  |
| 03/01/2029 | &nbsp;&nbsp; 6.750% | 1440000 | &nbsp;&nbsp; 1436492 |
| 01/15/2030 | &nbsp;&nbsp; 5.875% | 579000 | &nbsp;&nbsp; 562913 |
| Hilcorp Energy I LP/Finance Co.<sup>(b)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(b)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(b)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(b)</sup>  |
| 11/01/2028 | &nbsp;&nbsp; 6.250% | 1144000 | &nbsp;&nbsp; 1148590 |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 1794000 | &nbsp;&nbsp; 1685826 |
| 11/01/2033 | &nbsp;&nbsp; 8.375% | 1953000 | &nbsp;&nbsp; 2002957 |
| 02/15/2035 | &nbsp;&nbsp; 7.250% | 4039000 | &nbsp;&nbsp; 3842436 |
| Matador Resources Co.<sup>(b)</sup>  | Matador Resources Co.<sup>(b)</sup>  | Matador Resources Co.<sup>(b)</sup>  | Matador Resources Co.<sup>(b)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 6.875% | 1625000 | &nbsp;&nbsp; 1663993 |
| 04/15/2032 | &nbsp;&nbsp; 6.500% | 2887000 | &nbsp;&nbsp; 2932676 |
| 04/15/2033 | &nbsp;&nbsp; 6.250% | 569000 | &nbsp;&nbsp; 569652 |
| Permian Resources Operating LLC<sup>(b)</sup>  | Permian Resources Operating LLC<sup>(b)</sup>  | Permian Resources Operating LLC<sup>(b)</sup>  | Permian Resources Operating LLC<sup>(b)</sup>  |
| 01/15/2032 | &nbsp;&nbsp; 7.000% | 3483000 | &nbsp;&nbsp; 3628235 |
| SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| 07/15/2028 | &nbsp;&nbsp; 6.500% | 1332000 | &nbsp;&nbsp; 1347310 |
| SM Energy Co.<sup>(b)</sup>  | SM Energy Co.<sup>(b)</sup>  | SM Energy Co.<sup>(b)</sup>  | SM Energy Co.<sup>(b)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.750% | 1162000 | &nbsp;&nbsp; 1159570 |
| 08/01/2032 | &nbsp;&nbsp; 7.000% | 1757000 | &nbsp;&nbsp; 1713744 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **40740278** |
| **Leisure 3.7%** | **Leisure 3.7%** | **Leisure 3.7%** | **Leisure 3.7%** |
| Boyne USA, Inc.<sup>(b)</sup>  | Boyne USA, Inc.<sup>(b)</sup>  | Boyne USA, Inc.<sup>(b)</sup>  | Boyne USA, Inc.<sup>(b)</sup>  |
| 05/15/2029 | &nbsp;&nbsp; 4.750% | 1775000 | &nbsp;&nbsp; 1747618 |
| Carnival Corp.<sup>(b)</sup>  | Carnival Corp.<sup>(b)</sup>  | Carnival Corp.<sup>(b)</sup>  | Carnival Corp.<sup>(b)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 5.750% | 2231000 | &nbsp;&nbsp; 2291999 |
| 08/01/2032 | &nbsp;&nbsp; 5.750% | 4037000 | &nbsp;&nbsp; 4140284 |
| 02/15/2033 | &nbsp;&nbsp; 6.125% | 2771000 | &nbsp;&nbsp; 2853395 |
| Cinemark USA, Inc.<sup>(b)</sup>  | Cinemark USA, Inc.<sup>(b)</sup>  | Cinemark USA, Inc.<sup>(b)</sup>  | Cinemark USA, Inc.<sup>(b)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 5.250% | 2136000 | &nbsp;&nbsp; 2130695 |
| NCL Corp., Ltd.<sup>(b)</sup>  | NCL Corp., Ltd.<sup>(b)</sup>  | NCL Corp., Ltd.<sup>(b)</sup>  | NCL Corp., Ltd.<sup>(b)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.875% | 3180000 | &nbsp;&nbsp; 3146096 |
| 02/01/2032 | &nbsp;&nbsp; 6.750% | 3979000 | &nbsp;&nbsp; 4041280 |
| 09/15/2033 | &nbsp;&nbsp; 6.250% | 2552000 | &nbsp;&nbsp; 2523357 |
| Six Flags Entertainment Corp.<sup>(b)</sup>  | Six Flags Entertainment Corp.<sup>(b)</sup>  | Six Flags Entertainment Corp.<sup>(b)</sup>  | Six Flags Entertainment Corp.<sup>(b)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 7.250% | 5673000 | &nbsp;&nbsp; 5407227 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(b)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(b)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(b)</sup>  | Six Flags Entertainment Corp./Theme Parks, Inc.<sup>(b)</sup>  |
| 05/01/2032 | &nbsp;&nbsp; 6.625% | 3602000 | &nbsp;&nbsp; 3597725 |
| Vail Resorts, Inc.<sup>(b)</sup>  | Vail Resorts, Inc.<sup>(b)</sup>  | Vail Resorts, Inc.<sup>(b)</sup>  | Vail Resorts, Inc.<sup>(b)</sup>  |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 1970000 | &nbsp;&nbsp; 2045423 |
| Viking Cruises Ltd.<sup>(b)</sup>  | Viking Cruises Ltd.<sup>(b)</sup>  | Viking Cruises Ltd.<sup>(b)</sup>  | Viking Cruises Ltd.<sup>(b)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 7.000% | 2035000 | &nbsp;&nbsp; 2045249 |
| 07/15/2031 | &nbsp;&nbsp; 9.125% | 3088000 | &nbsp;&nbsp; 3311235 |
| 10/15/2033 | &nbsp;&nbsp; 5.875% | 4059000 | &nbsp;&nbsp; 4124687 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **43406270** |
| **Lodging 0.9%** | **Lodging 0.9%** | **Lodging 0.9%** | **Lodging 0.9%** |
| Hilton Domestic Operating Co., Inc.<sup>(b)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(b)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(b)</sup>  | Hilton Domestic Operating Co., Inc.<sup>(b)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 5.875% | 1428000 | &nbsp;&nbsp; 1472344 |
| 09/15/2033 | &nbsp;&nbsp; 5.750% | 1468000 | &nbsp;&nbsp; 1504303 |
| Hilton Grand Vacations Borrower Escrow LLC<sup>(b)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(b)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(b)</sup>  | Hilton Grand Vacations Borrower Escrow LLC<sup>(b)</sup>  |
| 07/01/2031 | &nbsp;&nbsp; 4.875% | 1829000 | &nbsp;&nbsp; 1695135 |
| 01/15/2032 | &nbsp;&nbsp; 6.625% | 2288000 | &nbsp;&nbsp; 2326536 |
| Marriott Ownership Resorts, Inc.<sup>(b)</sup>  | Marriott Ownership Resorts, Inc.<sup>(b)</sup>  | Marriott Ownership Resorts, Inc.<sup>(b)</sup>  | Marriott Ownership Resorts, Inc.<sup>(b)</sup>  |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 4180000 | &nbsp;&nbsp; 3976455 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10974773** |
| **Media and Entertainment 3.7%** | **Media and Entertainment 3.7%** | **Media and Entertainment 3.7%** | **Media and Entertainment 3.7%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 7.750% | 3905000 | &nbsp;&nbsp; 3908126 |
| 06/01/2029 | &nbsp;&nbsp; 7.500% | 2991000 | &nbsp;&nbsp; 2971242 |
| 04/01/2030 | &nbsp;&nbsp; 7.875% | 3064000 | &nbsp;&nbsp; 3229588 |
| 02/15/2031 | &nbsp;&nbsp; 7.125% | 1746000 | &nbsp;&nbsp; 1818160 |
| 03/15/2033 | &nbsp;&nbsp; 7.500% | 2565000 | &nbsp;&nbsp; 2695673 |
| Gray Media, Inc.<sup>(b)</sup>  | Gray Media, Inc.<sup>(b)</sup>  | Gray Media, Inc.<sup>(b)</sup>  | Gray Media, Inc.<sup>(b)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 9.625% | 1360000 | &nbsp;&nbsp; 1413728 |
| 08/15/2033 | &nbsp;&nbsp; 7.250% | 1525000 | &nbsp;&nbsp; 1533971 |
| iHeartCommunications, Inc.<sup>(b)</sup>  | iHeartCommunications, Inc.<sup>(b)</sup>  | iHeartCommunications, Inc.<sup>(b)</sup>  | iHeartCommunications, Inc.<sup>(b)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 9.125% | 787348 | &nbsp;&nbsp; 728729 |
| 05/01/2030 | &nbsp;&nbsp; 10.875% | 472000 | &nbsp;&nbsp; 388517 |
| 08/15/2030 | &nbsp;&nbsp; 7.750% | 596490 | &nbsp;&nbsp; 510840 |
| Mav Acquisition Corp.<sup>(b)</sup>  | Mav Acquisition Corp.<sup>(b)</sup>  | Mav Acquisition Corp.<sup>(b)</sup>  | Mav Acquisition Corp.<sup>(b)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 8.000% | 3185000 | &nbsp;&nbsp; 3227825 |
| McGraw-Hill Education, Inc.<sup>(b)</sup>  | McGraw-Hill Education, Inc.<sup>(b)</sup>  | McGraw-Hill Education, Inc.<sup>(b)</sup>  | McGraw-Hill Education, Inc.<sup>(b)</sup>  |
| 09/01/2031 | &nbsp;&nbsp; 7.375% | 1856000 | &nbsp;&nbsp; 1924919 |
| Outfront Media Capital LLC/Corp.<sup>(b)</sup>  | Outfront Media Capital LLC/Corp.<sup>(b)</sup>  | Outfront Media Capital LLC/Corp.<sup>(b)</sup>  | Outfront Media Capital LLC/Corp.<sup>(b)</sup>  |
| 03/15/2030 | &nbsp;&nbsp; 4.625% | 601000 | &nbsp;&nbsp; 583792 |
| Roblox Corp.<sup>(b)</sup>  | Roblox Corp.<sup>(b)</sup>  | Roblox Corp.<sup>(b)</sup>  | Roblox Corp.<sup>(b)</sup>  |
| 05/01/2030 | &nbsp;&nbsp; 3.875% | 1227000 | &nbsp;&nbsp; 1173735 |
| Snap, Inc.<sup>(b)</sup>  | Snap, Inc.<sup>(b)</sup>  | Snap, Inc.<sup>(b)</sup>  | Snap, Inc.<sup>(b)</sup>  |
| 03/01/2033 | &nbsp;&nbsp; 6.875% | 2804000 | &nbsp;&nbsp; 2888457 |
| 03/15/2034 | &nbsp;&nbsp; 6.875% | 3618000 | &nbsp;&nbsp; 3707850 |
| Univision Communications, Inc.<sup>(b)</sup>  | Univision Communications, Inc.<sup>(b)</sup>  | Univision Communications, Inc.<sup>(b)</sup>  | Univision Communications, Inc.<sup>(b)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 8.000% | 2181000 | &nbsp;&nbsp; 2252023 |
| 06/30/2030 | &nbsp;&nbsp; 7.375% | 1626000 | &nbsp;&nbsp; 1651403 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| 03/15/2032 | &nbsp;&nbsp; 4.279% | 2105000 | &nbsp;&nbsp; 1925280 |
| 03/15/2042 | &nbsp;&nbsp; 5.050% | 5060000 | &nbsp;&nbsp; 4044011 |
| 03/15/2052 | &nbsp;&nbsp; 5.141% | 1105000 | &nbsp;&nbsp; 829074 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **43406943** |
| **Metals and Mining 2.0%** | **Metals and Mining 2.0%** | **Metals and Mining 2.0%** | **Metals and Mining 2.0%** |
| Carpenter Technology Corp.<sup>(b)</sup>  | Carpenter Technology Corp.<sup>(b)</sup>  | Carpenter Technology Corp.<sup>(b)</sup>  | Carpenter Technology Corp.<sup>(b)</sup>  |
| 03/01/2034 | &nbsp;&nbsp; 5.625% | 1740000 | &nbsp;&nbsp; 1768269 |
| Cleveland-Cliffs, Inc.<sup>(b)</sup>  | Cleveland-Cliffs, Inc.<sup>(b)</sup>  | Cleveland-Cliffs, Inc.<sup>(b)</sup>  | Cleveland-Cliffs, Inc.<sup>(b)</sup>  |
| 11/01/2029 | &nbsp;&nbsp; 6.875% | 1109000 | &nbsp;&nbsp; 1143127 |
| 03/15/2032 | &nbsp;&nbsp; 7.000% | 407000 | &nbsp;&nbsp; 417340 |
| 05/01/2033 | &nbsp;&nbsp; 7.375% | 437000 | &nbsp;&nbsp; 452907 |
| Compass Minerals International, Inc.<sup>(b)</sup>  | Compass Minerals International, Inc.<sup>(b)</sup>  | Compass Minerals International, Inc.<sup>(b)</sup>  | Compass Minerals International, Inc.<sup>(b)</sup>  |
| 07/01/2030 | &nbsp;&nbsp; 8.000% | 1108000 | &nbsp;&nbsp; 1153351 |
| Constellium SE<sup>(b)</sup>  | Constellium SE<sup>(b)</sup>  | Constellium SE<sup>(b)</sup>  | Constellium SE<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 3.750% | 1836000 | &nbsp;&nbsp; 1770436 |
| 08/15/2032 | &nbsp;&nbsp; 6.375% | 2228000 | &nbsp;&nbsp; 2292823 |
| Hudbay Minerals, Inc.<sup>(b)</sup>  | Hudbay Minerals, Inc.<sup>(b)</sup>  | Hudbay Minerals, Inc.<sup>(b)</sup>  | Hudbay Minerals, Inc.<sup>(b)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.125% | 1703000 | &nbsp;&nbsp; 1726710 |
| Kaiser Aluminum Corp.<sup>(b)</sup>  | Kaiser Aluminum Corp.<sup>(b)</sup>  | Kaiser Aluminum Corp.<sup>(b)</sup>  | Kaiser Aluminum Corp.<sup>(b)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 4.500% | 4348000 | &nbsp;&nbsp; 4179462 |
| 03/01/2034 | &nbsp;&nbsp; 5.875% | 2043000 | &nbsp;&nbsp; 2037981 |
| Novelis Corp.<sup>(b)</sup>  | Novelis Corp.<sup>(b)</sup>  | Novelis Corp.<sup>(b)</sup>  | Novelis Corp.<sup>(b)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 4.750% | 2560000 | &nbsp;&nbsp; 2467310 |
| 08/15/2031 | &nbsp;&nbsp; 3.875% | 1421000 | &nbsp;&nbsp; 1298152 |
| 08/15/2033 | &nbsp;&nbsp; 6.375% | 1790000 | &nbsp;&nbsp; 1806233 |
| Novelis, Inc.<sup>(b)</sup>  | Novelis, Inc.<sup>(b)</sup>  | Novelis, Inc.<sup>(b)</sup>  | Novelis, Inc.<sup>(b)</sup>  |
| 01/30/2030 | &nbsp;&nbsp; 6.875% | 1070000 | &nbsp;&nbsp; 1108906 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **23623007** |
| **Midstream 5.7%** | **Midstream 5.7%** | **Midstream 5.7%** | **Midstream 5.7%** |
| AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(b)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.500% | 2741000 | &nbsp;&nbsp; 2903998 |
| Antero Midstream Partners LP/Finance Corp.<sup>(b)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(b)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(b)</sup>  | Antero Midstream Partners LP/Finance Corp.<sup>(b)</sup>  |
| 02/01/2032 | &nbsp;&nbsp; 6.625% | 2160000 | &nbsp;&nbsp; 2240488 |
| CNX Midstream Partners LP<sup>(b)</sup>  | CNX Midstream Partners LP<sup>(b)</sup>  | CNX Midstream Partners LP<sup>(b)</sup>  | CNX Midstream Partners LP<sup>(b)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 4.750% | 4254000 | &nbsp;&nbsp; 4088762 |
| Delek Logistics Partners LP/Finance Corp.<sup>(b)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(b)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(b)</sup>  | Delek Logistics Partners LP/Finance Corp.<sup>(b)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 8.625% | 4874000 | &nbsp;&nbsp; 5110724 |
| 06/30/2033 | &nbsp;&nbsp; 7.375% | 4758000 | &nbsp;&nbsp; 4878049 |
| Hess Midstream Operations LP<sup>(b)</sup>  | Hess Midstream Operations LP<sup>(b)</sup>  | Hess Midstream Operations LP<sup>(b)</sup>  | Hess Midstream Operations LP<sup>(b)</sup>  |
| 03/01/2028 | &nbsp;&nbsp; 5.875% | 983000 | &nbsp;&nbsp; 999953 |
| 10/15/2030 | &nbsp;&nbsp; 5.500% | 802000 | &nbsp;&nbsp; 810596 |
| ITT Holdings LLC<sup>(b)</sup>  | ITT Holdings LLC<sup>(b)</sup>  | ITT Holdings LLC<sup>(b)</sup>  | ITT Holdings LLC<sup>(b)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 6.500% | 436000 | &nbsp;&nbsp; 423102 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 04/28/2027 | &nbsp;&nbsp; 5.625% | 1089000 | &nbsp;&nbsp; 1099209 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Rockies Express Pipeline LLC<sup>(b)</sup>  | Rockies Express Pipeline LLC<sup>(b)</sup>  | Rockies Express Pipeline LLC<sup>(b)</sup>  | Rockies Express Pipeline LLC<sup>(b)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.750% | 1077000 | &nbsp;&nbsp; 1129779 |
| Sunoco LP<sup>(b),(d),(e)</sup>  | Sunoco LP<sup>(b),(d),(e)</sup>  | Sunoco LP<sup>(b),(d),(e)</sup>  | Sunoco LP<sup>(b),(d),(e)</sup>  |
|  | &nbsp;&nbsp; 7.875% | 3533000 | &nbsp;&nbsp; 3601649 |
| Sunoco LP<sup>(b)</sup>  | Sunoco LP<sup>(b)</sup>  | Sunoco LP<sup>(b)</sup>  | Sunoco LP<sup>(b)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 7.000% | 2606000 | &nbsp;&nbsp; 2712559 |
| 05/01/2032 | &nbsp;&nbsp; 7.250% | 1670000 | &nbsp;&nbsp; 1763599 |
| 07/01/2033 | &nbsp;&nbsp; 6.250% | 2350000 | &nbsp;&nbsp; 2414014 |
| TransMontaigne Partners LLC<sup>(b)</sup>  | TransMontaigne Partners LLC<sup>(b)</sup>  | TransMontaigne Partners LLC<sup>(b)</sup>  | TransMontaigne Partners LLC<sup>(b)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 8.500% | 3984000 | &nbsp;&nbsp; 4072283 |
| Venture Global Calcasieu Pass LLC<sup>(b)</sup>  | Venture Global Calcasieu Pass LLC<sup>(b)</sup>  | Venture Global Calcasieu Pass LLC<sup>(b)</sup>  | Venture Global Calcasieu Pass LLC<sup>(b)</sup>  |
| 08/15/2031 | &nbsp;&nbsp; 4.125% | 1323000 | &nbsp;&nbsp; 1213970 |
| 11/01/2033 | &nbsp;&nbsp; 3.875% | 3206000 | &nbsp;&nbsp; 2804502 |
| Venture Global LNG, Inc.<sup>(b),(d),(e)</sup>  | Venture Global LNG, Inc.<sup>(b),(d),(e)</sup>  | Venture Global LNG, Inc.<sup>(b),(d),(e)</sup>  | Venture Global LNG, Inc.<sup>(b),(d),(e)</sup>  |
|  | &nbsp;&nbsp; 9.000% | 5817000 | &nbsp;&nbsp; 4943992 |
| Venture Global LNG, Inc.<sup>(b)</sup>  | Venture Global LNG, Inc.<sup>(b)</sup>  | Venture Global LNG, Inc.<sup>(b)</sup>  | Venture Global LNG, Inc.<sup>(b)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 9.500% | 1512000 | &nbsp;&nbsp; 1596804 |
| 01/15/2030 | &nbsp;&nbsp; 7.000% | 1148000 | &nbsp;&nbsp; 1126696 |
| 06/01/2031 | &nbsp;&nbsp; 8.375% | 1939000 | &nbsp;&nbsp; 1943977 |
| 02/01/2032 | &nbsp;&nbsp; 9.875% | 1388000 | &nbsp;&nbsp; 1444934 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup>  | Venture Global Plaquemines LNG LLC<sup>(b)</sup>  | Venture Global Plaquemines LNG LLC<sup>(b)</sup>  | Venture Global Plaquemines LNG LLC<sup>(b)</sup>  |
| 01/15/2034 | &nbsp;&nbsp; 6.500% | 3716000 | &nbsp;&nbsp; 3845257 |
| 05/01/2035 | &nbsp;&nbsp; 7.750% | 3157000 | &nbsp;&nbsp; 3516040 |
| 01/15/2036 | &nbsp;&nbsp; 6.750% | 6012000 | &nbsp;&nbsp; 6304709 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **66989645** |
| **Oil Field Services 2.2%** | **Oil Field Services 2.2%** | **Oil Field Services 2.2%** | **Oil Field Services 2.2%** |
| Archrock Partners LP/Finance Corp.<sup>(b)</sup>  | Archrock Partners LP/Finance Corp.<sup>(b)</sup>  | Archrock Partners LP/Finance Corp.<sup>(b)</sup>  | Archrock Partners LP/Finance Corp.<sup>(b)</sup>  |
| 09/01/2032 | &nbsp;&nbsp; 6.625% | 1692000 | &nbsp;&nbsp; 1742798 |
| Kodiak Gas Services LLC<sup>(b)</sup>  | Kodiak Gas Services LLC<sup>(b)</sup>  | Kodiak Gas Services LLC<sup>(b)</sup>  | Kodiak Gas Services LLC<sup>(b)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 7.250% | 1321000 | &nbsp;&nbsp; 1378164 |
| 10/01/2033 | &nbsp;&nbsp; 6.500% | 1701000 | &nbsp;&nbsp; 1734925 |
| 10/01/2035 | &nbsp;&nbsp; 6.750% | 1004000 | &nbsp;&nbsp; 1031129 |
| Nabors Industries, Inc.<sup>(b)</sup>  | Nabors Industries, Inc.<sup>(b)</sup>  | Nabors Industries, Inc.<sup>(b)</sup>  | Nabors Industries, Inc.<sup>(b)</sup>  |
| 01/31/2030 | &nbsp;&nbsp; 9.125% | 2460000 | &nbsp;&nbsp; 2579894 |
| 08/15/2031 | &nbsp;&nbsp; 8.875% | 3696000 | &nbsp;&nbsp; 3616293 |
| Transocean Aquila Ltd.<sup>(b)</sup>  | Transocean Aquila Ltd.<sup>(b)</sup>  | Transocean Aquila Ltd.<sup>(b)</sup>  | Transocean Aquila Ltd.<sup>(b)</sup>  |
| 09/30/2028 | &nbsp;&nbsp; 8.000% | 2558246 | &nbsp;&nbsp; 2628970 |
| Transocean Titan Financing Ltd.<sup>(b)</sup>  | Transocean Titan Financing Ltd.<sup>(b)</sup>  | Transocean Titan Financing Ltd.<sup>(b)</sup>  | Transocean Titan Financing Ltd.<sup>(b)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 8.375% | 4424857 | &nbsp;&nbsp; 4547517 |
| Transocean, Inc.<sup>(b)</sup>  | Transocean, Inc.<sup>(b)</sup>  | Transocean, Inc.<sup>(b)</sup>  | Transocean, Inc.<sup>(b)</sup>  |
| 05/15/2031 | &nbsp;&nbsp; 8.500% | 2670000 | &nbsp;&nbsp; 2690100 |
| USA Compression Partners LP/Finance Corp.<sup>(b)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(b)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(b)</sup>  | USA Compression Partners LP/Finance Corp.<sup>(b)</sup>  |
| 03/15/2029 | &nbsp;&nbsp; 7.125% | 3284000 | &nbsp;&nbsp; 3412925 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **25362715** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Other Industry 0.4%** | **Other Industry 0.4%** | **Other Industry 0.4%** | **Other Industry 0.4%** |
| Williams Scotsman International, Inc.<sup>(b)</sup>  | Williams Scotsman International, Inc.<sup>(b)</sup>  | Williams Scotsman International, Inc.<sup>(b)</sup>  | Williams Scotsman International, Inc.<sup>(b)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.625% | 2944000 | &nbsp;&nbsp; 2913936 |
| Williams Scotsman, Inc.<sup>(b)</sup>  | Williams Scotsman, Inc.<sup>(b)</sup>  | Williams Scotsman, Inc.<sup>(b)</sup>  | Williams Scotsman, Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 6.625% | 1276000 | &nbsp;&nbsp; 1315870 |
| 04/15/2030 | &nbsp;&nbsp; 6.625% | 767000 | &nbsp;&nbsp; 791654 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5021460** |
| **Other REIT 1.3%** | **Other REIT 1.3%** | **Other REIT 1.3%** | **Other REIT 1.3%** |
| Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup>  | Ladder Capital Finance Holdings LLLP/Corp.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.750% | 1610000 | &nbsp;&nbsp; 1586563 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(b)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(b)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(b)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(b)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.875% | 3522000 | &nbsp;&nbsp; 3525740 |
| 05/15/2029 | &nbsp;&nbsp; 4.875% | 2929000 | &nbsp;&nbsp; 2843177 |
| RHP Hotel Properties LP/Finance Corp.<sup>(b)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(b)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(b)</sup>  | RHP Hotel Properties LP/Finance Corp.<sup>(b)</sup>  |
| 07/15/2028 | &nbsp;&nbsp; 7.250% | 811000 | &nbsp;&nbsp; 836864 |
| 04/01/2032 | &nbsp;&nbsp; 6.500% | 2080000 | &nbsp;&nbsp; 2156238 |
| 06/15/2033 | &nbsp;&nbsp; 6.500% | 1475000 | &nbsp;&nbsp; 1530597 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 06/15/2029 | &nbsp;&nbsp; 8.375% | 1117000 | &nbsp;&nbsp; 1097530 |
| Service Properties Trust<sup>(b)</sup>  | Service Properties Trust<sup>(b)</sup>  | Service Properties Trust<sup>(b)</sup>  | Service Properties Trust<sup>(b)</sup>  |
| 11/15/2031 | &nbsp;&nbsp; 8.625% | 1075000 | &nbsp;&nbsp; 1128177 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14704886** |
| **Packaging 1.0%** | **Packaging 1.0%** | **Packaging 1.0%** | **Packaging 1.0%** |
| Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b)</sup>  |
| 09/01/2029 | &nbsp;&nbsp; 4.000% | 5692000 | &nbsp;&nbsp; 5311376 |
| Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b),(f)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b),(f)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b),(f)</sup>  | Ardagh Metal Packaging Finance USA LLC/PLC<sup>(b),(f)</sup>  |
| 01/30/2031 | &nbsp;&nbsp; 6.250% | 1188000 | &nbsp;&nbsp; 1208499 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup>  | Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 8.750% | 4333000 | &nbsp;&nbsp; 4338415 |
| 04/15/2032 | &nbsp;&nbsp; 6.750% | 1116000 | &nbsp;&nbsp; 1129893 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **11988183** |
| **Pharmaceuticals 1.3%** | **Pharmaceuticals 1.3%** | **Pharmaceuticals 1.3%** | **Pharmaceuticals 1.3%** |
| 1261229 BC Ltd.<sup>(b)</sup>  | 1261229 BC Ltd.<sup>(b)</sup>  | 1261229 BC Ltd.<sup>(b)</sup>  | 1261229 BC Ltd.<sup>(b)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 10.000% | 5204000 | &nbsp;&nbsp; 5386211 |
| Bausch Health Companies, Inc.<sup>(b)</sup>  | Bausch Health Companies, Inc.<sup>(b)</sup>  | Bausch Health Companies, Inc.<sup>(b)</sup>  | Bausch Health Companies, Inc.<sup>(b)</sup>  |
| 01/31/2027 | &nbsp;&nbsp; 8.500% | 535000 | &nbsp;&nbsp; 532726 |
| 06/01/2028 | &nbsp;&nbsp; 4.875% | 1785000 | &nbsp;&nbsp; 1622402 |
| 09/30/2028 | &nbsp;&nbsp; 11.000% | 323000 | &nbsp;&nbsp; 340163 |
| 02/15/2029 | &nbsp;&nbsp; 6.250% | 602000 | &nbsp;&nbsp; 495170 |
| Grifols Escrow Issuer SA<sup>(b)</sup>  | Grifols Escrow Issuer SA<sup>(b)</sup>  | Grifols Escrow Issuer SA<sup>(b)</sup>  | Grifols Escrow Issuer SA<sup>(b)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 4.750% | 4816000 | &nbsp;&nbsp; 4713032 |
| Organon Finance 1 LLC<sup>(b)</sup>  | Organon Finance 1 LLC<sup>(b)</sup>  | Organon Finance 1 LLC<sup>(b)</sup>  | Organon Finance 1 LLC<sup>(b)</sup>  |
| 04/30/2028 | &nbsp;&nbsp; 4.125% | 1548000 | &nbsp;&nbsp; 1513306 |
| 04/30/2031 | &nbsp;&nbsp; 5.125% | 624000 | &nbsp;&nbsp; 522610 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **15125620** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Property & Casualty 4.1%** | **Property & Casualty 4.1%** | **Property & Casualty 4.1%** | **Property & Casualty 4.1%** |
| Acrisure LLC/Finance, Inc.<sup>(b)</sup>  | Acrisure LLC/Finance, Inc.<sup>(b)</sup>  | Acrisure LLC/Finance, Inc.<sup>(b)</sup>  | Acrisure LLC/Finance, Inc.<sup>(b)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 8.250% | 1940000 | &nbsp;&nbsp; 2019198 |
| 08/01/2029 | &nbsp;&nbsp; 6.000% | 3294000 | &nbsp;&nbsp; 3254685 |
| 07/01/2032 | &nbsp;&nbsp; 6.750% | 1346000 | &nbsp;&nbsp; 1377486 |
| Alliant Holdings Intermediate LLC/Co-Issuer<sup>(b)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(b)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(b)</sup>  | Alliant Holdings Intermediate LLC/Co-Issuer<sup>(b)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 6.750% | 2734000 | &nbsp;&nbsp; 2747471 |
| 04/15/2028 | &nbsp;&nbsp; 6.750% | 4126000 | &nbsp;&nbsp; 4201001 |
| 10/01/2031 | &nbsp;&nbsp; 6.500% | 1559000 | &nbsp;&nbsp; 1603515 |
| 10/01/2032 | &nbsp;&nbsp; 7.375% | 4973000 | &nbsp;&nbsp; 5138782 |
| Ardonagh Finco Ltd.<sup>(b)</sup>  | Ardonagh Finco Ltd.<sup>(b)</sup>  | Ardonagh Finco Ltd.<sup>(b)</sup>  | Ardonagh Finco Ltd.<sup>(b)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 7.750% | 3853000 | &nbsp;&nbsp; 4029460 |
| Ardonagh Group Finance Ltd.<sup>(b)</sup>  | Ardonagh Group Finance Ltd.<sup>(b)</sup>  | Ardonagh Group Finance Ltd.<sup>(b)</sup>  | Ardonagh Group Finance Ltd.<sup>(b)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.875% | 4967000 | &nbsp;&nbsp; 5127893 |
| BroadStreet Partners, Inc.<sup>(b)</sup>  | BroadStreet Partners, Inc.<sup>(b)</sup>  | BroadStreet Partners, Inc.<sup>(b)</sup>  | BroadStreet Partners, Inc.<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.875% | 4036000 | &nbsp;&nbsp; 4034282 |
| Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(b)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(b)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(b)</sup>  | Howden UK Refinance PLC/2 PLC/US Refinance LLC<sup>(b)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 8.125% | 1130000 | &nbsp;&nbsp; 1146633 |
| HUB International Ltd.<sup>(b)</sup>  | HUB International Ltd.<sup>(b)</sup>  | HUB International Ltd.<sup>(b)</sup>  | HUB International Ltd.<sup>(b)</sup>  |
| 01/31/2032 | &nbsp;&nbsp; 7.375% | 3370000 | &nbsp;&nbsp; 3511684 |
| HUB International, Ltd.<sup>(b)</sup>  | HUB International, Ltd.<sup>(b)</sup>  | HUB International, Ltd.<sup>(b)</sup>  | HUB International, Ltd.<sup>(b)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 7.250% | 6080000 | &nbsp;&nbsp; 6367901 |
| Panther Escrow Issuer LLC<sup>(b)</sup>  | Panther Escrow Issuer LLC<sup>(b)</sup>  | Panther Escrow Issuer LLC<sup>(b)</sup>  | Panther Escrow Issuer LLC<sup>(b)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 7.125% | 2231000 | &nbsp;&nbsp; 2307350 |
| Ryan Specialty LLC<sup>(b)</sup>  | Ryan Specialty LLC<sup>(b)</sup>  | Ryan Specialty LLC<sup>(b)</sup>  | Ryan Specialty LLC<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 5.875% | 1164000 | &nbsp;&nbsp; 1189921 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **48057262** |
| **Railroads 0.9%** | **Railroads 0.9%** | **Railroads 0.9%** | **Railroads 0.9%** |
| Genesee & Wyoming, Inc.<sup>(b)</sup>  | Genesee & Wyoming, Inc.<sup>(b)</sup>  | Genesee & Wyoming, Inc.<sup>(b)</sup>  | Genesee & Wyoming, Inc.<sup>(b)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 6.250% | 4230000 | &nbsp;&nbsp; 4356725 |
| Watco Cos LLC/Finance Corp.<sup>(b)</sup>  | Watco Cos LLC/Finance Corp.<sup>(b)</sup>  | Watco Cos LLC/Finance Corp.<sup>(b)</sup>  | Watco Cos LLC/Finance Corp.<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.125% | 6175000 | &nbsp;&nbsp; 6462309 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10819034** |
| **Restaurants 0.8%** | **Restaurants 0.8%** | **Restaurants 0.8%** | **Restaurants 0.8%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(b)</sup>  |
| 09/15/2029 | &nbsp;&nbsp; 5.625% | 2253000 | &nbsp;&nbsp; 2296475 |
| Fertitta Entertainment LLC/Finance Co., Inc.<sup>(b)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(b)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(b)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(b)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 6.750% | 5839000 | &nbsp;&nbsp; 5445810 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 04/01/2032 | &nbsp;&nbsp; 5.375% | 1770000 | &nbsp;&nbsp; 1796223 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **9538508** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Retailers 2.1%** | **Retailers 2.1%** | **Retailers 2.1%** | **Retailers 2.1%** |
| Advance Auto Parts, Inc.<sup>(b)</sup>  | Advance Auto Parts, Inc.<sup>(b)</sup>  | Advance Auto Parts, Inc.<sup>(b)</sup>  | Advance Auto Parts, Inc.<sup>(b)</sup>  |
| 08/01/2030 | &nbsp;&nbsp; 7.000% | 1219000 | &nbsp;&nbsp; 1244485 |
| 08/01/2033 | &nbsp;&nbsp; 7.375% | 2409000 | &nbsp;&nbsp; 2451346 |
| Asbury Automotive Group, Inc.<sup>(b)</sup>  | Asbury Automotive Group, Inc.<sup>(b)</sup>  | Asbury Automotive Group, Inc.<sup>(b)</sup>  | Asbury Automotive Group, Inc.<sup>(b)</sup>  |
| 02/15/2032 | &nbsp;&nbsp; 5.000% | 1087000 | &nbsp;&nbsp; 1058203 |
| Beach Acquisition Bidco LLC<sup>(b),(c)</sup>  | Beach Acquisition Bidco LLC<sup>(b),(c)</sup>  | Beach Acquisition Bidco LLC<sup>(b),(c)</sup>  | Beach Acquisition Bidco LLC<sup>(b),(c)</sup>  |
| 07/15/2033 | &nbsp;&nbsp; 10.000% | 4859000 | &nbsp;&nbsp; 5270891 |
| Belron UK Finance PLC<sup>(b)</sup>  | Belron UK Finance PLC<sup>(b)</sup>  | Belron UK Finance PLC<sup>(b)</sup>  | Belron UK Finance PLC<sup>(b)</sup>  |
| 10/15/2029 | &nbsp;&nbsp; 5.750% | 1399000 | &nbsp;&nbsp; 1423255 |
| Group 1 Automotive, Inc.<sup>(b)</sup>  | Group 1 Automotive, Inc.<sup>(b)</sup>  | Group 1 Automotive, Inc.<sup>(b)</sup>  | Group 1 Automotive, Inc.<sup>(b)</sup>  |
| 08/15/2028 | &nbsp;&nbsp; 4.000% | 2345000 | &nbsp;&nbsp; 2294561 |
| 01/15/2030 | &nbsp;&nbsp; 6.375% | 885000 | &nbsp;&nbsp; 909609 |
| Hanesbrands, Inc.<sup>(b)</sup>  | Hanesbrands, Inc.<sup>(b)</sup>  | Hanesbrands, Inc.<sup>(b)</sup>  | Hanesbrands, Inc.<sup>(b)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 9.000% | 1908000 | &nbsp;&nbsp; 2013363 |
| L Brands, Inc. | L Brands, Inc. | L Brands, Inc. | L Brands, Inc. |
| 06/15/2029 | &nbsp;&nbsp; 7.500% | 735000 | &nbsp;&nbsp; 749499 |
| L Brands, Inc.<sup>(b)</sup>  | L Brands, Inc.<sup>(b)</sup>  | L Brands, Inc.<sup>(b)</sup>  | L Brands, Inc.<sup>(b)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 6.625% | 876000 | &nbsp;&nbsp; 889905 |
| LCM Investments Holdings II LLC<sup>(b)</sup>  | LCM Investments Holdings II LLC<sup>(b)</sup>  | LCM Investments Holdings II LLC<sup>(b)</sup>  | LCM Investments Holdings II LLC<sup>(b)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 4.875% | 591000 | &nbsp;&nbsp; 582045 |
| 08/01/2031 | &nbsp;&nbsp; 8.250% | 1102000 | &nbsp;&nbsp; 1163190 |
| Lithia Motors, Inc.<sup>(b)</sup>  | Lithia Motors, Inc.<sup>(b)</sup>  | Lithia Motors, Inc.<sup>(b)</sup>  | Lithia Motors, Inc.<sup>(b)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 4.375% | 1665000 | &nbsp;&nbsp; 1598662 |
| Wolverine World Wide, Inc.<sup>(b)</sup>  | Wolverine World Wide, Inc.<sup>(b)</sup>  | Wolverine World Wide, Inc.<sup>(b)</sup>  | Wolverine World Wide, Inc.<sup>(b)</sup>  |
| 08/15/2029 | &nbsp;&nbsp; 4.000% | 3412000 | &nbsp;&nbsp; 3131687 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **24780701** |
| **Technology 10.5%** | **Technology 10.5%** | **Technology 10.5%** | **Technology 10.5%** |
| Amentum Escrow Corp.<sup>(b)</sup>  | Amentum Escrow Corp.<sup>(b)</sup>  | Amentum Escrow Corp.<sup>(b)</sup>  | Amentum Escrow Corp.<sup>(b)</sup>  |
| 08/01/2032 | &nbsp;&nbsp; 7.250% | 3351000 | &nbsp;&nbsp; 3519194 |
| APLD ComputeCo LLC<sup>(b)</sup>  | APLD ComputeCo LLC<sup>(b)</sup>  | APLD ComputeCo LLC<sup>(b)</sup>  | APLD ComputeCo LLC<sup>(b)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 9.250% | 6234000 | &nbsp;&nbsp; 6010147 |
| Block, Inc.<sup>(b)</sup>  | Block, Inc.<sup>(b)</sup>  | Block, Inc.<sup>(b)</sup>  | Block, Inc.<sup>(b)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 5.625% | 1679000 | &nbsp;&nbsp; 1711240 |
| 08/15/2033 | &nbsp;&nbsp; 6.000% | 1313000 | &nbsp;&nbsp; 1349688 |
| Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| 05/15/2032 | &nbsp;&nbsp; 6.500% | 3353000 | &nbsp;&nbsp; 3505753 |
| CACI International, Inc.<sup>(b)</sup>  | CACI International, Inc.<sup>(b)</sup>  | CACI International, Inc.<sup>(b)</sup>  | CACI International, Inc.<sup>(b)</sup>  |
| 06/15/2033 | &nbsp;&nbsp; 6.375% | 1680000 | &nbsp;&nbsp; 1750978 |
| Camelot Finance SA<sup>(b)</sup>  | Camelot Finance SA<sup>(b)</sup>  | Camelot Finance SA<sup>(b)</sup>  | Camelot Finance SA<sup>(b)</sup>  |
| 11/01/2026 | &nbsp;&nbsp; 4.500% | 225000 | &nbsp;&nbsp; 223670 |
| Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(b)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(b)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(b)</sup>  | Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 8.000% | 828000 | &nbsp;&nbsp; 705934 |
| Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup>  | Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 7.250% | 831000 | &nbsp;&nbsp; 689477 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Cipher Compute LLC<sup>(b)</sup>  | Cipher Compute LLC<sup>(b)</sup>  | Cipher Compute LLC<sup>(b)</sup>  | Cipher Compute LLC<sup>(b)</sup>  |
| 11/15/2030 | &nbsp;&nbsp; 7.125% | 2917000 | &nbsp;&nbsp; 2963349 |
| Clarivate Science Holdings Corp.<sup>(b)</sup>  | Clarivate Science Holdings Corp.<sup>(b)</sup>  | Clarivate Science Holdings Corp.<sup>(b)</sup>  | Clarivate Science Holdings Corp.<sup>(b)</sup>  |
| 07/01/2029 | &nbsp;&nbsp; 4.875% | 5857000 | &nbsp;&nbsp; 5536358 |
| Cloud Software Group, Inc,<sup>(b)</sup>  | Cloud Software Group, Inc,<sup>(b)</sup>  | Cloud Software Group, Inc,<sup>(b)</sup>  | Cloud Software Group, Inc,<sup>(b)</sup>  |
| 08/15/2033 | &nbsp;&nbsp; 6.625% | 576000 | &nbsp;&nbsp; 576464 |
| Cloud Software Group, Inc.<sup>(b)</sup>  | Cloud Software Group, Inc.<sup>(b)</sup>  | Cloud Software Group, Inc.<sup>(b)</sup>  | Cloud Software Group, Inc.<sup>(b)</sup>  |
| 09/30/2029 | &nbsp;&nbsp; 9.000% | 7661000 | &nbsp;&nbsp; 7918649 |
| 06/30/2032 | &nbsp;&nbsp; 8.250% | 2720000 | &nbsp;&nbsp; 2872941 |
| Condor Merger Sub, Inc.<sup>(b)</sup>  | Condor Merger Sub, Inc.<sup>(b)</sup>  | Condor Merger Sub, Inc.<sup>(b)</sup>  | Condor Merger Sub, Inc.<sup>(b)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 7.375% | 8404000 | &nbsp;&nbsp; 7344063 |
| Entegris Escrow Corp.<sup>(b)</sup>  | Entegris Escrow Corp.<sup>(b)</sup>  | Entegris Escrow Corp.<sup>(b)</sup>  | Entegris Escrow Corp.<sup>(b)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 5.950% | 4576000 | &nbsp;&nbsp; 4687439 |
| Fair Isaac Corp.<sup>(b)</sup>  | Fair Isaac Corp.<sup>(b)</sup>  | Fair Isaac Corp.<sup>(b)</sup>  | Fair Isaac Corp.<sup>(b)</sup>  |
| 05/15/2033 | &nbsp;&nbsp; 6.000% | 2236000 | &nbsp;&nbsp; 2302647 |
| Gen Digital, Inc.<sup>(b)</sup>  | Gen Digital, Inc.<sup>(b)</sup>  | Gen Digital, Inc.<sup>(b)</sup>  | Gen Digital, Inc.<sup>(b)</sup>  |
| 04/01/2033 | &nbsp;&nbsp; 6.250% | 201000 | &nbsp;&nbsp; 206994 |
| GTCR W-2 Merger Sub LLC<sup>(b)</sup>  | GTCR W-2 Merger Sub LLC<sup>(b)</sup>  | GTCR W-2 Merger Sub LLC<sup>(b)</sup>  | GTCR W-2 Merger Sub LLC<sup>(b)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 7.500% | 2748000 | &nbsp;&nbsp; 2922130 |
| HealthEquity, Inc.<sup>(b)</sup>  | HealthEquity, Inc.<sup>(b)</sup>  | HealthEquity, Inc.<sup>(b)</sup>  | HealthEquity, Inc.<sup>(b)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 4.500% | 1785000 | &nbsp;&nbsp; 1752495 |
| ION Platform Finance US Inc./SARL<sup>(b)</sup>  | ION Platform Finance US Inc./SARL<sup>(b)</sup>  | ION Platform Finance US Inc./SARL<sup>(b)</sup>  | ION Platform Finance US Inc./SARL<sup>(b)</sup>  |
| 05/01/2028 | &nbsp;&nbsp; 4.625% | 4210000 | &nbsp;&nbsp; 3886071 |
| 05/01/2028 | &nbsp;&nbsp; 5.000% | 260000 | &nbsp;&nbsp; 241306 |
| 05/15/2028 | &nbsp;&nbsp; 5.750% | 2323000 | &nbsp;&nbsp; 2178412 |
| 05/01/2029 | &nbsp;&nbsp; 8.750% | 2225000 | &nbsp;&nbsp; 2213362 |
| 05/30/2029 | &nbsp;&nbsp; 9.500% | 3309000 | &nbsp;&nbsp; 3365376 |
| ION Platform Finance US, Inc.<sup>(b)</sup>  | ION Platform Finance US, Inc.<sup>(b)</sup>  | ION Platform Finance US, Inc.<sup>(b)</sup>  | ION Platform Finance US, Inc.<sup>(b)</sup>  |
| 09/30/2032 | &nbsp;&nbsp; 7.875% | 3399000 | &nbsp;&nbsp; 3235954 |
| Iron Mountain Information Management Services, Inc.<sup>(b)</sup>  | Iron Mountain Information Management Services, Inc.<sup>(b)</sup>  | Iron Mountain Information Management Services, Inc.<sup>(b)</sup>  | Iron Mountain Information Management Services, Inc.<sup>(b)</sup>  |
| 07/15/2032 | &nbsp;&nbsp; 5.000% | 1815000 | &nbsp;&nbsp; 1746857 |
| Iron Mountain, Inc.<sup>(b)</sup>  | Iron Mountain, Inc.<sup>(b)</sup>  | Iron Mountain, Inc.<sup>(b)</sup>  | Iron Mountain, Inc.<sup>(b)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 7.000% | 1865000 | &nbsp;&nbsp; 1915830 |
| 01/15/2033 | &nbsp;&nbsp; 6.250% | 1457000 | &nbsp;&nbsp; 1489738 |
| Minerva Merger Sub, Inc.<sup>(b)</sup>  | Minerva Merger Sub, Inc.<sup>(b)</sup>  | Minerva Merger Sub, Inc.<sup>(b)</sup>  | Minerva Merger Sub, Inc.<sup>(b)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.500% | 4608000 | &nbsp;&nbsp; 4575337 |
| NCR Atleos Escrow Corp.<sup>(b)</sup>  | NCR Atleos Escrow Corp.<sup>(b)</sup>  | NCR Atleos Escrow Corp.<sup>(b)</sup>  | NCR Atleos Escrow Corp.<sup>(b)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 9.500% | 4172000 | &nbsp;&nbsp; 4514728 |
| NCR Corp.<sup>(b)</sup>  | NCR Corp.<sup>(b)</sup>  | NCR Corp.<sup>(b)</sup>  | NCR Corp.<sup>(b)</sup>  |
| 10/01/2028 | &nbsp;&nbsp; 5.000% | 142000 | &nbsp;&nbsp; 140983 |
| 04/15/2029 | &nbsp;&nbsp; 5.125% | 2376000 | &nbsp;&nbsp; 2355628 |
| Neptune Bidco US, Inc.<sup>(b)</sup>  | Neptune Bidco US, Inc.<sup>(b)</sup>  | Neptune Bidco US, Inc.<sup>(b)</sup>  | Neptune Bidco US, Inc.<sup>(b)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 9.290% | 5265000 | &nbsp;&nbsp; 5242737 |
| 05/15/2031 | &nbsp;&nbsp; 10.375% | 1352000 | &nbsp;&nbsp; 1367014 |
| Picard Midco, Inc.<sup>(b)</sup>  | Picard Midco, Inc.<sup>(b)</sup>  | Picard Midco, Inc.<sup>(b)</sup>  | Picard Midco, Inc.<sup>(b)</sup>  |
| 03/31/2029 | &nbsp;&nbsp; 6.500% | 5679000 | &nbsp;&nbsp; 5729903 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Science Applications International Corp.<sup>(b)</sup>  | Science Applications International Corp.<sup>(b)</sup>  | Science Applications International Corp.<sup>(b)</sup>  | Science Applications International Corp.<sup>(b)</sup>  |
| 11/01/2033 | &nbsp;&nbsp; 5.875% | 2826000 | &nbsp;&nbsp; 2817710 |
| Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup>  | Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup>  |
| 12/15/2029 | &nbsp;&nbsp; 8.250% | 1495000 | &nbsp;&nbsp; 1588151 |
| Shift4 Payments LLC/Finance Sub, Inc.<sup>(b)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(b)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(b)</sup>  | Shift4 Payments LLC/Finance Sub, Inc.<sup>(b)</sup>  |
| 08/15/2032 | &nbsp;&nbsp; 6.750% | 3513000 | &nbsp;&nbsp; 3649079 |
| Synaptics, Inc.<sup>(b)</sup>  | Synaptics, Inc.<sup>(b)</sup>  | Synaptics, Inc.<sup>(b)</sup>  | Synaptics, Inc.<sup>(b)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 4.000% | 1228000 | &nbsp;&nbsp; 1182131 |
| UKG, Inc.<sup>(b)</sup>  | UKG, Inc.<sup>(b)</sup>  | UKG, Inc.<sup>(b)</sup>  | UKG, Inc.<sup>(b)</sup>  |
| 02/01/2031 | &nbsp;&nbsp; 6.875% | 2258000 | &nbsp;&nbsp; 2330712 |
| WEX, Inc.<sup>(b)</sup>  | WEX, Inc.<sup>(b)</sup>  | WEX, Inc.<sup>(b)</sup>  | WEX, Inc.<sup>(b)</sup>  |
| 03/15/2033 | &nbsp;&nbsp; 6.500% | 2644000 | &nbsp;&nbsp; 2695293 |
| WULF Compute LLC<sup>(b)</sup>  | WULF Compute LLC<sup>(b)</sup>  | WULF Compute LLC<sup>(b)</sup>  | WULF Compute LLC<sup>(b)</sup>  |
| 10/15/2030 | &nbsp;&nbsp; 7.750% | 1401000 | &nbsp;&nbsp; 1448539 |
| ZoomInfo Technologies LLC/Finance Corp.<sup>(b)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(b)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(b)</sup>  | ZoomInfo Technologies LLC/Finance Corp.<sup>(b)</sup>  |
| 02/01/2029 | &nbsp;&nbsp; 3.875% | 4990000 | &nbsp;&nbsp; 4722341 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **123182802** |
| **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** | **Transportation Services 0.5%** |
| Avis Budget Car Rental LLC/Finance, Inc.<sup>(b)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(b)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(b)</sup>  | Avis Budget Car Rental LLC/Finance, Inc.<sup>(b)</sup>  |
| 02/15/2031 | &nbsp;&nbsp; 8.000% | 2643000 | &nbsp;&nbsp; 2699739 |
| 06/15/2032 | &nbsp;&nbsp; 8.375% | 2741000 | &nbsp;&nbsp; 2821930 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5521669** |
| **Wireless 1.2%** | **Wireless 1.2%** | **Wireless 1.2%** | **Wireless 1.2%** |
| Altice France<sup>(b)</sup>  | Altice France<sup>(b)</sup>  | Altice France<sup>(b)</sup>  | Altice France<sup>(b)</sup>  |
| 03/15/2032 | &nbsp;&nbsp; 6.500% | 7114954 | &nbsp;&nbsp; 6919528 |
| Altice France Lux 3/Holdings 1<sup>(b)</sup>  | Altice France Lux 3/Holdings 1<sup>(b)</sup>  | Altice France Lux 3/Holdings 1<sup>(b)</sup>  | Altice France Lux 3/Holdings 1<sup>(b)</sup>  |
| 01/15/2033 | &nbsp;&nbsp; 10.000% | 928400 | &nbsp;&nbsp; 891507 |
| Vmed O2 UK Financing I PLC<sup>(b)</sup>  | Vmed O2 UK Financing I PLC<sup>(b)</sup>  | Vmed O2 UK Financing I PLC<sup>(b)</sup>  | Vmed O2 UK Financing I PLC<sup>(b)</sup>  |
| 01/31/2031 | &nbsp;&nbsp; 4.250% | 2533000 | &nbsp;&nbsp; 2314417 |
| 07/15/2031 | &nbsp;&nbsp; 4.750% | 3125000 | &nbsp;&nbsp; 2865941 |
| 04/15/2032 | &nbsp;&nbsp; 7.750% | 1636000 | &nbsp;&nbsp; 1698437 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14689830** |
| **Wirelines 1.4%** | **Wirelines 1.4%** | **Wirelines 1.4%** | **Wirelines 1.4%** |
| Fibercop SpA<sup>(b)</sup>  | Fibercop SpA<sup>(b)</sup>  | Fibercop SpA<sup>(b)</sup>  | Fibercop SpA<sup>(b)</sup>  |
| 07/18/2036 | &nbsp;&nbsp; 7.200% | 451000 | &nbsp;&nbsp; 448277 |
| Frontier Communications Holdings LLC<sup>(b)</sup>  | Frontier Communications Holdings LLC<sup>(b)</sup>  | Frontier Communications Holdings LLC<sup>(b)</sup>  | Frontier Communications Holdings LLC<sup>(b)</sup>  |
| 05/15/2030 | &nbsp;&nbsp; 8.750% | 2188000 | &nbsp;&nbsp; 2284910 |
| 03/15/2031 | &nbsp;&nbsp; 8.625% | 2134000 | &nbsp;&nbsp; 2254079 |
| Iliad Holding SAS<sup>(b)</sup>  | Iliad Holding SAS<sup>(b)</sup>  | Iliad Holding SAS<sup>(b)</sup>  | Iliad Holding SAS<sup>(b)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 7.000% | 3036000 | &nbsp;&nbsp; 3079166 |
| Iliad Holding SASU<sup>(b)</sup>  | Iliad Holding SASU<sup>(b)</sup>  | Iliad Holding SASU<sup>(b)</sup>  | Iliad Holding SASU<sup>(b)</sup>  |
| 04/15/2031 | &nbsp;&nbsp; 8.500% | 637000 | &nbsp;&nbsp; 684607 |
| 04/15/2032 | &nbsp;&nbsp; 7.000% | 1443000 | &nbsp;&nbsp; 1486134 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Optics Bidco SpA<sup>(b)</sup>  | Optics Bidco SpA<sup>(b)</sup>  | Optics Bidco SpA<sup>(b)</sup>  | Optics Bidco SpA<sup>(b)</sup>  |
| 06/04/2038 | &nbsp;&nbsp; 7.721% | 1549000 | &nbsp;&nbsp; 1563341 |
| Windstream Escrow LLC/Finance Corp.<sup>(b)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(b)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(b)</sup>  | Windstream Escrow LLC/Finance Corp.<sup>(b)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 8.250% | 3431000 | &nbsp;&nbsp; 3574728 |
| Windstream Services LLC<sup>(b)</sup>  | Windstream Services LLC<sup>(b)</sup>  | Windstream Services LLC<sup>(b)</sup>  | Windstream Services LLC<sup>(b)</sup>  |
| 10/15/2033 | &nbsp;&nbsp; 7.500% | 1487000 | &nbsp;&nbsp; 1516882 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16892124** |
| Total Corporate Bonds & Notes <br>(Cost $1,064,597,448) | Total Corporate Bonds & Notes <br>(Cost $1,064,597,448) | Total Corporate Bonds & Notes <br>(Cost $1,064,597,448) | &nbsp;&nbsp; **1070491056** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Exchange-Traded Fixed Income Funds 1.7%** | **Exchange-Traded Fixed Income Funds 1.7%** | **Exchange-Traded Fixed Income Funds 1.7%** |
|  | **Shares** | **Value ($)** |
| **High Yield 1.7%** | **High Yield 1.7%** | **High Yield 1.7%** |
| Columbia Short Duration High Yield ETF<sup>(g)</sup> <br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 4071500 |
| Columbia US High Yield ETF<sup>(g)</sup> <br>| &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 16493544 |
| **Total** | **Total** | &nbsp;&nbsp; **20565044** |
| Total Exchange-Traded Fixed Income Funds <br>(Cost $20,244,200) | Total Exchange-Traded Fixed Income Funds <br>(Cost $20,244,200) | &nbsp;&nbsp; **20565044** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(h)</sup> **0.2%** | **Foreign Government Obligations**<sup>(h)</sup> **0.2%** | **Foreign Government Obligations**<sup>(h)</sup> **0.2%** | **Foreign Government Obligations**<sup>(h)</sup> **0.2%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Canada 0.2%** | **Canada 0.2%** | **Canada 0.2%** | **Canada 0.2%** |
| NOVA Chemicals Corp.<sup>(b)</sup>  | NOVA Chemicals Corp.<sup>(b)</sup>  | NOVA Chemicals Corp.<sup>(b)</sup>  | NOVA Chemicals Corp.<sup>(b)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 9.000% | 2298000 | &nbsp;&nbsp; 2457768 |
| Total Foreign Government Obligations <br>(Cost $2,305,169) | Total Foreign Government Obligations <br>(Cost $2,305,169) | Total Foreign Government Obligations <br>(Cost $2,305,169) | &nbsp;&nbsp; **2457768** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Rights 0.0%** | **Rights 0.0%** | **Rights 0.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** |
| Altice Luxembourg France SA, CVR<sup>(a),(i),(j),(k)</sup> <br>| &nbsp;&nbsp; 3882 | &nbsp;&nbsp; 64189 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **64189** |
| Total Rights <br>(Cost $226) | Total Rights <br>(Cost $226) | &nbsp;&nbsp; **64189** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans 1.8%** | **Senior Loans 1.8%** | **Senior Loans 1.8%** | **Senior Loans 1.8%** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Airlines 0.1%** | **Airlines 0.1%** | **Airlines 0.1%** | **Airlines 0.1%** |
| AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(l),(m)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(l),(m)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(l),(m)</sup>  | AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(l),(m)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 3-month Term SOFR + 3.250% <br>05/28/2032<br>| &nbsp;&nbsp; 7.134% | 1444740 | &nbsp;&nbsp; 1448713 |
| **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** |
| CP Atlas Buyer, Inc.<sup>(l),(m)</sup>  | CP Atlas Buyer, Inc.<sup>(l),(m)</sup>  | CP Atlas Buyer, Inc.<sup>(l),(m)</sup>  | CP Atlas Buyer, Inc.<sup>(l),(m)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 5.250% <br>07/08/2030<br>| &nbsp;&nbsp; 9.166% | 2446422 | &nbsp;&nbsp; 2332052 |
| **Chemicals 0.4%** | **Chemicals 0.4%** | **Chemicals 0.4%** | **Chemicals 0.4%** |
| Ineos Quattro Holdings UK Ltd.<sup>(l),(m)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(l),(m)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(l),(m)</sup>  | Ineos Quattro Holdings UK Ltd.<sup>(l),(m)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 4.250% <br>04/02/2029<br>| &nbsp;&nbsp; 8.266% | 1476253 | &nbsp;&nbsp; 1127119 |
| Ineos US Finance LLC<sup>(l),(m)</sup>  | Ineos US Finance LLC<sup>(l),(m)</sup>  | Ineos US Finance LLC<sup>(l),(m)</sup>  | Ineos US Finance LLC<sup>(l),(m)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>02/18/2030<br>| &nbsp;&nbsp; 7.166% | 4318094 | &nbsp;&nbsp; 3637994 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4765113** |
| **Consumer Cyclical Services 0.3%** | **Consumer Cyclical Services 0.3%** | **Consumer Cyclical Services 0.3%** | **Consumer Cyclical Services 0.3%** |
| Arches Buyer, Inc.<sup>(l),(m)</sup>  | Arches Buyer, Inc.<sup>(l),(m)</sup>  | Arches Buyer, Inc.<sup>(l),(m)</sup>  | Arches Buyer, Inc.<sup>(l),(m)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.250% <br>Floor 0.500% <br>12/06/2027<br>| &nbsp;&nbsp; 7.266% | 2802930 | &nbsp;&nbsp; 2806237 |
| **Property & Casualty 0.1%** | **Property & Casualty 0.1%** | **Property & Casualty 0.1%** | **Property & Casualty 0.1%** |
| Truist Insurance Holdings LLC<sup>(l),(m)</sup>  | Truist Insurance Holdings LLC<sup>(l),(m)</sup>  | Truist Insurance Holdings LLC<sup>(l),(m)</sup>  | Truist Insurance Holdings LLC<sup>(l),(m)</sup>  |
| 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan |
| 3-month Term SOFR + 4.750% <br>05/06/2032<br>| &nbsp;&nbsp; 8.752% | 1305197 | &nbsp;&nbsp; 1319476 |
| **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** | **Retailers 0.1%** |
| Hanesbrands, Inc.<sup>(l),(m)</sup>  | Hanesbrands, Inc.<sup>(l),(m)</sup>  | Hanesbrands, Inc.<sup>(l),(m)</sup>  | Hanesbrands, Inc.<sup>(l),(m)</sup>  |
| Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan | Tranche B Term Loan |
| 1-month Term SOFR + 2.750% <br>03/07/2032<br>| &nbsp;&nbsp; 6.666% | 591838 | &nbsp;&nbsp; 592826 |
| **Technology 0.6%** | **Technology 0.6%** | **Technology 0.6%** | **Technology 0.6%** |
| Ascend Learning LLC<sup>(l),(m)</sup>  | Ascend Learning LLC<sup>(l),(m)</sup>  | Ascend Learning LLC<sup>(l),(m)</sup>  | Ascend Learning LLC<sup>(l),(m)</sup>  |
| Term Loan | Term Loan | Term Loan | Term Loan |
| 1-month Term SOFR + 3.000% <br>Floor 0.500% <br>12/11/2028<br>| &nbsp;&nbsp; 6.916% | 3993876 | &nbsp;&nbsp; 3992958 |
| DCert Buyer, Inc.<sup>(l),(m)</sup>  | DCert Buyer, Inc.<sup>(l),(m)</sup>  | DCert Buyer, Inc.<sup>(l),(m)</sup>  | DCert Buyer, Inc.<sup>(l),(m)</sup>  |
| 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan |
| 1-month Term SOFR + 7.000% <br>02/19/2029<br>| &nbsp;&nbsp; 10.916% | 340666 | &nbsp;&nbsp; 305748 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** | **Senior Loans (continued)** |
| **Borrower** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| Ellucian Holdings, Inc.<sup>(l),(m)</sup>  | Ellucian Holdings, Inc.<sup>(l),(m)</sup>  | Ellucian Holdings, Inc.<sup>(l),(m)</sup>  | Ellucian Holdings, Inc.<sup>(l),(m)</sup>  |
| 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan | 2nd Lien Term Loan |
| 1-month Term SOFR + 4.750% <br>11/22/2032<br>| &nbsp;&nbsp; 8.666% | 3140000 | &nbsp;&nbsp; 3155700 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7454406** |
| Total Senior Loans <br>(Cost $21,542,633) | Total Senior Loans <br>(Cost $21,542,633) | Total Senior Loans <br>(Cost $21,542,633) | &nbsp;&nbsp; **20718823** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(g),(n)</sup> <br>| &nbsp;&nbsp; 38904402 | &nbsp;&nbsp; 38892731 |
| Total Money Market Funds <br>(Cost $38,899,795) | Total Money Market Funds <br>(Cost $38,899,795) | &nbsp;&nbsp; **38892731** |
| **Total Investments in Securities** <br>**(Cost: $1,154,458,075)** | **Total Investments in Securities** <br>**(Cost: $1,154,458,075)** | &nbsp;&nbsp; **1161611569** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **15425572** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1177037141** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 November 30, 2025, the total value of these securities amounted to $1,004,022,529, which represents 85.30% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Perpetual security with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Under the Investment Company Act of 1940, 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 period ended November 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short Duration High Yield ETF | Columbia Short Duration High Yield ETF | Columbia Short Duration High Yield ETF | Columbia Short Duration High Yield ETF | Columbia Short Duration High Yield ETF | Columbia Short Duration High Yield ETF | Columbia Short Duration High Yield ETF | Columbia Short Duration High Yield ETF | Columbia Short Duration High Yield ETF |
|  |  | &nbsp;&nbsp; 4053000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18500 | &nbsp;&nbsp; 4071500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57738 | &nbsp;&nbsp; 200000 |
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 45302659 | &nbsp;&nbsp; 192177001 | &nbsp;&nbsp; (198588555)<br>| &nbsp;&nbsp; 1626 | &nbsp;&nbsp; 38892731 | &nbsp;&nbsp; (2091)<br>| &nbsp;&nbsp; 713451 | &nbsp;&nbsp; 38904402 |
| Columbia US High Yield ETF | Columbia US High Yield ETF | Columbia US High Yield ETF | Columbia US High Yield ETF | Columbia US High Yield ETF | Columbia US High Yield ETF | Columbia US High Yield ETF | Columbia US High Yield ETF | Columbia US High Yield ETF |
|  | 13805382 | &nbsp;&nbsp; 2432400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 255762 | &nbsp;&nbsp; 16493544 | &nbsp;&nbsp; — | &nbsp;&nbsp; 495819 | &nbsp;&nbsp; 810000 |
| Total | 59108041 |  |  | &nbsp;&nbsp; 275888 | &nbsp;&nbsp; 59457775 | &nbsp;&nbsp; (2091)<br>| &nbsp;&nbsp; 1267008 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Principal and interest may not be guaranteed by a governmental entity.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2025, the total value of these securities amounted to $64,189, which represents 0.01% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At November 30, 2025, the total market value of these securities amounted to $64,189, which represents 0.01% of total net assets. Additional information on these securities is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| Altice Luxembourg France SA, CVR | 10/15/2025 | &nbsp;&nbsp; 3882 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 64189 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(k) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(l) The stated interest rate represents the weighted average interest rate at November 30, 2025 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Variable rate security. The interest rate shown was the current rate as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(n) The rate shown is the seven-day current annualized yield at November 30, 2025.

**Abbreviation Legend** 

CVR Contingent Value Rights <br> SOFR Secured Overnight Financing Rate

**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.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, 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 accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services |  | &nbsp;&nbsp;&nbsp;&nbsp; 1510071 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1510071 |
| Total Common Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 1510071 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1510071 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 6911887 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6911887 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 1070491056 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1070491056 |
| Exchange-Traded Fixed Income Funds | 20565044 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20565044 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 2457768 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2457768 |
| Rights |  |  |  |  |
| Communication Services |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64189 | &nbsp;&nbsp;&nbsp;&nbsp; 64189 |
| Total Rights |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64189 | &nbsp;&nbsp;&nbsp;&nbsp; 64189 |
| Senior Loans |  | &nbsp;&nbsp;&nbsp;&nbsp; 20718823 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20718823 |
| Money Market Funds | 38892731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38892731 |
| Total Investments in Securities | 59457775 | &nbsp;&nbsp;&nbsp;&nbsp; 1102089605 | &nbsp;&nbsp;&nbsp;&nbsp; 64189 | &nbsp;&nbsp;&nbsp;&nbsp; 1161611569 |

---

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. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

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 High Yield Bond Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,095,314,080) | $1102153794 |
| Affiliated issuers (cost $59,143,995) | 59457775 |
| Cash | 116170 |
| Receivable for: |  |
| Investments sold | 205938 |
| Capital shares sold | 5787819 |
| Dividends | 96648 |
| Interest | 18170401 |
| Foreign tax reclaims | 23229 |
| Expense reimbursement due from Investment Manager | 3332 |
| Prepaid expenses | 7414 |
| Other assets | 26300 |
| Total assets | 1186048820 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased on a delayed delivery basis | 1188000 |
| Capital shares redeemed | 1209090 |
| Distributions to shareholders | 6163623 |
| Management services fees | 40851 |
| Distribution and/or service fees | 6434 |
| Transfer agent fees | 74544 |
| Compensation of chief compliance officer | 109 |
| Compensation of board members | 2938 |
| Other expenses | 40690 |
| Deferred compensation of board members | 285400 |
| Total liabilities | 9011679 |
| **Net assets applicable to outstanding capital stock** | **$1177037141** |
| **Represented by** |  |
| Paid in capital | 1275388797 |
| Total distributable earnings (loss) | (98351656)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$1177037141** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Statement of Assets and Liabilities (continued)

November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $408591553 |
| Shares outstanding | 36465523 |
| Net asset value per share | $11.20 |
| Maximum sales charge  | 4.75% |
| 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) | $11.76 |
| **Class C** |  |
| Net assets | $7575670 |
| Shares outstanding | 680259 |
| Net asset value per share | $11.14 |
| **Institutional Class** |  |
| Net assets | $260291717 |
| Shares outstanding | 23250575 |
| Net asset value per share | $11.20 |
| **Institutional 2 Class** |  |
| Net assets | $37078365 |
| Shares outstanding | 3320566 |
| Net asset value per share | $11.17 |
| **Institutional 3 Class** |  |
| Net assets | $443390225 |
| Shares outstanding | 39648501 |
| Net asset value per share | $11.18 |
| **Class R** |  |
| Net assets | $16360395 |
| Shares outstanding | 1455746 |
| Net asset value per share | $11.24 |
| **Class S** |  |
| Net assets | $3749216 |
| Shares outstanding | 334879 |
| Net asset value per share | $11.20 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $1267008 |
| Interest | 41429983 |
| Interfund lending | 95 |
| Foreign taxes withheld | (20931)<br>|
| Total income | 42676155 |
| Expenses: |  |
| Management services fees | 3980037 |
| Distribution and/or service fees |  |
| Class A | 516447 |
| Class C | 37192 |
| Class R | 39956 |
| Transfer agent fees |  |
| Class A | 227575 |
| Class C | 4100 |
| Institutional Class | 140848 |
| Institutional 2 Class | 10367 |
| Institutional 3 Class | 11006 |
| Class R | 8808 |
| Class S | 2336 |
| Custodian fees | 6073 |
| Printing and postage fees | 28059 |
| Registration fees | 64540 |
| Accounting services fees | 21622 |
| Legal fees | 19350 |
| Compensation of chief compliance officer | 109 |
| Compensation of board members | 11989 |
| Deferred compensation of board members | 60383 |
| Other | 20305 |
| Total expenses | 5211102 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (413852)<br>|
| Fees waived by transfer agent |  |
| Institutional 2 Class | (711)<br>|
| Institutional 3 Class | (11006)<br>|
| Expense reduction | (1003)<br>|
| Total net expenses | 4784530 |
| **Net investment income** | 37891625 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 1146868 |
| Investments — affiliated issuers | (2091)<br>|
| Foreign currency translations | 2 |
| Net realized gain | 1144779 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 20940682 |
| Investments — affiliated issuers | 275888 |
| Net change in unrealized appreciation (depreciation) | 21216570 |
| Net realized and unrealized gain | 22361349 |
| **Net increase in net assets resulting from operations** | **$60252974** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $37891625 | &nbsp;&nbsp; $79177769 |
| Net realized gain (loss) | 1144779 | &nbsp;&nbsp; (1613624)<br>|
| Net change in unrealized appreciation (depreciation) | 21216570 | &nbsp;&nbsp; 35811259 |
| Net increase in net assets resulting from operations | 60252974 | &nbsp;&nbsp; 113375404 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (12111730)<br>| &nbsp;&nbsp; (23858124)<br>|
| Advisor Class |  | &nbsp;&nbsp; (1745334)<br>|
| Class C | (190349)<br>| &nbsp;&nbsp; (374384)<br>|
| Institutional Class | (7833858)<br>| &nbsp;&nbsp; (10426472)<br>|
| Institutional 2 Class | (1154283)<br>| &nbsp;&nbsp; (2602160)<br>|
| Institutional 3 Class | (16060899)<br>| &nbsp;&nbsp; (39253478)<br>|
| Class R | (449579)<br>| &nbsp;&nbsp; (840536)<br>|
| Class S | (129224)<br>| &nbsp;&nbsp; (174636)<br>|
| Total distributions to shareholders | (37929922)<br>| &nbsp;&nbsp; (79275124)<br>|
| Decrease in net assets from capital stock activity | (200784322)<br>| &nbsp;&nbsp; (60904786)<br>|
| Total decrease in net assets | (178461270)<br>| &nbsp;&nbsp; (26804506)<br>|
| Net assets at beginning of period | 1355498411 | &nbsp;&nbsp; 1382302917 |
| **Net assets at end of period** | **$1177037141** | &nbsp;&nbsp; **$1355498411** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 1625926 | &nbsp;&nbsp;&nbsp;&nbsp; 18147054 | &nbsp;&nbsp;&nbsp;&nbsp; 3127669 | &nbsp;&nbsp;&nbsp;&nbsp; 34165859 |
| Distributions reinvested | 1043037 | &nbsp;&nbsp;&nbsp;&nbsp; 11680549 | &nbsp;&nbsp;&nbsp;&nbsp; 2096914 | &nbsp;&nbsp;&nbsp;&nbsp; 23020508 |
| Shares redeemed | (3807009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42542248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8308037)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (90922417)<br>|
| Net decrease | (1138046)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12714645)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3083454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33736050)<br>|
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1002831 | &nbsp;&nbsp;&nbsp;&nbsp; 11030654 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130549 | &nbsp;&nbsp;&nbsp;&nbsp; 1440598 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9773442)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107573699)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8640062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95102447)<br>|
| Class C |  |  |  |  |
| Shares sold | 47955 | &nbsp;&nbsp;&nbsp;&nbsp; 533035 | &nbsp;&nbsp;&nbsp;&nbsp; 167037 | &nbsp;&nbsp;&nbsp;&nbsp; 1825190 |
| Distributions reinvested | 16715 | &nbsp;&nbsp;&nbsp;&nbsp; 186052 | &nbsp;&nbsp;&nbsp;&nbsp; 33725 | &nbsp;&nbsp;&nbsp;&nbsp; 367943 |
| Shares redeemed | (53266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (591180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (282016)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3069366)<br>|
| Net increase (decrease) | 11404 | &nbsp;&nbsp;&nbsp;&nbsp; 127907 | &nbsp;&nbsp;&nbsp;&nbsp; (81254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (876233)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 3988270 | &nbsp;&nbsp;&nbsp;&nbsp; 44501168 | &nbsp;&nbsp;&nbsp;&nbsp; 13983714 | &nbsp;&nbsp;&nbsp;&nbsp; 153218695 |
| Distributions reinvested | 500501 | &nbsp;&nbsp;&nbsp;&nbsp; 5600883 | &nbsp;&nbsp;&nbsp;&nbsp; 843786 | &nbsp;&nbsp;&nbsp;&nbsp; 9254869 |
| Shares redeemed | (3044983)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34002217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5920729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64746763)<br>|
| Net increase | 1443788 | &nbsp;&nbsp;&nbsp;&nbsp; 16099834 | &nbsp;&nbsp;&nbsp;&nbsp; 8906771 | &nbsp;&nbsp;&nbsp;&nbsp; 97726801 |
| Institutional 2 Class |  |  |  |  |
| Shares sold | 219833 | &nbsp;&nbsp;&nbsp;&nbsp; 2452845 | &nbsp;&nbsp;&nbsp;&nbsp; 1219416 | &nbsp;&nbsp;&nbsp;&nbsp; 13306467 |
| Distributions reinvested | 103413 | &nbsp;&nbsp;&nbsp;&nbsp; 1154066 | &nbsp;&nbsp;&nbsp;&nbsp; 237754 | &nbsp;&nbsp;&nbsp;&nbsp; 2601626 |
| Shares redeemed | (862575)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9552646)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1559980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17032675)<br>|
| Net decrease | (539329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5945735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1124582)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 3697579 | &nbsp;&nbsp;&nbsp;&nbsp; 41209910 | &nbsp;&nbsp;&nbsp;&nbsp; 7920607 | &nbsp;&nbsp;&nbsp;&nbsp; 86702986 |
| Distributions reinvested | 1398737 | &nbsp;&nbsp;&nbsp;&nbsp; 15628804 | &nbsp;&nbsp;&nbsp;&nbsp; 3501812 | &nbsp;&nbsp;&nbsp;&nbsp; 38382154 |
| Shares redeemed | (22863536)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (255097666)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14462717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (157524401)<br>|
| Net decrease | (17767220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (198258952)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3040298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32439261)<br>|
| Class R |  |  |  |  |
| Shares sold | 160459 | &nbsp;&nbsp;&nbsp;&nbsp; 1796910 | &nbsp;&nbsp;&nbsp;&nbsp; 535830 | &nbsp;&nbsp;&nbsp;&nbsp; 5866910 |
| Distributions reinvested | 39925 | &nbsp;&nbsp;&nbsp;&nbsp; 448534 | &nbsp;&nbsp;&nbsp;&nbsp; 76159 | &nbsp;&nbsp;&nbsp;&nbsp; 838697 |
| Shares redeemed | (139191)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1560833)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (597856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6546983)<br>|
| Net increase | 61193 | &nbsp;&nbsp;&nbsp;&nbsp; 684611 | &nbsp;&nbsp;&nbsp;&nbsp; 14133 | &nbsp;&nbsp;&nbsp;&nbsp; 158624 |
| Class S |  |  |  |  |
| Shares sold | 410 | &nbsp;&nbsp;&nbsp;&nbsp; 4580 | &nbsp;&nbsp;&nbsp;&nbsp; 480377 | &nbsp;&nbsp;&nbsp;&nbsp; 5321563 |
| Distributions reinvested | 11549 | &nbsp;&nbsp;&nbsp;&nbsp; 129224 | &nbsp;&nbsp;&nbsp;&nbsp; 15905 | &nbsp;&nbsp;&nbsp;&nbsp; 174541 |
| Shares redeemed | (81616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (911146)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (91746)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1007742)<br>|
| Net increase (decrease) | (69657)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (777342)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 404536 | &nbsp;&nbsp;&nbsp;&nbsp; 4488362 |
| **Total net decrease** | **(17997867)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(200784322)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(5622438)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(60904786)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

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Columbia High Yield Bond Fund \| 2025

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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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $11.02<br>| 0.33<br>| 0.18<br>| 0.51<br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.33) <br>|
| Year Ended 5/31/2025 | $10.74<br>| 0.61<br>| 0.28<br>| 0.89<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.61) <br>|
| Year Ended 5/31/2024 | $10.32<br>| 0.59<br>| 0.43<br>| 1.02<br>| &nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.60) <br>|
| Year Ended 5/31/2023 | $10.95<br>| 0.53<br>| &nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp; (0.09) <br>| &nbsp;&nbsp; (0.54) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.54) <br>|
| Year Ended 5/31/2022 | $12.03<br>| 0.48<br>| &nbsp;&nbsp; (1.03) <br>| &nbsp;&nbsp; (0.55) <br>| &nbsp;&nbsp; (0.49) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.53) <br>|
| Year Ended 5/31/2021<sup>(d)</sup> <br>| $11.19<br>| 0.52<br>| 0.85<br>| 1.37<br>| &nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.53) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | $10.95<br>| 0.28<br>| 0.19<br>| 0.47<br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.28) <br>|
| Year Ended 5/31/2025 | $10.67<br>| 0.53<br>| 0.28<br>| 0.81<br>| &nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.53) <br>|
| Year Ended 5/31/2024 | $10.26<br>| 0.51<br>| 0.42<br>| 0.93<br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.52) <br>|
| Year Ended 5/31/2023 | $10.88<br>| 0.45<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.46) <br>|
| Year Ended 5/31/2022 | $11.96<br>| 0.39<br>| &nbsp;&nbsp; (1.03) <br>| &nbsp;&nbsp; (0.64) <br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.44) <br>|
| Year Ended 5/31/2021<sup>(d)</sup> <br>| $11.13<br>| 0.43<br>| 0.84<br>| 1.27<br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.44) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $11.01<br>| 0.34<br>| 0.19<br>| 0.53<br>| &nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.34) <br>|
| Year Ended 5/31/2025 | $10.73<br>| 0.64<br>| 0.28<br>| 0.92<br>| &nbsp;&nbsp; (0.64) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.64) <br>|
| Year Ended 5/31/2024 | $10.32<br>| 0.61<br>| 0.42<br>| 1.03<br>| &nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.62) <br>|
| Year Ended 5/31/2023 | $10.94<br>| 0.56<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.57) <br>|
| Year Ended 5/31/2022 | $12.02<br>| 0.51<br>| &nbsp;&nbsp; (1.03) <br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.56) <br>|
| Year Ended 5/31/2021<sup>(d)</sup> <br>| $11.19<br>| 0.54<br>| 0.85<br>| 1.39<br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.56) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $10.98<br>| 0.34<br>| 0.19<br>| 0.53<br>| &nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.34) <br>|
| Year Ended 5/31/2025 | $10.70<br>| 0.64<br>| 0.28<br>| 0.92<br>| &nbsp;&nbsp; (0.64) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.64) <br>|
| Year Ended 5/31/2024 | $10.29<br>| 0.62<br>| 0.42<br>| 1.04<br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.63) <br>|
| Year Ended 5/31/2023 | $10.91<br>| 0.57<br>| &nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.57) <br>|
| Year Ended 5/31/2022 | $11.99<br>| 0.52<br>| &nbsp;&nbsp; (1.03) <br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.57) <br>|
| Year Ended 5/31/2021<sup>(d)</sup> <br>| $11.16<br>| 0.55<br>| 0.85<br>| 1.40<br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.57) <br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $11.00<br>| 0.35<br>| 0.18<br>| 0.53<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.35) <br>|
| Year Ended 5/31/2025 | $10.72<br>| 0.65<br>| 0.28<br>| 0.93<br>| &nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.65) <br>|
| Year Ended 5/31/2024 | $10.31<br>| 0.63<br>| 0.42<br>| 1.05<br>| &nbsp;&nbsp; (0.64) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.64) <br>|
| Year Ended 5/31/2023 | $10.93<br>| 0.57<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.58) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.58) <br>|
| Year Ended 5/31/2022 | $12.01<br>| 0.52<br>| &nbsp;&nbsp; (1.03) <br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.57) <br>|
| Year Ended 5/31/2021<sup>(d)</sup> <br>| $11.17<br>| 0.55<br>| 0.86<br>| 1.41<br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.57) <br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $11.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $408592<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $11.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $414326<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $437014<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $454106<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.78%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $530844<br>|
|  Year Ended 5/31/2021 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $627451<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $11.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7576<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $10.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7324<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8007<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.37%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10072<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.54%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14237<br>|
|  Year Ended 5/31/2021 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17974<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $11.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $260292<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $11.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $240069<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $138446<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $135507<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.55%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $177452<br>|
|  Year Ended 5/31/2021 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $191648<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $11.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37078<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $10.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42382<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42414<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37596<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.91<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.51%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37114<br>|
|  Year Ended 5/31/2021 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $82319<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $11.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $443390<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $11.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $631532<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $648213<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $534874<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.44%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $670696<br>|
|  Year Ended 5/31/2021 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $779695<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six Months Ended 11/30/2025 (Unaudited) | $11.05<br>| 0.31<br>| 0.19<br>| 0.50<br>| &nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.31) <br>|
| Year Ended 5/31/2025 | $10.77<br>| 0.58<br>| 0.28<br>| 0.86<br>| &nbsp;&nbsp; (0.58) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.58) <br>|
| Year Ended 5/31/2024 | $10.36<br>| 0.56<br>| 0.42<br>| 0.98<br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.57) <br>|
| Year Ended 5/31/2023 | $10.98<br>| 0.51<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.52) <br>|
| Year Ended 5/31/2022 | $12.07<br>| 0.45<br>| &nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.50) <br>|
| Year Ended 5/31/2021<sup>(d)</sup> <br>| $11.23<br>| 0.49<br>| 0.85<br>| 1.34<br>| &nbsp;&nbsp; (0.50) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.50) <br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | $11.01<br>| 0.34<br>| 0.19<br>| 0.53<br>| &nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.34) <br>|
| Year Ended 5/31/2025<sup>(e)</sup> <br>| $11.11<br>| 0.42<br>| &nbsp;&nbsp; (0.10 )<sup>(f)</sup><br>| 0.32<br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.42) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **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) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.  |
| (e) | Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date. |
| (f) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $11.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16360<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $11.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15411<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14872<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12152<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.07%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14451<br>|
|  Year Ended 5/31/2021 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15494<br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $11.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3749<br>|
|  Year Ended 5/31/2025 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4454<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia High Yield Bond Fund \| 2025

------

Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia High Yield Bond Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business 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. Institutional Class, Institutional 2 Class, Institutional 3 Class, Class R and Class S 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.

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Columbia High Yield Bond Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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.

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.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Columbia High Yield Bond Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Investments in senior loans** 

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

**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.

**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.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

**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. For convertible securities, premiums attributable to the conversion feature are not amortized.

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.

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a

Columbia High Yield Bond Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

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.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

**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.

**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.

Columbia High Yield Bond Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

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 and is responsible for 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 0.66% to 0.40% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.63% of the Fund's average daily net assets.

The Investment Manager has contractually agreed to implement a waiver with respect to Fund assets invested in funds that pay a management or advisory fee to the Investment Manager or its affiliate (underlying affiliated funds). Under this arrangement, the Investment Manager waives its net management fee (management fee less reimbursements/waivers) with respect to the Fund in an amount equal to the net management or advisory fee (fee less reimbursement/waivers) payable by an underlying affiliated fund on the assets invested by the Fund in the underlying affiliated fund.

**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.

Columbia High Yield Bond Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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 September 30, 2026, 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 that share class. Prior to October 1, 2025, Institutional 2 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.05% of the average daily net assets attributable to that share class.

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.11 |
| Class C | 0.11 |
| Institutional Class | 0.11 |
| Institutional 2 Class | 0.05 |
| Institutional 3 Class | 0.00 |
| Class R | 0.11 |
| Class S | 0.11 |

---

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 six months ended November 30, 2025, these minimum account balance fees reduced total expenses of the Fund by $1,003.

**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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund's average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $5,754,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2025, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Columbia High Yield Bond Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Sales charges** 

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 4.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 59746 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 1, 2025** <br>**through** <br>**September 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**October 1, 2025 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |

---

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 commitment, effective through September 30, 2026, is the Transfer Agent's contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.00% for Institutional 3 Class of the average daily net assets attributable to that share class, unless sooner terminated at the sole discretion of the Board of Trustees. Reflected in the contractual cap commitment, prior to October 1, 2025, 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 of the average daily net assets attributable to that share class. 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.

Columbia High Yield Bond Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 1154458000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27876000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20722000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7154000 |

---

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 May 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** |
| (16487853)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89061461)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (105549314)<br>|

---

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 $313,982,939 and $528,079,151, respectively, for the six months ended November 30, 2025. 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 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.

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.

Columbia High Yield Bond Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The Fund's activity in the Interfund Program during the six months ended November 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at November 30, 2025.

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 23, 2025 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 $750 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 1.00% in each case. 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 23, 2025 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 $900 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 1.00% in each case.

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At November 30, 2025, affiliated shareholders of record owned 60.9% 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

Columbia High Yield Bond Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 and noted 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 that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia High Yield Bond Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia High Yield Bond Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia High Yield Bond Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses

Columbia High Yield Bond Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia High Yield Bond Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**Columbia High Yield Bond Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59746img0ba2340d2.jpg)

**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.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR160_05_T01_(01/26)

------

![](g59746img058137401.jpg)

Columbia Intrinsic Value Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_eae2e0c6-0040-42f3-8358-33df2eb8f080_POI-CommonContent-Date-57_1) | 3 |
| [Statement of Assets and Liabilities](#xx_eae2e0c6-0040-42f3-8358-33df2eb8f080_FS-CommonContent-Date-57_1) | 7 |
| [Statement of Operations](#xx_eae2e0c6-0040-42f3-8358-33df2eb8f080_FS-CommonContent-Date-57_2) | 8 |
| [Statement of Changes in Net Assets](#xx_eae2e0c6-0040-42f3-8358-33df2eb8f080_FS-CommonContent-Date-57_3) | 9 |
| [Financial Highlights](#xx_eae2e0c6-0040-42f3-8358-33df2eb8f080_FIHI-CommonContent-Date-57_2) | 12 |
| [Notes to Financial Statements](#xx_eae2e0c6-0040-42f3-8358-33df2eb8f080_NTF-CommonContent-Date-57_1) | 16 |
| [Approval of Management Agreement](#xx_eae2e0c6-0040-42f3-8358-33df2eb8f080_CCH-CommonContent-Date-57_1) | 24 |

---

Columbia Intrinsic Value Fund \| 2025

------

Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.2%** | **Common Stocks 99.2%** | **Common Stocks 99.2%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 8.6%** | **Communication Services 8.6%** | **Communication Services 8.6%** |
| **Entertainment 1.7%** | **Entertainment 1.7%** | **Entertainment 1.7%** |
| Walt Disney Co. (The) | &nbsp;&nbsp; 432970 | &nbsp;&nbsp; 45232376 |
| **Interactive Media & Services 5.3%** | **Interactive Media & Services 5.3%** | **Interactive Media & Services 5.3%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 456600 | &nbsp;&nbsp; 146194188 |
| **Media 0.6%** | **Media 0.6%** | **Media 0.6%** |
| Comcast Corp., Class A | &nbsp;&nbsp; 637100 | &nbsp;&nbsp; 17004199 |
| **Wireless Telecommunication Services 1.0%** | **Wireless Telecommunication Services 1.0%** | **Wireless Telecommunication Services 1.0%** |
| T-Mobile US, Inc. | &nbsp;&nbsp; 125700 | &nbsp;&nbsp; 26272557 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **234703320** |
| **Consumer Discretionary 6.5%** | **Consumer Discretionary 6.5%** | **Consumer Discretionary 6.5%** |
| **Broadline Retail 2.2%** | **Broadline Retail 2.2%** | **Broadline Retail 2.2%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 260600 | &nbsp;&nbsp; 60777132 |
| **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 809600 | &nbsp;&nbsp; 55182336 |
| **Specialty Retail 0.9%** | **Specialty Retail 0.9%** | **Specialty Retail 0.9%** |
| Gap, Inc. (The) | &nbsp;&nbsp; 922900 | &nbsp;&nbsp; 24982903 |
| **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** |
| NIKE, Inc., Class B | &nbsp;&nbsp; 568900 | &nbsp;&nbsp; 36768007 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **177710378** |
| **Consumer Staples 8.6%** | **Consumer Staples 8.6%** | **Consumer Staples 8.6%** |
| **Beverages 1.7%** | **Beverages 1.7%** | **Beverages 1.7%** |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 619000 | &nbsp;&nbsp; 45261280 |
| **Consumer Staples Distribution & Retail 3.0%** | **Consumer Staples Distribution & Retail 3.0%** | **Consumer Staples Distribution & Retail 3.0%** |
| Walmart, Inc. | &nbsp;&nbsp; 748000 | &nbsp;&nbsp; 82661480 |
| **Household Products 1.8%** | **Household Products 1.8%** | **Household Products 1.8%** |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 326500 | &nbsp;&nbsp; 48374240 |
| **Tobacco 2.1%** | **Tobacco 2.1%** | **Tobacco 2.1%** |
| Philip Morris International, Inc. | &nbsp;&nbsp; 367500 | &nbsp;&nbsp; 57873900 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **234170900** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Energy 6.2%** | **Energy 6.2%** | **Energy 6.2%** |
| **Oil, Gas & Consumable Fuels 6.2%** | **Oil, Gas & Consumable Fuels 6.2%** | **Oil, Gas & Consumable Fuels 6.2%** |
| EOG Resources, Inc. | &nbsp;&nbsp; 244000 | &nbsp;&nbsp; 26315400 |
| EQT Corp. | &nbsp;&nbsp; 489900 | &nbsp;&nbsp; 29815314 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 629400 | &nbsp;&nbsp; 72960048 |
| Valero Energy Corp. | &nbsp;&nbsp; 225500 | &nbsp;&nbsp; 39859380 |
| Total |  | &nbsp;&nbsp; 168950142 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **168950142** |
| **Financials 21.2%** | **Financials 21.2%** | **Financials 21.2%** |
| **Banks 8.4%** | **Banks 8.4%** | **Banks 8.4%** |
| Citigroup, Inc. | &nbsp;&nbsp; 540500 | &nbsp;&nbsp; 55995800 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 357700 | &nbsp;&nbsp; 111988716 |
| M&T Bank Corp. | &nbsp;&nbsp; 151700 | &nbsp;&nbsp; 28856374 |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp; 172525 | &nbsp;&nbsp; 32903968 |
| Total |  | &nbsp;&nbsp; 229744858 |
| **Capital Markets 6.8%** | **Capital Markets 6.8%** | **Capital Markets 6.8%** |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 506800 | &nbsp;&nbsp; 56812280 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 60500 | &nbsp;&nbsp; 49975420 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 211800 | &nbsp;&nbsp; 33316140 |
| Morgan Stanley | &nbsp;&nbsp; 266800 | &nbsp;&nbsp; 45265288 |
| Total |  | &nbsp;&nbsp; 185369128 |
| **Financial Services 3.5%** | **Financial Services 3.5%** | **Financial Services 3.5%** |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> <br>| &nbsp;&nbsp; 137600 | &nbsp;&nbsp; 70700256 |
| MasterCard, Inc., Class A | &nbsp;&nbsp; 43500 | &nbsp;&nbsp; 23948055 |
| Total |  | &nbsp;&nbsp; 94648311 |
| **Insurance 2.5%** | **Insurance 2.5%** | **Insurance 2.5%** |
| Chubb Ltd. | &nbsp;&nbsp; 141900 | &nbsp;&nbsp; 42027942 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 147200 | &nbsp;&nbsp; 27003840 |
| Total |  | &nbsp;&nbsp; 69031782 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **578794079** |
| **Health Care 11.2%** | **Health Care 11.2%** | **Health Care 11.2%** |
| **Biotechnology 2.1%** | **Biotechnology 2.1%** | **Biotechnology 2.1%** |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 322500 | &nbsp;&nbsp; 18037425 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 89100 | &nbsp;&nbsp; 38634651 |
| Total |  | &nbsp;&nbsp; 56672076 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care Equipment & Supplies 1.1%** | **Health Care Equipment & Supplies 1.1%** | **Health Care Equipment & Supplies 1.1%** |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 320200 | &nbsp;&nbsp; 31225904 |
| **Health Care Providers & Services 3.3%** | **Health Care Providers & Services 3.3%** | **Health Care Providers & Services 3.3%** |
| Cigna Group (The) | &nbsp;&nbsp; 125700 | &nbsp;&nbsp; 34854096 |
| Tenet Healthcare Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 108096 | &nbsp;&nbsp; 23439537 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 96800 | &nbsp;&nbsp; 31921736 |
| Total |  | &nbsp;&nbsp; 90215369 |
| **Life Sciences Tools & Services 2.0%** | **Life Sciences Tools & Services 2.0%** | **Life Sciences Tools & Services 2.0%** |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; 53765530 |
| **Pharmaceuticals 2.7%** | **Pharmaceuticals 2.7%** | **Pharmaceuticals 2.7%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 728900 | &nbsp;&nbsp; 35861880 |
| Merck & Co., Inc. | &nbsp;&nbsp; 373200 | &nbsp;&nbsp; 39122556 |
| Total |  | &nbsp;&nbsp; 74984436 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **306863315** |
| **Industrials 15.3%** | **Industrials 15.3%** | **Industrials 15.3%** |
| **Aerospace & Defense 3.0%** | **Aerospace & Defense 3.0%** | **Aerospace & Defense 3.0%** |
| Boeing Co. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 236600 | &nbsp;&nbsp; 44717400 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 65500 | &nbsp;&nbsp; 37482375 |
| Total |  | &nbsp;&nbsp; 82199775 |
| **Air Freight & Logistics 1.1%** | **Air Freight & Logistics 1.1%** | **Air Freight & Logistics 1.1%** |
| FedEx Corp. | &nbsp;&nbsp; 109600 | &nbsp;&nbsp; 30214528 |
| **Building Products 1.0%** | **Building Products 1.0%** | **Building Products 1.0%** |
| Trane Technologies PLC | &nbsp;&nbsp; 66000 | &nbsp;&nbsp; 27817680 |
| **Electrical Equipment 2.0%** | **Electrical Equipment 2.0%** | **Electrical Equipment 2.0%** |
| nVent Electric PLC | &nbsp;&nbsp; 511500 | &nbsp;&nbsp; 54868605 |
| **Ground Transportation 1.4%** | **Ground Transportation 1.4%** | **Ground Transportation 1.4%** |
| Norfolk Southern Corp. | &nbsp;&nbsp; 131800 | &nbsp;&nbsp; 38497462 |
| **Industrial Conglomerates 1.3%** | **Industrial Conglomerates 1.3%** | **Industrial Conglomerates 1.3%** |
| 3M Co. | &nbsp;&nbsp; 212000 | &nbsp;&nbsp; 36474600 |
| **Machinery 5.5%** | **Machinery 5.5%** | **Machinery 5.5%** |
| Cummins, Inc. | &nbsp;&nbsp; 84300 | &nbsp;&nbsp; 41979714 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp; 399100 | &nbsp;&nbsp; 32063694 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 49100 | &nbsp;&nbsp; 42309470 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 462800 | &nbsp;&nbsp; 33099456 |
| Total |  | &nbsp;&nbsp; 149452334 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **419524984** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Information Technology 10.7%** | **Information Technology 10.7%** | **Information Technology 10.7%** |
| **Electronic Equipment, Instruments & Components 1.9%** | **Electronic Equipment, Instruments & Components 1.9%** | **Electronic Equipment, Instruments & Components 1.9%** |
| Corning, Inc. | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 52625000 |
| **IT Services 1.4%** | **IT Services 1.4%** | **IT Services 1.4%** |
| EPAM Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 204759 | &nbsp;&nbsp; 38289933 |
| **Semiconductors & Semiconductor Equipment 4.0%** | **Semiconductors & Semiconductor Equipment 4.0%** | **Semiconductors & Semiconductor Equipment 4.0%** |
| Broadcom, Inc. | &nbsp;&nbsp; 97600 | &nbsp;&nbsp; 39328896 |
| Lam Research Corp. | &nbsp;&nbsp; 332400 | &nbsp;&nbsp; 51854400 |
| Qorvo, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 205268 | &nbsp;&nbsp; 17630468 |
| Total |  | &nbsp;&nbsp; 108813764 |
| **Software 2.2%** | **Software 2.2%** | **Software 2.2%** |
| BILL Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 411200 | &nbsp;&nbsp; 20621680 |
| Microsoft Corp. | &nbsp;&nbsp; 81200 | &nbsp;&nbsp; 39951212 |
| Total |  | &nbsp;&nbsp; 60572892 |
| **Technology Hardware, Storage & Peripherals 1.2%** | **Technology Hardware, Storage & Peripherals 1.2%** | **Technology Hardware, Storage & Peripherals 1.2%** |
| Dell Technologies, Inc. | &nbsp;&nbsp; 253600 | &nbsp;&nbsp; 33817560 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **294119149** |
| **Materials 2.4%** | **Materials 2.4%** | **Materials 2.4%** |
| **Chemicals 2.4%** | **Chemicals 2.4%** | **Chemicals 2.4%** |
| Linde PLC | &nbsp;&nbsp; 100800 | &nbsp;&nbsp; 41360256 |
| PPG Industries, Inc. | &nbsp;&nbsp; 256800 | &nbsp;&nbsp; 25690272 |
| Total |  | &nbsp;&nbsp; 67050528 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **67050528** |
| **Real Estate 3.8%** | **Real Estate 3.8%** | **Real Estate 3.8%** |
| **Health Care REITs 2.7%** | **Health Care REITs 2.7%** | **Health Care REITs 2.7%** |
| Healthpeak Properties, Inc. | &nbsp;&nbsp; 1407500 | &nbsp;&nbsp; 25700950 |
| Welltower, Inc. | &nbsp;&nbsp; 235200 | &nbsp;&nbsp; 48973344 |
| Total |  | &nbsp;&nbsp; 74674294 |
| **Specialized REITs 1.1%** | **Specialized REITs 1.1%** | **Specialized REITs 1.1%** |
| Equinix, Inc. | &nbsp;&nbsp; 38100 | &nbsp;&nbsp; 28701111 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **103375405** |
| **Utilities 4.7%** | **Utilities 4.7%** | **Utilities 4.7%** |
| **Electric Utilities 3.3%** | **Electric Utilities 3.3%** | **Electric Utilities 3.3%** |
| Entergy Corp. | &nbsp;&nbsp; 476300 | &nbsp;&nbsp; 46448776 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 542200 | &nbsp;&nbsp; 44520042 |
| Total |  | &nbsp;&nbsp; 90968818 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Multi-Utilities 1.4%** | **Multi-Utilities 1.4%** | **Multi-Utilities 1.4%** |
| Ameren Corp. | &nbsp;&nbsp; 355900 | &nbsp;&nbsp; 37849965 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **128818783** |
| Total Common Stocks <br>(Cost $1,511,640,125) | Total Common Stocks <br>(Cost $1,511,640,125) | &nbsp;&nbsp; **2714080983** |
| **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 19063619 | &nbsp;&nbsp; 19057900 |
| Total Money Market Funds <br>(Cost $19,056,377) | Total Money Market Funds <br>(Cost $19,056,377) | &nbsp;&nbsp; **19057900** |
| **Total Investments in Securities** <br>**(Cost: $1,530,696,502)** | **Total Investments in Securities** <br>**(Cost: $1,530,696,502)** | &nbsp;&nbsp; **2733138883** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **1469804** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2734608687** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, 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 period ended November 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 25820838 | &nbsp;&nbsp; 158003383 | &nbsp;&nbsp; (164766403)<br>| &nbsp;&nbsp; 82 | &nbsp;&nbsp; 19057900 | &nbsp;&nbsp; (1504)<br>| &nbsp;&nbsp; 590789 | &nbsp;&nbsp; 19063619 |

---

**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.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

Investments falling into the Level 3 category, if any, 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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 234703320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 234703320 |
| Consumer Discretionary | 177710378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177710378 |
| Consumer Staples | 234170900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 234170900 |
| Energy | 168950142 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 168950142 |
| Financials | 578794079 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 578794079 |
| Health Care | 306863315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 306863315 |
| Industrials | 419524984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 419524984 |
| Information Technology | 294119149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 294119149 |
| Materials | 67050528 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67050528 |
| Real Estate | 103375405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103375405 |
| Utilities | 128818783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 128818783 |
| Total Common Stocks | 2714080983 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2714080983 |
| Money Market Funds | 19057900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19057900 |
| Total Investments in Securities | 2733138883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2733138883 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,511,640,125) | $2714080983 |
| Affiliated issuers (cost $19,056,377) | 19057900 |
| Receivable for: |  |
| Capital shares sold | 950620 |
| Dividends | 2515045 |
| Expense reimbursement due from Investment Manager | 171 |
| Prepaid expenses | 10240 |
| Other assets | 14417 |
| Total assets | 2736629376 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 1226274 |
| Management services fees | 93184 |
| Distribution and/or service fees | 23914 |
| Transfer agent fees | 141996 |
| Compensation of chief compliance officer | 211 |
| Compensation of board members | 4023 |
| Other expenses | 43197 |
| Deferred compensation of board members | 487890 |
| Total liabilities | 2020689 |
| **Net assets applicable to outstanding capital stock** | **$2734608687** |
| **Represented by** |  |
| Paid in capital | 1356388723 |
| Total distributable earnings (loss) | 1378219964 |
| **Total - representing net assets applicable to outstanding capital stock** | **$2734608687** |
| **Class A** |  |
| Net assets | $1718089111 |
| Shares outstanding | 89447611 |
| Net asset value per share | $19.21 |
| Maximum sales charge  | 5.75% |
| 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) | $20.38 |
| **Class C** |  |
| Net assets | $9314154 |
| Shares outstanding | 486737 |
| Net asset value per share | $19.14 |
| **Institutional Class** |  |
| Net assets | $438165759 |
| Shares outstanding | 22865322 |
| Net asset value per share | $19.16 |
| **Institutional 2 Class** |  |
| Net assets | $48436001 |
| Shares outstanding | 2522807 |
| Net asset value per share | $19.20 |
| **Institutional 3 Class** |  |
| Net assets | $520603662 |
| Shares outstanding | 26654725 |
| Net asset value per share | $19.53 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $23530994 |
| Dividends — affiliated issuers | 590789 |
| Total income | 24121783 |
| Expenses: |  |
| Management services fees | 8020609 |
| Distribution and/or service fees |  |
| Class A | 2050276 |
| Class C | 45238 |
| Transfer agent fees |  |
| Class A | 593123 |
| Class C | 3273 |
| Institutional Class | 136078 |
| Institutional 2 Class | 12555 |
| Institutional 3 Class | 9788 |
| Custodian fees | 6821 |
| Printing and postage fees | 45514 |
| Registration fees | 63062 |
| Accounting services fees | 16211 |
| Legal fees | 27682 |
| Compensation of chief compliance officer | 211 |
| Compensation of board members | 18041 |
| Deferred compensation of board members | 105134 |
| Other | 21347 |
| Total expenses | 11174963 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (160115)<br>|
| Total net expenses | 11014848 |
| **Net investment income** | 13106935 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 76918851 |
| Investments — affiliated issuers | (1504)<br>|
| Net realized gain | 76917347 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 287702699 |
| Investments — affiliated issuers | 82 |
| Net change in unrealized appreciation (depreciation) | 287702781 |
| Net realized and unrealized gain | 364620128 |
| **Net increase in net assets resulting from operations** | **$377727063** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $13106935 | &nbsp;&nbsp; $30577587 |
| Net realized gain | 76917347 | &nbsp;&nbsp; 217530856 |
| Net change in unrealized appreciation (depreciation) | 287702781 | &nbsp;&nbsp; (24111894)<br>|
| Net increase in net assets resulting from operations | 377727063 | &nbsp;&nbsp; 223996549 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (7833370)<br>| &nbsp;&nbsp; (138367499)<br>|
| Advisor Class |  | &nbsp;&nbsp; (303943)<br>|
| Class C | (11192)<br>| &nbsp;&nbsp; (777656)<br>|
| Institutional Class | (2178984)<br>| &nbsp;&nbsp; (30102239)<br>|
| Institutional 2 Class | (264586)<br>| &nbsp;&nbsp; (3771030)<br>|
| Institutional 3 Class | (2886085)<br>| &nbsp;&nbsp; (37382686)<br>|
| Total distributions to shareholders | (13174217)<br>| &nbsp;&nbsp; (210705053)<br>|
| Increase (decrease) in net assets from capital stock activity | (52411071)<br>| &nbsp;&nbsp; 23183566 |
| Total increase in net assets | 312141775 | &nbsp;&nbsp; 36475062 |
| Net assets at beginning of period | 2422466912 | &nbsp;&nbsp; 2385991850 |
| **Net assets at end of period** | **$2734608687** | &nbsp;&nbsp; **$2422466912** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 539034 | &nbsp;&nbsp;&nbsp;&nbsp; 9578582 | &nbsp;&nbsp;&nbsp;&nbsp; 1402373 | &nbsp;&nbsp;&nbsp;&nbsp; 23797393 |
| Distributions reinvested | 449072 | &nbsp;&nbsp;&nbsp;&nbsp; 7799811 | &nbsp;&nbsp;&nbsp;&nbsp; 8240621 | &nbsp;&nbsp;&nbsp;&nbsp; 137757383 |
| Shares redeemed | (5846264)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104689754)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12601913)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (212422449)<br>|
| Net decrease | (4858158)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87311361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2958919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50867673)<br>|
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249722 | &nbsp;&nbsp;&nbsp;&nbsp; 4350000 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17852 | &nbsp;&nbsp;&nbsp;&nbsp; 303415 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2512086)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45640847)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2244512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40987432)<br>|
| Class C |  |  |  |  |
| Shares sold | 25066 | &nbsp;&nbsp;&nbsp;&nbsp; 446687 | &nbsp;&nbsp;&nbsp;&nbsp; 94352 | &nbsp;&nbsp;&nbsp;&nbsp; 1585420 |
| Distributions reinvested | 662 | &nbsp;&nbsp;&nbsp;&nbsp; 11179 | &nbsp;&nbsp;&nbsp;&nbsp; 46648 | &nbsp;&nbsp;&nbsp;&nbsp; 777649 |
| Shares redeemed | (73503)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1307862)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (198306)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3330215)<br>|
| Net decrease | (47775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (849996)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57306)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (967146)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 5200400 | &nbsp;&nbsp;&nbsp;&nbsp; 93984413 | &nbsp;&nbsp;&nbsp;&nbsp; 10078668 | &nbsp;&nbsp;&nbsp;&nbsp; 172092354 |
| Distributions reinvested | 125252 | &nbsp;&nbsp;&nbsp;&nbsp; 2175462 | &nbsp;&nbsp;&nbsp;&nbsp; 1801151 | &nbsp;&nbsp;&nbsp;&nbsp; 30021022 |
| Shares redeemed | (5096001)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88277128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5592104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94847439)<br>|
| Net increase | 229651 | &nbsp;&nbsp;&nbsp;&nbsp; 7882747 | &nbsp;&nbsp;&nbsp;&nbsp; 6287715 | &nbsp;&nbsp;&nbsp;&nbsp; 107265937 |
| Institutional 2 Class |  |  |  |  |
| Shares sold | 213605 | &nbsp;&nbsp;&nbsp;&nbsp; 3899946 | &nbsp;&nbsp;&nbsp;&nbsp; 513962 | &nbsp;&nbsp;&nbsp;&nbsp; 8808332 |
| Distributions reinvested | 15214 | &nbsp;&nbsp;&nbsp;&nbsp; 264515 | &nbsp;&nbsp;&nbsp;&nbsp; 225757 | &nbsp;&nbsp;&nbsp;&nbsp; 3769671 |
| Shares redeemed | (180732)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3219097)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (819563)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13792380)<br>|
| Net increase (decrease) | 48087 | &nbsp;&nbsp;&nbsp;&nbsp; 945364 | &nbsp;&nbsp;&nbsp;&nbsp; (79844)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1214377)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 3881841 | &nbsp;&nbsp;&nbsp;&nbsp; 69133929 | &nbsp;&nbsp;&nbsp;&nbsp; 6062295 | &nbsp;&nbsp;&nbsp;&nbsp; 106069725 |
| Distributions reinvested | 162710 | &nbsp;&nbsp;&nbsp;&nbsp; 2885939 | &nbsp;&nbsp;&nbsp;&nbsp; 2201085 | &nbsp;&nbsp;&nbsp;&nbsp; 37380339 |
| Shares redeemed | (2495424)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45097693)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7600291)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (133495807)<br>|
| Net increase | 1549127 | &nbsp;&nbsp;&nbsp;&nbsp; 26922175 | &nbsp;&nbsp;&nbsp;&nbsp; 663089 | &nbsp;&nbsp;&nbsp;&nbsp; 9954257 |
| **Total net increase (decrease)** | **(3079068)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(52411071)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1610223** | &nbsp;&nbsp;&nbsp;&nbsp; **23183566** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Intrinsic Value Fund \| 2025

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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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $16.66<br>| 0.08<br>| 2.55<br>| 2.63<br>| &nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.08) <br>|
| Year Ended 5/31/2025 | $16.59<br>| 0.20<br>| 1.36<br>| 1.56<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; (1.28) <br>| &nbsp;&nbsp; (1.49) <br>|
| Year Ended 5/31/2024 | $14.25<br>| 0.25<br>| 2.98<br>| 3.23<br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (0.89) <br>|
| Year Ended 5/31/2023 | $16.56<br>| 0.24<br>| &nbsp;&nbsp; (1.20) <br>| &nbsp;&nbsp; (0.96) <br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp; (1.35) <br>|
| Year Ended 5/31/2022 | $17.39<br>| 0.19<br>| 0.09<br>| 0.28<br>| &nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp; (1.11) <br>|
| Year Ended 5/31/2021 | $12.02<br>| 0.18<br>| 5.38<br>| 5.56<br>| &nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.19) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | $16.60<br>| 0.02<br>| 2.54<br>| 2.56<br>| &nbsp;&nbsp; (0.02) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.02) <br>|
| Year Ended 5/31/2025 | $16.54<br>| 0.07<br>| 1.35<br>| 1.42<br>| &nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp; (1.28) <br>| &nbsp;&nbsp; (1.36) <br>|
| Year Ended 5/31/2024 | $14.20<br>| 0.14<br>| 2.98<br>| 3.12<br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (0.78) <br>|
| Year Ended 5/31/2023 | $16.50<br>| 0.12<br>| &nbsp;&nbsp; (1.19) <br>| &nbsp;&nbsp; (1.07) <br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp; (1.23) <br>|
| Year Ended 5/31/2022 | $17.33<br>| 0.06<br>| 0.09<br>| 0.15<br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp; (0.98) <br>|
| Year Ended 5/31/2021 | $11.99<br>| 0.07<br>| 5.36<br>| 5.43<br>| &nbsp;&nbsp; (0.09) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.09) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $16.62<br>| 0.10<br>| 2.55<br>| 2.65<br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.11) <br>|
| Year Ended 5/31/2025 | $16.56<br>| 0.23<br>| 1.36<br>| 1.59<br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; (1.28) <br>| &nbsp;&nbsp; (1.53) <br>|
| Year Ended 5/31/2024 | $14.22<br>| 0.29<br>| 2.98<br>| 3.27<br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (0.93) <br>|
| Year Ended 5/31/2023 | $16.53<br>| 0.28<br>| &nbsp;&nbsp; (1.20) <br>| &nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp; (1.39) <br>|
| Year Ended 5/31/2022 | $17.36<br>| 0.23<br>| 0.09<br>| 0.32<br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp; (1.15) <br>|
| Year Ended 5/31/2021 | $12.00<br>| 0.21<br>| 5.37<br>| 5.58<br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.22) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $16.65<br>| 0.11<br>| 2.55<br>| 2.66<br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.11) <br>|
| Year Ended 5/31/2025 | $16.59<br>| 0.24<br>| 1.36<br>| 1.60<br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; (1.28) <br>| &nbsp;&nbsp; (1.54) <br>|
| Year Ended 5/31/2024 | $14.24<br>| 0.30<br>| 2.99<br>| 3.29<br>| &nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (0.94) <br>|
| Year Ended 5/31/2023 | $16.56<br>| 0.28<br>| &nbsp;&nbsp; (1.20) <br>| &nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp; (1.40) <br>|
| Year Ended 5/31/2022 | $17.39<br>| 0.24<br>| 0.09<br>| 0.33<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp; (1.16) <br>|
| Year Ended 5/31/2021 | $12.03<br>| 0.22<br>| 5.37<br>| 5.59<br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.23) <br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $19.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1718089<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $16.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1571009<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $16.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1614092<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $14.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.20%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1466080<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $16.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1720873<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $17.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1849691<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $19.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9314<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $16.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8872<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $16.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9786<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $14.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.90%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10248<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $16.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12043<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $17.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13359<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $19.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $438166<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $16.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $376174<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $16.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $270698<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $14.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.95%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $218834<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $16.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $233329<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $17.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $224531<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $19.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48436<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $16.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41205<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $16.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42375<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $14.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.97%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37877<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $16.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31720<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $17.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $28324<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $16.94<br>| 0.11<br>| 2.59<br>| 2.70<br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.11) <br>|
| Year Ended 5/31/2025 | $16.85<br>| 0.25<br>| 1.39<br>| 1.64<br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (1.28) <br>| &nbsp;&nbsp; (1.55) <br>|
| Year Ended 5/31/2024 | $14.46<br>| 0.31<br>| 3.02<br>| 3.33<br>| &nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (0.94) <br>|
| Year Ended 5/31/2023 | $16.78<br>| 0.29<br>| &nbsp;&nbsp; (1.21) <br>| &nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp; (1.40) <br>|
| Year Ended 5/31/2022 | $17.61<br>| 0.25<br>| 0.08<br>| 0.33<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp; (1.16) <br>|
| Year Ended 5/31/2021 | $12.17<br>| 0.24<br>| 5.43<br>| 5.67<br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.23) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **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%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $19.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $520604<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $16.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $425207<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $16.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $411829<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $14.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.85%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $408731<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $16.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $595155<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $17.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $648129<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Intrinsic Value Fund \| 2025

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Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Intrinsic Value Fund (formerly known as Columbia Large Cap Value Fund) (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

Effective September 1, 2025, Columbia Large Cap Value Fund was renamed Columbia Intrinsic Value Fund.

**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. 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.

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Columbia Intrinsic Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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.

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.

**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. For convertible securities, premiums attributable to the conversion feature are not amortized.

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.

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a

Columbia Intrinsic Value Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**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.

**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.

**Distributions to shareholders**

Distributions from net investment income, if any, are declared and paid each calendar quarter. 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**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

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 and is responsible for

Columbia Intrinsic Value Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 0.72% to 0.52% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.63% of the Fund's average daily net assets.

**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.

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.07 |
| Class C | 0.07 |
| Institutional Class | 0.07 |
| Institutional 2 Class | 0.06 |
| Institutional 3 Class | 0.00 |

---

Columbia Intrinsic Value Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 six months ended November 30, 2025, no minimum account balance fees were charged by the Fund.

**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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25% and 1.00% of the Fund's average daily net assets attributable to Class A and Class C shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $567,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2025, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

**Sales charges** 

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 5.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 83779 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 84 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 1, 2025** <br>**through** <br>**September 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**October 1, 2025 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |

---

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

Columbia Intrinsic Value Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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. 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 November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 1530697000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1252197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49755000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1202442000 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

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 $226,798,614 and $272,494,134, respectively, for the six months ended November 30, 2025. 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 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 Intrinsic Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 did not borrow or lend money under the Interfund Program during the six months ended November 30, 2025.

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 23, 2025 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 $750 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 1.00% in each case. 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 23, 2025 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 $900 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 1.00% in each case.

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At November 30, 2025, affiliated shareholders of record owned 81.1% 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

Columbia Intrinsic Value Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 and noted 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 that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Intrinsic Value Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Large Cap Value Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia Intrinsic Value Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Columbia Intrinsic Value Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe's median expense ratio shown in the reports.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

Columbia Intrinsic Value Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Intrinsic Value Fund \| 2025

------

**Columbia Intrinsic Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59746img5df72efc2.jpg)

**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.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR138_05_T01_(01/26)

------

![](g59746img2f2fbb621.jpg)

Columbia Mortgage Opportunities Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_81ff379f-19cd-4bd5-9241-86c06abb6a0a_POI-CommonContent-Date-110_1) | 3 |
| [Statement of Assets and Liabilities](#xx_81ff379f-19cd-4bd5-9241-86c06abb6a0a_FS-CommonContent-Date-110_1) | 25 |
| [Statement of Operations](#xx_81ff379f-19cd-4bd5-9241-86c06abb6a0a_FS-CommonContent-Date-110_3) | 27 |
| [Statement of Changes in Net Assets](#xx_81ff379f-19cd-4bd5-9241-86c06abb6a0a_FS-CommonContent-Date-110_4) | 28 |
| [Financial Highlights](#xx_81ff379f-19cd-4bd5-9241-86c06abb6a0a_FIHI-CommonContent-Date-110_1) | 30 |
| [Notes to Financial Statements](#xx_81ff379f-19cd-4bd5-9241-86c06abb6a0a_NTF-CommonContent-Date-110_1) | 34 |
| [Approval of Management Agreement](#xx_81ff379f-19cd-4bd5-9241-86c06abb6a0a_CCH-CommonContent-Date-110_1) | 50 |

---

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 10.3%** | **Asset-Backed Securities - Non-Agency 10.3%** | **Asset-Backed Securities - Non-Agency 10.3%** | **Asset-Backed Securities - Non-Agency 10.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  |
| Series 2024-X2 Class CERT | Series 2024-X2 Class CERT | Series 2024-X2 Class CERT | Series 2024-X2 Class CERT |
| 12/17/2029 | &nbsp;&nbsp; 0.000% | 70500 | &nbsp;&nbsp; 1716985 |
| Ally Bank Auto Credit-Linked Notes<sup>(a)</sup>  | Ally Bank Auto Credit-Linked Notes<sup>(a)</sup>  | Ally Bank Auto Credit-Linked Notes<sup>(a)</sup>  | Ally Bank Auto Credit-Linked Notes<sup>(a)</sup>  |
| Series 2025-A Class G | Series 2025-A Class G | Series 2025-A Class G | Series 2025-A Class G |
| 06/15/2033 | &nbsp;&nbsp; 10.219% | 4732732 | &nbsp;&nbsp; 4778109 |
| Series 2025-B Class F | Series 2025-B Class F | Series 2025-B Class F | Series 2025-B Class F |
| 09/15/2033 | &nbsp;&nbsp; 6.942% | 3500000 | &nbsp;&nbsp; 3502623 |
| Series 2025-B Class G | Series 2025-B Class G | Series 2025-B Class G | Series 2025-B Class G |
| 09/15/2033 | &nbsp;&nbsp; 9.935% | 3610000 | &nbsp;&nbsp; 3611636 |
| ARES CLO<sup>(a),(d)</sup>  | ARES CLO<sup>(a),(d)</sup>  | ARES CLO<sup>(a),(d)</sup>  | ARES CLO<sup>(a),(d)</sup>  |
| Series 2021-60A Class E | Series 2021-60A Class E | Series 2021-60A Class E | Series 2021-60A Class E |
| 3-month Term SOFR + 6.512% <br>Floor 6.250% <br>07/18/2034<br>| &nbsp;&nbsp; 10.396% | 5000000 | &nbsp;&nbsp; 4948075 |
| ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  |
| 30-day Average SOFR + 2.400% <br>Floor 3.000% <br>03/29/2029<br>| &nbsp;&nbsp; 6.713% | 18000000 | &nbsp;&nbsp; 18000000 |
| DailyPay Securitization Trust<sup>(a)</sup>  | DailyPay Securitization Trust<sup>(a)</sup>  | DailyPay Securitization Trust<sup>(a)</sup>  | DailyPay Securitization Trust<sup>(a)</sup>  |
| Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A | Series 2025-1A Class A |
| 06/25/2028 | &nbsp;&nbsp; 5.630% | 4500000 | &nbsp;&nbsp; 4533184 |
| EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  |
| Series 2025-1NN Class B | Series 2025-1NN Class B | Series 2025-1NN Class B | Series 2025-1NN Class B |
| 01/15/2031 | &nbsp;&nbsp; 6.850% | 6537299 | &nbsp;&nbsp; 6581076 |
| Series 2025-2NN Class B | Series 2025-2NN Class B | Series 2025-2NN Class B | Series 2025-2NN Class B |
| 01/15/2032 | &nbsp;&nbsp; 6.475% | 9023000 | &nbsp;&nbsp; 9064983 |
| EDGEX Issuer Trust<sup>(a),(c)</sup>  | EDGEX Issuer Trust<sup>(a),(c)</sup>  | EDGEX Issuer Trust<sup>(a),(c)</sup>  | EDGEX Issuer Trust<sup>(a),(c)</sup>  |
| Series 2025-1NN Class CERT | Series 2025-1NN Class CERT | Series 2025-1NN Class CERT | Series 2025-1NN Class CERT |
| 01/15/2031 | &nbsp;&nbsp; 0.000% | 8358000 | &nbsp;&nbsp; 7916984 |
| Elmwood CLO 16 Ltd.<sup>(a),(d)</sup>  | Elmwood CLO 16 Ltd.<sup>(a),(d)</sup>  | Elmwood CLO 16 Ltd.<sup>(a),(d)</sup>  | Elmwood CLO 16 Ltd.<sup>(a),(d)</sup>  |
| 3-month Term SOFR + 6.750% <br>Floor 6.750% <br>04/20/2037<br>| &nbsp;&nbsp; 10.634% | 2750000 | &nbsp;&nbsp; 2714379 |
| Elmwood CLO VIII Ltd.<sup>(a),(d)</sup>  | Elmwood CLO VIII Ltd.<sup>(a),(d)</sup>  | Elmwood CLO VIII Ltd.<sup>(a),(d)</sup>  | Elmwood CLO VIII Ltd.<sup>(a),(d)</sup>  |
| Series 2024-1A Class ER | Series 2024-1A Class ER | Series 2024-1A Class ER | Series 2024-1A Class ER |
| 3-month Term SOFR + 6.250% <br>Floor 6.250% <br>04/20/2037<br>| &nbsp;&nbsp; 10.134% | 2500000 | &nbsp;&nbsp; 2451082 |
| Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  | Lendbuzz Securitization Trust<sup>(a)</sup>  |
| Series 2025-2A Class A2 | Series 2025-2A Class A2 | Series 2025-2A Class A2 | Series 2025-2A Class A2 |
| 05/15/2030 | &nbsp;&nbsp; 5.180% | 4450000 | &nbsp;&nbsp; 4451348 |
| LendingClub Receivables Trust<sup>(a),(c),(e),(f)</sup>  | LendingClub Receivables Trust<sup>(a),(c),(e),(f)</sup>  | LendingClub Receivables Trust<sup>(a),(c),(e),(f)</sup>  | LendingClub Receivables Trust<sup>(a),(c),(e),(f)</sup>  |
| Series 2020-2 Class R | Series 2020-2 Class R | Series 2020-2 Class R | Series 2020-2 Class R |
| 02/15/2046 | &nbsp;&nbsp; 0.000% | 865000 | &nbsp;&nbsp; 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Madison Park Funding XLII Ltd.<sup>(a),(d)</sup>  | Madison Park Funding XLII Ltd.<sup>(a),(d)</sup>  | Madison Park Funding XLII Ltd.<sup>(a),(d)</sup>  | Madison Park Funding XLII Ltd.<sup>(a),(d)</sup>  |
| Series 2013A Class BR2 | Series 2013A Class BR2 | Series 2013A Class BR2 | Series 2013A Class BR2 |
| 3-month Term SOFR + 1.300% <br>11/21/2030<br>| &nbsp;&nbsp; 5.455% | 26978000 | &nbsp;&nbsp; 26990518 |
| MPOWER Education Trust<sup>(a),(e),(f)</sup>  | MPOWER Education Trust<sup>(a),(e),(f)</sup>  | MPOWER Education Trust<sup>(a),(e),(f)</sup>  | MPOWER Education Trust<sup>(a),(e),(f)</sup>  |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 12/22/2042 | &nbsp;&nbsp; 6.250% | 6606347 | &nbsp;&nbsp; 6705442 |
| Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B |
| 12/22/2042 | &nbsp;&nbsp; 8.180% | 7024000 | &nbsp;&nbsp; 7024000 |
| Series 2025-1 Class C | Series 2025-1 Class C | Series 2025-1 Class C | Series 2025-1 Class C |
| 12/22/2042 | &nbsp;&nbsp; 10.000% | 3000000 | &nbsp;&nbsp; 1710000 |
| MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  |
| Series 2025-A Class B | Series 2025-A Class B | Series 2025-A Class B | Series 2025-A Class B |
| 07/21/2042 | &nbsp;&nbsp; 8.470% | 6480000 | &nbsp;&nbsp; 6692458 |
| Subordinated Series 2024-A Class B | Subordinated Series 2024-A Class B | Subordinated Series 2024-A Class B | Subordinated Series 2024-A Class B |
| 07/22/2041 | &nbsp;&nbsp; 8.350% | 6000000 | &nbsp;&nbsp; 6174712 |
| NetCredit Combined Receivables A LLC<sup>(a)</sup>  | NetCredit Combined Receivables A LLC<sup>(a)</sup>  | NetCredit Combined Receivables A LLC<sup>(a)</sup>  | NetCredit Combined Receivables A LLC<sup>(a)</sup>  |
| Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A |
| 10/20/2031 | &nbsp;&nbsp; 7.290% | 7720330 | &nbsp;&nbsp; 7879008 |
| Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  |
| Series 2023-A Class A | Series 2023-A Class A | Series 2023-A Class A | Series 2023-A Class A |
| 12/20/2027 | &nbsp;&nbsp; 7.780% | 693126 | &nbsp;&nbsp; 694061 |
| Octagon 54 Ltd.<sup>(a),(d)</sup>  | Octagon 54 Ltd.<sup>(a),(d)</sup>  | Octagon 54 Ltd.<sup>(a),(d)</sup>  | Octagon 54 Ltd.<sup>(a),(d)</sup>  |
| Series 2021-1A Class E | Series 2021-1A Class E | Series 2021-1A Class E | Series 2021-1A Class E |
| 3-month Term SOFR + 6.512% <br>Floor 6.250% <br>07/15/2034<br>| &nbsp;&nbsp; 10.416% | 2500000 | &nbsp;&nbsp; 2285260 |
| Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  | Oportun Funding Trust<sup>(a)</sup>  |
| Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C |
| 08/15/2029 | &nbsp;&nbsp; 6.250% | 1800000 | &nbsp;&nbsp; 1809818 |
| Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  |
| Series 2025-5 Class E | Series 2025-5 Class E | Series 2025-5 Class E | Series 2025-5 Class E |
| 03/15/2033 | &nbsp;&nbsp; 9.698% | 3000000 | &nbsp;&nbsp; 3039398 |
| Series 2025-6 Class B | Series 2025-6 Class B | Series 2025-6 Class B | Series 2025-6 Class B |
| 04/15/2033 | &nbsp;&nbsp; 4.883% | 6900000 | &nbsp;&nbsp; 6869524 |
| Subordinated Series 2024-5 Class C | Subordinated Series 2024-5 Class C | Subordinated Series 2024-5 Class C | Subordinated Series 2024-5 Class C |
| 10/15/2031 | &nbsp;&nbsp; 7.270% | 3474816 | &nbsp;&nbsp; 3511263 |
| Subordinated Series 2024-9 Class D | Subordinated Series 2024-9 Class D | Subordinated Series 2024-9 Class D | Subordinated Series 2024-9 Class D |
| 03/15/2032 | &nbsp;&nbsp; 6.174% | 7057554 | &nbsp;&nbsp; 7065292 |
| Pagaya AI Debt Selection Trust<sup>(a),(c)</sup>  | Pagaya AI Debt Selection Trust<sup>(a),(c)</sup>  | Pagaya AI Debt Selection Trust<sup>(a),(c)</sup>  | Pagaya AI Debt Selection Trust<sup>(a),(c)</sup>  |
| Series 2020-3 Class CERT | Series 2020-3 Class CERT | Series 2020-3 Class CERT | Series 2020-3 Class CERT |
| 05/17/2027 | &nbsp;&nbsp; 0.000% | 23803550 | &nbsp;&nbsp; 103009 |
| Series 2021-1 Class CERT | Series 2021-1 Class CERT | Series 2021-1 Class CERT | Series 2021-1 Class CERT |
| 11/15/2027 | &nbsp;&nbsp; 0.000% | 1901904 | &nbsp;&nbsp; 0 |
| Subordinated Series 2021-3 Class | Subordinated Series 2021-3 Class | Subordinated Series 2021-3 Class | Subordinated Series 2021-3 Class |
| 05/15/2029 | &nbsp;&nbsp; 0.000% | 12925852 | &nbsp;&nbsp; 40457 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated Series 2021-5 Class | Subordinated Series 2021-5 Class | Subordinated Series 2021-5 Class | Subordinated Series 2021-5 Class |
| 08/15/2029 | &nbsp;&nbsp; 0.000% | 12321273 | &nbsp;&nbsp; 332019 |
| Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  |
| Series 2021-2 Class NOTE | Series 2021-2 Class NOTE | Series 2021-2 Class NOTE | Series 2021-2 Class NOTE |
| 01/25/2029 | &nbsp;&nbsp; 3.000% | 62035 | &nbsp;&nbsp; 61973 |
| Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  |
| Series 2025-R1 Class E | Series 2025-R1 Class E | Series 2025-R1 Class E | Series 2025-R1 Class E |
| 06/15/2032 | &nbsp;&nbsp; 12.105% | 504327 | &nbsp;&nbsp; 507859 |
| Subordinated Series 2022-5 Class B | Subordinated Series 2022-5 Class B | Subordinated Series 2022-5 Class B | Subordinated Series 2022-5 Class B |
| 06/17/2030 | &nbsp;&nbsp; 10.310% | 3580311 | &nbsp;&nbsp; 3725253 |
| Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B |
| 07/15/2031 | &nbsp;&nbsp; 7.109% | 2115977 | &nbsp;&nbsp; 2143318 |
| Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C |
| 07/15/2031 | &nbsp;&nbsp; 8.344% | 1538600 | &nbsp;&nbsp; 1560065 |
| Subordinated Series 2024-2 Class C | Subordinated Series 2024-2 Class C | Subordinated Series 2024-2 Class C | Subordinated Series 2024-2 Class C |
| 08/15/2031 | &nbsp;&nbsp; 7.573% | 2117755 | &nbsp;&nbsp; 2146642 |
| Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B |
| 10/15/2031 | &nbsp;&nbsp; 6.571% | 3889721 | &nbsp;&nbsp; 3936456 |
| Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C |
| 10/15/2031 | &nbsp;&nbsp; 7.297% | 5830911 | &nbsp;&nbsp; 5889603 |
| Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  | Pagaya Point of Sale Holdings Grantor Trust<sup>(a)</sup>  |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 01/20/2034 | &nbsp;&nbsp; 5.715% | 8200000 | &nbsp;&nbsp; 8289553 |
| Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A | Series 2025-2 Class A |
| 07/20/2033 | &nbsp;&nbsp; 5.065% | 5750000 | &nbsp;&nbsp; 5764803 |
| Palmer Square CLO Ltd.<sup>(a),(d)</sup>  | Palmer Square CLO Ltd.<sup>(a),(d)</sup>  | Palmer Square CLO Ltd.<sup>(a),(d)</sup>  | Palmer Square CLO Ltd.<sup>(a),(d)</sup>  |
| Series 2023-2A Class ER | Series 2023-2A Class ER | Series 2023-2A Class ER | Series 2023-2A Class ER |
| 3-month Term SOFR + 6.400% <br>Floor 6.400% <br>07/20/2038<br>| &nbsp;&nbsp; 10.284% | 2000000 | &nbsp;&nbsp; 2009608 |
| Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  |
| Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A |
| 03/25/2030 | &nbsp;&nbsp; 2.650% | 2518809 | &nbsp;&nbsp; 2499232 |
| Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a)</sup>  |
| Series 2025-5A Class E | Series 2025-5A Class E | Series 2025-5A Class E | Series 2025-5A Class E |
| 06/26/2034 | &nbsp;&nbsp; 9.218% | 1000000 | &nbsp;&nbsp; 1006066 |
| RR 16 Ltd.<sup>(a),(d)</sup>  | RR 16 Ltd.<sup>(a),(d)</sup>  | RR 16 Ltd.<sup>(a),(d)</sup>  | RR 16 Ltd.<sup>(a),(d)</sup>  |
| Series 2021-16A Class D | Series 2021-16A Class D | Series 2021-16A Class D | Series 2021-16A Class D |
| 3-month Term SOFR + 6.512% <br>Floor 6.250% <br>07/15/2036<br>| &nbsp;&nbsp; 10.416% | 3733333 | &nbsp;&nbsp; 3692726 |
| Upgrade Master Pass-Thru Trust<sup>(a),(c)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a),(c)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a),(c)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a),(c)</sup>  |
| Series 2025-ST5 Class CERT | Series 2025-ST5 Class CERT | Series 2025-ST5 Class CERT | Series 2025-ST5 Class CERT |
| 09/15/2032 | &nbsp;&nbsp; 0.000% | 5250000 | &nbsp;&nbsp; 4548983 |
| Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  | Upgrade Master Pass-Thru Trust<sup>(a)</sup>  |
| Series 2025-ST6 Class A | Series 2025-ST6 Class A | Series 2025-ST6 Class A | Series 2025-ST6 Class A |
| 10/15/2032 | &nbsp;&nbsp; 4.611% | 11164593 | &nbsp;&nbsp; 11174001 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Upstart Asset Trust II Series<sup>(a),(c),(e),(f)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(e),(f)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(e),(f)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(e),(f)</sup>  |
| Series 2025-1GS Class CERT | Series 2025-1GS Class CERT | Series 2025-1GS Class CERT | Series 2025-1GS Class CERT |
| 02/20/2030 | &nbsp;&nbsp; 0.000% | 18723 | &nbsp;&nbsp; 4896066 |
| Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  |
| Series 2025-1 Class C | Series 2025-1 Class C | Series 2025-1 Class C | Series 2025-1 Class C |
| 04/20/2035 | &nbsp;&nbsp; 9.270% | 10850000 | &nbsp;&nbsp; 11347241 |
| Series 2025-3 Class D | Series 2025-3 Class D | Series 2025-3 Class D | Series 2025-3 Class D |
| 09/20/2035 | &nbsp;&nbsp; 7.410% | 2250000 | &nbsp;&nbsp; 2231923 |
| Series 2025-4 Class D | Series 2025-4 Class D | Series 2025-4 Class D | Series 2025-4 Class D |
| 11/20/2035 | &nbsp;&nbsp; 7.670% | 5375000 | &nbsp;&nbsp; 5380874 |
| Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C |
| 11/20/2034 | &nbsp;&nbsp; 8.680% | 12250000 | &nbsp;&nbsp; 12752013 |
| US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  |
| Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D |
| 03/15/2027 | &nbsp;&nbsp; 4.360% | 2375000 | &nbsp;&nbsp; 19700 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $276,264,809) | Total Asset-Backed Securities — Non-Agency <br>(Cost $276,264,809) | Total Asset-Backed Securities — Non-Agency <br>(Cost $276,264,809) | &nbsp;&nbsp; **258780662** |
| **Commercial Mortgage-Backed Securities - Agency 0.1%** | **Commercial Mortgage-Backed Securities - Agency 0.1%** | **Commercial Mortgage-Backed Securities - Agency 0.1%** | **Commercial Mortgage-Backed Securities - Agency 0.1%** |
| Government National Mortgage Association<sup>(g),(h)</sup>  | Government National Mortgage Association<sup>(g),(h)</sup>  | Government National Mortgage Association<sup>(g),(h)</sup>  | Government National Mortgage Association<sup>(g),(h)</sup>  |
| Series 2017-30 Class IO | Series 2017-30 Class IO | Series 2017-30 Class IO | Series 2017-30 Class IO |
| 08/16/2058 | &nbsp;&nbsp; 0.571% | 39962073 | &nbsp;&nbsp; 1014421 |
| Series 2019-102 Class IB | Series 2019-102 Class IB | Series 2019-102 Class IB | Series 2019-102 Class IB |
| 03/16/2060 | &nbsp;&nbsp; 0.835% | 11901253 | &nbsp;&nbsp; 558040 |
| Series 2020-19 Class IO | Series 2020-19 Class IO | Series 2020-19 Class IO | Series 2020-19 Class IO |
| 12/16/2061 | &nbsp;&nbsp; 0.719% | 17150404 | &nbsp;&nbsp; 781597 |
| Series 2020-3 Class IO | Series 2020-3 Class IO | Series 2020-3 Class IO | Series 2020-3 Class IO |
| 02/16/2062 | &nbsp;&nbsp; 0.616% | 17339487 | &nbsp;&nbsp; 639803 |
| Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $11,051,863) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $11,051,863) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $11,051,863) | &nbsp;&nbsp; **2993861** |
| **Commercial Mortgage-Backed Securities - Non-Agency 1.4%** | **Commercial Mortgage-Backed Securities - Non-Agency 1.4%** | **Commercial Mortgage-Backed Securities - Non-Agency 1.4%** | **Commercial Mortgage-Backed Securities - Non-Agency 1.4%** |
| BHMS Commercial Mortgage Trust<sup>(a),(d)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(d)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(d)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(d)</sup>  |
| Series 2025-ATLS Class B | Series 2025-ATLS Class B | Series 2025-ATLS Class B | Series 2025-ATLS Class B |
| 1-month Term SOFR + 2.650% <br>Floor 2.650% <br>08/15/2042<br>| &nbsp;&nbsp; 6.515% | 3800000 | &nbsp;&nbsp; 3802388 |
| BXP Trust<sup>(a),(g)</sup>  | BXP Trust<sup>(a),(g)</sup>  | BXP Trust<sup>(a),(g)</sup>  | BXP Trust<sup>(a),(g)</sup>  |
| Subordinated Series 2021-601L Class E | Subordinated Series 2021-601L Class E | Subordinated Series 2021-601L Class E | Subordinated Series 2021-601L Class E |
| 01/15/2044 | &nbsp;&nbsp; 2.776% | 7150000 | &nbsp;&nbsp; 5655578 |
| Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  |
| Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 2425000 | &nbsp;&nbsp; 1890008 |
| Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 15400000 | &nbsp;&nbsp; 9386375 |
| Hilton USA Trust<sup>(a),(i)</sup>  | Hilton USA Trust<sup>(a),(i)</sup>  | Hilton USA Trust<sup>(a),(i)</sup>  | Hilton USA Trust<sup>(a),(i)</sup>  |
| Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F |
| 11/05/2035 | &nbsp;&nbsp; 0.000% | 27400000 | &nbsp;&nbsp; 550965 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** | **Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  |
| Series 2019-2 Class F | Series 2019-2 Class F | Series 2019-2 Class F | Series 2019-2 Class F |
| 10/19/2039 | &nbsp;&nbsp; 3.866% | 2747554 | &nbsp;&nbsp; 2664994 |
| Wells Fargo Commercial Mortgage Trust<sup>(a),(d)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(d)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(d)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(d)</sup>  |
| Series 2021-FCMT Class E | Series 2021-FCMT Class E | Series 2021-FCMT Class E | Series 2021-FCMT Class E |
| 1-month Term SOFR + 4.614% <br>Floor 4.500% <br>05/15/2031<br>| &nbsp;&nbsp; 8.573% | 11600000 | &nbsp;&nbsp; 11620556 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $67,450,307) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $67,450,307) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $67,450,307) | &nbsp;&nbsp; **35570864** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Joint Ventures**<sup>(j)</sup> **0.7%** | **Joint Ventures**<sup>(j)</sup> **0.7%** |
|  | **Value ($)** |
| Itasca Park LLC<sup>(e),(f),(k),(l),(m)</sup> <br>| &nbsp;&nbsp; 1169705 |
| Itasca Park LLC - Unfunded<sup>(e),(f),(k),(l),(m)</sup> <br>| &nbsp;&nbsp; 16089000 |
| Total Joint Ventures <br>(Cost $17,300,000) | &nbsp;&nbsp; **17258705** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency 118.8%** | **Residential Mortgage-Backed Securities - Agency 118.8%** | **Residential Mortgage-Backed Securities - Agency 118.8%** | **Residential Mortgage-Backed Securities - Agency 118.8%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Fannie Mae REMICS<sup>(d),(h)</sup>  | Fannie Mae REMICS<sup>(d),(h)</sup>  | Fannie Mae REMICS<sup>(d),(h)</sup>  | Fannie Mae REMICS<sup>(d),(h)</sup>  |
| CMO Series 2017-81 Class SM | CMO Series 2017-81 Class SM | CMO Series 2017-81 Class SM | CMO Series 2017-81 Class SM |
| -1.0 x 30-day Average SOFR <br> + 6.086% <br>Cap 6.200% <br>10/25/2047<br>| &nbsp;&nbsp; 2.014% | 21981336 | &nbsp;&nbsp; 2973539 |
| CMO Series 2018-64 Class SE | CMO Series 2018-64 Class SE | CMO Series 2018-64 Class SE | CMO Series 2018-64 Class SE |
| -1.0 x 30-day Average SOFR <br> + 6.086% <br>Cap 6.200% <br>09/25/2048<br>| &nbsp;&nbsp; 2.014% | 19858758 | &nbsp;&nbsp; 2676164 |
| CMO Series 2020-22 Class SA | CMO Series 2020-22 Class SA | CMO Series 2020-22 Class SA | CMO Series 2020-22 Class SA |
| -1.0 x 30-day Average SOFR <br> + 6.214% <br>Cap 6.100% <br>04/25/2050<br>| &nbsp;&nbsp; 1.914% | 27905643 | &nbsp;&nbsp; 4232262 |
| CMO Series 2023-46 Class SD | CMO Series 2023-46 Class SD | CMO Series 2023-46 Class SD | CMO Series 2023-46 Class SD |
| -1.0 x 30-day Average SOFR <br> + 5.886% <br>Cap 6.000% <br>06/25/2050<br>| &nbsp;&nbsp; 1.814% | 55473188 | &nbsp;&nbsp; 6484056 |
| Fannie Mae REMICS<sup>(g),(h)</sup>  | Fannie Mae REMICS<sup>(g),(h)</sup>  | Fannie Mae REMICS<sup>(g),(h)</sup>  | Fannie Mae REMICS<sup>(g),(h)</sup>  |
| CMO Series 2022-90 Class GS | CMO Series 2022-90 Class GS | CMO Series 2022-90 Class GS | CMO Series 2022-90 Class GS |
| 07/25/2050 | &nbsp;&nbsp; 1.800% | 36681834 | &nbsp;&nbsp; 4574287 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Fannie Mae REMICS<sup>(d)</sup>  | Fannie Mae REMICS<sup>(d)</sup>  | Fannie Mae REMICS<sup>(d)</sup>  | Fannie Mae REMICS<sup>(d)</sup>  |
| CMO Series 2025-1 Class BF | CMO Series 2025-1 Class BF | CMO Series 2025-1 Class BF | CMO Series 2025-1 Class BF |
| 30-day Average SOFR + <br> 1.400% <br>Floor 1.400%, Cap 6.500% <br>02/25/2055<br>| &nbsp;&nbsp; 5.472% | 16895498 | &nbsp;&nbsp; 16989937 |
| CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB | CMO Series 2025-10 Class FB |
| 30-day Average SOFR + <br> 0.850% <br>Floor 0.850%, Cap 6.000% <br>02/25/2055<br>| &nbsp;&nbsp; 4.922% | 9235932 | &nbsp;&nbsp; 9202152 |
| CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF |
| 30-day Average SOFR + <br> 3.950% <br>Cap 8.250% <br>03/25/2055<br>| &nbsp;&nbsp; 8.022% | 21555886 | &nbsp;&nbsp; 22255256 |
| CMO Series 2025-13 Class FA | CMO Series 2025-13 Class FA | CMO Series 2025-13 Class FA | CMO Series 2025-13 Class FA |
| 30-day Average SOFR + <br> 1.300% <br>Floor 1.300%, Cap 6.500% <br>03/25/2055<br>| &nbsp;&nbsp; 5.372% | 13097086 | &nbsp;&nbsp; 13154493 |
| CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA |
| 30-day Average SOFR + <br> 3.950% <br>Cap 8.250% <br>01/25/2055<br>| &nbsp;&nbsp; 8.022% | 9263131 | &nbsp;&nbsp; 9463893 |
| CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH |
| 30-day Average SOFR + <br> 0.850% <br>Floor 0.850%, Cap 6.000% <br>09/25/2055<br>| &nbsp;&nbsp; 4.922% | 24618981 | &nbsp;&nbsp; 24502388 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 11/01/2052 | &nbsp;&nbsp; 4.000% | 22091633 | &nbsp;&nbsp; 21204421 |
| 12/01/2052 | &nbsp;&nbsp; 5.000% | 18652111 | &nbsp;&nbsp; 19018933 |
| 09/01/2053 | &nbsp;&nbsp; 5.500% | 20326761 | &nbsp;&nbsp; 20878948 |
| Federal Home Loan Mortgage Corp.<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(d),(h)</sup>  |
| CMO Series 2013-101 Class HS | CMO Series 2013-101 Class HS | CMO Series 2013-101 Class HS | CMO Series 2013-101 Class HS |
| -1.0 x 30-day Average SOFR <br> + 6.386% <br>Cap 6.500% <br>10/25/2043<br>| &nbsp;&nbsp; 2.314% | 8545512 | &nbsp;&nbsp; 1166162 |
| CMO Series 3922 Class SH | CMO Series 3922 Class SH | CMO Series 3922 Class SH | CMO Series 3922 Class SH |
| -1.0 x 30-day Average SOFR <br> + 5.786% <br>Cap 5.900% <br>09/15/2041<br>| &nbsp;&nbsp; 1.644% | 1715306 | &nbsp;&nbsp; 153730 |
| CMO Series 4097 Class ST | CMO Series 4097 Class ST | CMO Series 4097 Class ST | CMO Series 4097 Class ST |
| -1.0 x 30-day Average SOFR <br> + 5.936% <br>Cap 6.050% <br>08/15/2042<br>| &nbsp;&nbsp; 1.794% | 663801 | &nbsp;&nbsp; 92608 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 4286 Class NS | CMO Series 4286 Class NS | CMO Series 4286 Class NS | CMO Series 4286 Class NS |
| -1.0 x 30-day Average SOFR <br> + 5.786% <br>Cap 5.900% <br>12/15/2043<br>| &nbsp;&nbsp; 1.644% | 794832 | &nbsp;&nbsp; 101201 |
| CMO Series 4620 Class AS | CMO Series 4620 Class AS | CMO Series 4620 Class AS | CMO Series 4620 Class AS |
| -1.0 x 30-day Average SOFR <br> + 0.554% <br>11/15/2042<br>| &nbsp;&nbsp; 1.664% | 791034 | &nbsp;&nbsp; 82600 |
| CMO Series 4704 Class SK | CMO Series 4704 Class SK | CMO Series 4704 Class SK | CMO Series 4704 Class SK |
| -1.0 x 30-day Average SOFR <br> + 6.036% <br>Cap 6.150% <br>07/15/2047<br>| &nbsp;&nbsp; 1.894% | 6930958 | &nbsp;&nbsp; 862662 |
| CMO Series 4826 Class KS | CMO Series 4826 Class KS | CMO Series 4826 Class KS | CMO Series 4826 Class KS |
| -1.0 x 30-day Average SOFR <br> + 6.086% <br>Cap 6.200% <br>09/15/2048<br>| &nbsp;&nbsp; 1.944% | 7616573 | &nbsp;&nbsp; 989867 |
| CMO Series 4926 Class ST | CMO Series 4926 Class ST | CMO Series 4926 Class ST | CMO Series 4926 Class ST |
| -1.0 x 30-day Average SOFR <br> + 5.966% <br>Cap 6.080% <br>01/15/2040<br>| &nbsp;&nbsp; 1.824% | 5173250 | &nbsp;&nbsp; 356111 |
| CMO Series 4987 Class KS | CMO Series 4987 Class KS | CMO Series 4987 Class KS | CMO Series 4987 Class KS |
| -1.0 x 30-day Average SOFR <br> + 6.194% <br>Cap 6.080% <br>06/25/2050<br>| &nbsp;&nbsp; 1.894% | 8298107 | &nbsp;&nbsp; 1290054 |
| CMO Series 4993 Class MS | CMO Series 4993 Class MS | CMO Series 4993 Class MS | CMO Series 4993 Class MS |
| -1.0 x 30-day Average SOFR <br> + 5.936% <br>Cap 6.050% <br>07/25/2050<br>| &nbsp;&nbsp; 1.864% | 16274886 | &nbsp;&nbsp; 2576936 |
| CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 |
| -1.0 x 30-day Average SOFR <br> + 5.856% <br>Cap 5.970% <br>08/15/2043<br>| &nbsp;&nbsp; 1.714% | 1472670 | &nbsp;&nbsp; 165156 |
| Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  |
| CMO Series 4215 Class IL | CMO Series 4215 Class IL | CMO Series 4215 Class IL | CMO Series 4215 Class IL |
| 07/15/2041 | &nbsp;&nbsp; 3.500% | 94996 | &nbsp;&nbsp; 2044 |
| CMO Series 5040 Class IH | CMO Series 5040 Class IH | CMO Series 5040 Class IH | CMO Series 5040 Class IH |
| 11/25/2050 | &nbsp;&nbsp; 3.500% | 9723437 | &nbsp;&nbsp; 1603663 |
| CMO Series 5083 Class NI | CMO Series 5083 Class NI | CMO Series 5083 Class NI | CMO Series 5083 Class NI |
| 12/25/2040 | &nbsp;&nbsp; 4.500% | 8083325 | &nbsp;&nbsp; 1415798 |
| CMO STRIPS Series 304 Class C67 | CMO STRIPS Series 304 Class C67 | CMO STRIPS Series 304 Class C67 | CMO STRIPS Series 304 Class C67 |
| 12/15/2042 | &nbsp;&nbsp; 4.500% | 1184680 | &nbsp;&nbsp; 162113 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal Home Loan Mortgage Corp. REMICS<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(d),(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(d),(h)</sup>  |
| CMO Series 4606 Class SL | CMO Series 4606 Class SL | CMO Series 4606 Class SL | CMO Series 4606 Class SL |
| -1.0 x 30-day Average SOFR <br> + 5.886% <br>Cap 6.000% <br>12/15/2044<br>| &nbsp;&nbsp; 1.744% | 35161430 | &nbsp;&nbsp; 3886083 |
| CMO Series 5119 Class QS | CMO Series 5119 Class QS | CMO Series 5119 Class QS | CMO Series 5119 Class QS |
| -1.0 x 30-day Average SOFR <br> + 6.300% <br>Cap 6.300% <br>06/25/2051<br>| &nbsp;&nbsp; 2.228% | 33423528 | &nbsp;&nbsp; 5393130 |
| CMO Series 5138 Class SA | CMO Series 5138 Class SA | CMO Series 5138 Class SA | CMO Series 5138 Class SA |
| -1.0 x 30-day Average SOFR <br> + 5.986% <br>Cap 6.100% <br>09/25/2047<br>| &nbsp;&nbsp; 1.914% | 24374632 | &nbsp;&nbsp; 3051875 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  |
| CMO Series 5105 Class ID | CMO Series 5105 Class ID | CMO Series 5105 Class ID | CMO Series 5105 Class ID |
| 05/25/2051 | &nbsp;&nbsp; 3.000% | 33413680 | &nbsp;&nbsp; 5466789 |
| CMO Series 5105 Class JI | CMO Series 5105 Class JI | CMO Series 5105 Class JI | CMO Series 5105 Class JI |
| 03/25/2045 | &nbsp;&nbsp; 3.000% | 20144549 | &nbsp;&nbsp; 1760047 |
| CMO Series 5183 Class IO | CMO Series 5183 Class IO | CMO Series 5183 Class IO | CMO Series 5183 Class IO |
| 01/25/2052 | &nbsp;&nbsp; 3.000% | 33506838 | &nbsp;&nbsp; 5461353 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 10/01/2051- <br>08/01/2052<br>| &nbsp;&nbsp; 4.000% | 61140550 | &nbsp;&nbsp; 59166208 |
| 09/01/2052 | &nbsp;&nbsp; 5.000% | 16796233 | &nbsp;&nbsp; 16996755 |
| Federal National Mortgage Association<sup>(d),(h)</sup>  | Federal National Mortgage Association<sup>(d),(h)</sup>  | Federal National Mortgage Association<sup>(d),(h)</sup>  | Federal National Mortgage Association<sup>(d),(h)</sup>  |
| CMO Series 2013-101 Class CS | CMO Series 2013-101 Class CS | CMO Series 2013-101 Class CS | CMO Series 2013-101 Class CS |
| -1.0 x 30-day Average SOFR <br> + 5.786% <br>Cap 5.900% <br>10/25/2043<br>| &nbsp;&nbsp; 1.714% | 1661943 | &nbsp;&nbsp; 185879 |
| CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES |
| -1.0 x 30-day Average SOFR <br> + 6.036% <br>Cap 6.150% <br>01/25/2045<br>| &nbsp;&nbsp; 1.964% | 928406 | &nbsp;&nbsp; 121114 |
| CMO Series 2015-27 Class AS | CMO Series 2015-27 Class AS | CMO Series 2015-27 Class AS | CMO Series 2015-27 Class AS |
| -1.0 x 30-day Average SOFR <br> + 5.536% <br>Cap 5.650% <br>05/25/2045<br>| &nbsp;&nbsp; 1.464% | 7303639 | &nbsp;&nbsp; 693400 |
| CMO Series 2016-31 Class VS | CMO Series 2016-31 Class VS | CMO Series 2016-31 Class VS | CMO Series 2016-31 Class VS |
| -1.0 x 30-day Average SOFR <br> + 5.886% <br>Cap 6.000% <br>06/25/2046<br>| &nbsp;&nbsp; 1.814% | 1001022 | &nbsp;&nbsp; 128606 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2017-50 Class SB | CMO Series 2017-50 Class SB | CMO Series 2017-50 Class SB | CMO Series 2017-50 Class SB |
| -1.0 x 30-day Average SOFR <br> + 5.986% <br>Cap 6.100% <br>07/25/2047<br>| &nbsp;&nbsp; 1.914% | 6149795 | &nbsp;&nbsp; 760128 |
| CMO Series 2017-72 Class S | CMO Series 2017-72 Class S | CMO Series 2017-72 Class S | CMO Series 2017-72 Class S |
| -1.0 x 30-day Average SOFR <br> + 3.836% <br>Cap 2.750% <br>09/25/2047<br>| &nbsp;&nbsp; 0.000% | 16114948 | &nbsp;&nbsp; 680431 |
| CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP |
| -1.0 x 30-day Average SOFR <br> + 6.036% <br>Cap 6.150% <br>11/25/2047<br>| &nbsp;&nbsp; 1.964% | 6184672 | &nbsp;&nbsp; 819668 |
| CMO Series 2020-38 Class SE | CMO Series 2020-38 Class SE | CMO Series 2020-38 Class SE | CMO Series 2020-38 Class SE |
| -1.0 x 30-day Average SOFR <br> + 5.936% <br>Cap 6.050% <br>06/25/2050<br>| &nbsp;&nbsp; 1.864% | 4450914 | &nbsp;&nbsp; 580608 |
| CMO Series 2020-38 Class WS | CMO Series 2020-38 Class WS | CMO Series 2020-38 Class WS | CMO Series 2020-38 Class WS |
| -1.0 x 30-day Average SOFR <br> + 4.886% <br>Cap 5.000% <br>06/25/2050<br>| &nbsp;&nbsp; 0.814% | 19169999 | &nbsp;&nbsp; 1681180 |
| Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  |
| CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI | CMO Series 2021-3 Class TI |
| 02/25/2051 | &nbsp;&nbsp; 2.500% | 42244495 | &nbsp;&nbsp; 7274211 |
| Federal National Mortgage Association REMICS<sup>(d),(h)</sup>  | Federal National Mortgage Association REMICS<sup>(d),(h)</sup>  | Federal National Mortgage Association REMICS<sup>(d),(h)</sup>  | Federal National Mortgage Association REMICS<sup>(d),(h)</sup>  |
| CMO Series 2018-3 Class SB | CMO Series 2018-3 Class SB | CMO Series 2018-3 Class SB | CMO Series 2018-3 Class SB |
| -1.0 x 30-day Average SOFR <br> + 6.036% <br>Cap 6.150% <br>02/25/2048<br>| &nbsp;&nbsp; 1.964% | 19485720 | &nbsp;&nbsp; 2669906 |
| CMO Series 2019-5 Class SA | CMO Series 2019-5 Class SA | CMO Series 2019-5 Class SA | CMO Series 2019-5 Class SA |
| -1.0 x 30-day Average SOFR <br> + 5.986% <br>Cap 6.100% <br>03/25/2049<br>| &nbsp;&nbsp; 1.914% | 28141723 | &nbsp;&nbsp; 3197108 |
| CMO Series 2020-34 Class S | CMO Series 2020-34 Class S | CMO Series 2020-34 Class S | CMO Series 2020-34 Class S |
| -1.0 x 30-day Average SOFR <br> + 5.936% <br>Cap 6.050% <br>06/25/2050<br>| &nbsp;&nbsp; 1.864% | 28387472 | &nbsp;&nbsp; 4003167 |
| CMO Series 2020-54 Class AS | CMO Series 2020-54 Class AS | CMO Series 2020-54 Class AS | CMO Series 2020-54 Class AS |
| -1.0 x 30-day Average SOFR <br> + 6.036% <br>Cap 6.150% <br>08/25/2050<br>| &nbsp;&nbsp; 1.964% | 19750223 | &nbsp;&nbsp; 2549505 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2024-74 Class SD | CMO Series 2024-74 Class SD | CMO Series 2024-74 Class SD | CMO Series 2024-74 Class SD |
| -1.0 x 30-day Average SOFR <br> + 6.600% <br>Cap 6.600% <br>10/25/2054<br>| &nbsp;&nbsp; 2.528% | 27325847 | &nbsp;&nbsp; 3526346 |
| Freddie Mac REMICS<sup>(d),(h)</sup>  | Freddie Mac REMICS<sup>(d),(h)</sup>  | Freddie Mac REMICS<sup>(d),(h)</sup>  | Freddie Mac REMICS<sup>(d),(h)</sup>  |
| CMO Series 4979 Class YS | CMO Series 4979 Class YS | CMO Series 4979 Class YS | CMO Series 4979 Class YS |
| -1.0 x 30-day Average SOFR <br> + 5.936% <br>Cap 6.050% <br>06/25/2050<br>| &nbsp;&nbsp; 1.864% | 18863358 | &nbsp;&nbsp; 2396150 |
| CMO Series 5541 Class SK | CMO Series 5541 Class SK | CMO Series 5541 Class SK | CMO Series 5541 Class SK |
| -1.0 x 30-day Average SOFR <br> + 5.700% <br>Cap 5.700% <br>05/25/2055<br>| &nbsp;&nbsp; 1.628% | 54544906 | &nbsp;&nbsp; 4932670 |
| CMO Series 5544 Class SC | CMO Series 5544 Class SC | CMO Series 5544 Class SC | CMO Series 5544 Class SC |
| 30-day Average SOFR + <br> 7.000% <br>Cap 7.000% <br>06/25/2055<br>| &nbsp;&nbsp; 2.928% | 21392910 | &nbsp;&nbsp; 2899845 |
| CMO Series 5547 Class SE | CMO Series 5547 Class SE | CMO Series 5547 Class SE | CMO Series 5547 Class SE |
| -1.0 x 30-day Average SOFR <br> + 5.100% <br>Cap 5.100% <br>06/25/2055<br>| &nbsp;&nbsp; 1.028% | 33478472 | &nbsp;&nbsp; 2000466 |
| Freddie Mac REMICS<sup>(d)</sup>  | Freddie Mac REMICS<sup>(d)</sup>  | Freddie Mac REMICS<sup>(d)</sup>  | Freddie Mac REMICS<sup>(d)</sup>  |
| CMO Series 5480 Class FA | CMO Series 5480 Class FA | CMO Series 5480 Class FA | CMO Series 5480 Class FA |
| 30-day Average SOFR + <br> 1.450% <br>Floor 1.450%, Cap 6.500% <br>03/25/2054<br>| &nbsp;&nbsp; 5.522% | 28793225 | &nbsp;&nbsp; 28972751 |
| CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ |
| 30-day Average SOFR + <br> 3.950% <br>Cap 8.250% <br>06/25/2054<br>| &nbsp;&nbsp; 8.022% | 16815753 | &nbsp;&nbsp; 17397972 |
| CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU |
| 30-day Average SOFR + <br> 3.950% <br>Cap 8.250% <br>11/25/2054<br>| &nbsp;&nbsp; 8.022% | 29544355 | &nbsp;&nbsp; 30643467 |
| CMO Series 5518 Class FC | CMO Series 5518 Class FC | CMO Series 5518 Class FC | CMO Series 5518 Class FC |
| 30-day Average SOFR + <br> 1.320% <br>Floor 1.320%, Cap 6.500% <br>03/25/2055<br>| &nbsp;&nbsp; 5.392% | 12465527 | &nbsp;&nbsp; 12525416 |
| CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB |
| 30-day Average SOFR + <br> 3.950% <br>Cap 8.250% <br>04/25/2055<br>| &nbsp;&nbsp; 8.022% | 17287518 | &nbsp;&nbsp; 17804861 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 5534 Class FD | CMO Series 5534 Class FD | CMO Series 5534 Class FD | CMO Series 5534 Class FD |
| 30-day Average SOFR + <br> 1.250% <br>Floor 1.250%, Cap 6.500% <br>05/25/2055<br>| &nbsp;&nbsp; 5.322% | 12798213 | &nbsp;&nbsp; 12830659 |
| CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F |
| 30-day Average SOFR + <br> 4.300% <br>05/25/2055<br>| &nbsp;&nbsp; 8.372% | 11091785 | &nbsp;&nbsp; 11355602 |
| CMO Series 5548 Class F | CMO Series 5548 Class F | CMO Series 5548 Class F | CMO Series 5548 Class F |
| 30-day Average SOFR + <br> 4.600% <br>Cap 8.700% <br>06/25/2055<br>| &nbsp;&nbsp; 8.672% | 18723525 | &nbsp;&nbsp; 18806130 |
| CMO Series 5551 Class FB | CMO Series 5551 Class FB | CMO Series 5551 Class FB | CMO Series 5551 Class FB |
| 30-day Average SOFR + <br> 1.500% <br>Floor 1.500%, Cap 6.500% <br>06/25/2055<br>| &nbsp;&nbsp; 5.572% | 12832051 | &nbsp;&nbsp; 12940283 |
| CMO Series 5563 Class FT | CMO Series 5563 Class FT | CMO Series 5563 Class FT | CMO Series 5563 Class FT |
| 30-day Average SOFR + <br> 1.350% <br>Floor 1.350%, Cap 6.500% <br>08/25/2055<br>| &nbsp;&nbsp; 5.422% | 25240043 | &nbsp;&nbsp; 25407523 |
| Freddie Mac REMICS<sup>(d),(e),(h)</sup>  | Freddie Mac REMICS<sup>(d),(e),(h)</sup>  | Freddie Mac REMICS<sup>(d),(e),(h)</sup>  | Freddie Mac REMICS<sup>(d),(e),(h)</sup>  |
| CMO Series 5604 Class SB | CMO Series 5604 Class SB | CMO Series 5604 Class SB | CMO Series 5604 Class SB |
| -1.0 x 30-day Average SOFR <br> + 7.150% <br>Cap 7.150% <br>11/25/2055<br>| &nbsp;&nbsp; 2.948% | 62734375 | &nbsp;&nbsp; 8822022 |
| CMO Series 5604 Class SN | CMO Series 5604 Class SN | CMO Series 5604 Class SN | CMO Series 5604 Class SN |
| -1.0 x 30-day Average SOFR <br> + 5.550% <br>Cap 5.550% <br>12/25/2055<br>| &nbsp;&nbsp; 1.459% | 77000000 | &nbsp;&nbsp; 7074375 |
| Government National Mortgage Association<sup>(d),(h)</sup>  | Government National Mortgage Association<sup>(d),(h)</sup>  | Government National Mortgage Association<sup>(d),(h)</sup>  | Government National Mortgage Association<sup>(d),(h)</sup>  |
| CMO Series 2010-9 Class XD | CMO Series 2010-9 Class XD | CMO Series 2010-9 Class XD | CMO Series 2010-9 Class XD |
| -1.0 x 1-month Term SOFR + <br> 6.486% <br>Cap 6.600% <br>01/16/2040<br>| &nbsp;&nbsp; 2.527% | 25774085 | &nbsp;&nbsp; 3115654 |
| CMO Series 2014-6 Class SJ | CMO Series 2014-6 Class SJ | CMO Series 2014-6 Class SJ | CMO Series 2014-6 Class SJ |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>01/20/2044<br>| &nbsp;&nbsp; 2.026% | 7589982 | &nbsp;&nbsp; 865842 |
| CMO Series 2017-163 Class SD | CMO Series 2017-163 Class SD | CMO Series 2017-163 Class SD | CMO Series 2017-163 Class SD |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>11/20/2047<br>| &nbsp;&nbsp; 2.126% | 7534663 | &nbsp;&nbsp; 1307753 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2018-124 Class SG | CMO Series 2018-124 Class SG | CMO Series 2018-124 Class SG | CMO Series 2018-124 Class SG |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>09/20/2048<br>| &nbsp;&nbsp; 2.126% | 7633154 | &nbsp;&nbsp; 1000839 |
| CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>11/20/2048<br>| &nbsp;&nbsp; 2.076% | 6393087 | &nbsp;&nbsp; 735957 |
| CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>03/20/2048<br>| &nbsp;&nbsp; 2.126% | 4977956 | &nbsp;&nbsp; 671485 |
| CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>04/20/2048<br>| &nbsp;&nbsp; 2.126% | 6688373 | &nbsp;&nbsp; 903908 |
| CMO Series 2018-63 Class SH | CMO Series 2018-63 Class SH | CMO Series 2018-63 Class SH | CMO Series 2018-63 Class SH |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>04/20/2048<br>| &nbsp;&nbsp; 2.126% | 6120847 | &nbsp;&nbsp; 756859 |
| CMO Series 2018-78 Class SB | CMO Series 2018-78 Class SB | CMO Series 2018-78 Class SB | CMO Series 2018-78 Class SB |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>06/20/2048<br>| &nbsp;&nbsp; 2.126% | 5628264 | &nbsp;&nbsp; 851739 |
| CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>05/20/2048<br>| &nbsp;&nbsp; 2.126% | 5258891 | &nbsp;&nbsp; 822564 |
| CMO Series 2019-103 Class SA | CMO Series 2019-103 Class SA | CMO Series 2019-103 Class SA | CMO Series 2019-103 Class SA |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>08/20/2049<br>| &nbsp;&nbsp; 1.976% | 11983166 | &nbsp;&nbsp; 1768293 |
| CMO Series 2019-128 Class YS | CMO Series 2019-128 Class YS | CMO Series 2019-128 Class YS | CMO Series 2019-128 Class YS |
| -1.0 x 1-month Term SOFR + <br> 2.736% <br>Cap 2.850% <br>10/20/2049<br>| &nbsp;&nbsp; 0.000% | 32389418 | &nbsp;&nbsp; 121600 |
| CMO Series 2019-21 Class QS | CMO Series 2019-21 Class QS | CMO Series 2019-21 Class QS | CMO Series 2019-21 Class QS |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>10/20/2046<br>| &nbsp;&nbsp; 2.026% | 25764617 | &nbsp;&nbsp; 3301594 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2019-43 Class NS | CMO Series 2019-43 Class NS | CMO Series 2019-43 Class NS | CMO Series 2019-43 Class NS |
| -1.0 x 1-month Term SOFR + <br> 3.156% <br>Cap 3.270% <br>04/20/2049<br>| &nbsp;&nbsp; 0.000% | 12253041 | &nbsp;&nbsp; 185827 |
| CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2050<br>| &nbsp;&nbsp; 2.126% | 8340004 | &nbsp;&nbsp; 1099472 |
| CMO Series 2020-133 Class DS | CMO Series 2020-133 Class DS | CMO Series 2020-133 Class DS | CMO Series 2020-133 Class DS |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>09/20/2050<br>| &nbsp;&nbsp; 2.226% | 53232319 | &nbsp;&nbsp; 7750583 |
| CMO Series 2020-148 Class SA | CMO Series 2020-148 Class SA | CMO Series 2020-148 Class SA | CMO Series 2020-148 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>10/20/2050<br>| &nbsp;&nbsp; 2.226% | 17479844 | &nbsp;&nbsp; 2572580 |
| CMO Series 2020-160 Class AS | CMO Series 2020-160 Class AS | CMO Series 2020-160 Class AS | CMO Series 2020-160 Class AS |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>10/20/2050<br>| &nbsp;&nbsp; 2.226% | 28627978 | &nbsp;&nbsp; 4396264 |
| CMO Series 2020-175 Class NS | CMO Series 2020-175 Class NS | CMO Series 2020-175 Class NS | CMO Series 2020-175 Class NS |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>11/20/2050<br>| &nbsp;&nbsp; 2.226% | 19896164 | &nbsp;&nbsp; 2928646 |
| CMO Series 2020-187 Class SE | CMO Series 2020-187 Class SE | CMO Series 2020-187 Class SE | CMO Series 2020-187 Class SE |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>12/20/2050<br>| &nbsp;&nbsp; 2.226% | 15577582 | &nbsp;&nbsp; 2302075 |
| CMO Series 2020-31 Class ES | CMO Series 2020-31 Class ES | CMO Series 2020-31 Class ES | CMO Series 2020-31 Class ES |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>03/20/2050<br>| &nbsp;&nbsp; 1.976% | 16087899 | &nbsp;&nbsp; 2066446 |
| CMO Series 2020-34 Class SA | CMO Series 2020-34 Class SA | CMO Series 2020-34 Class SA | CMO Series 2020-34 Class SA |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>03/20/2050<br>| &nbsp;&nbsp; 1.976% | 18603394 | &nbsp;&nbsp; 2693753 |
| CMO Series 2020-62 Class SK | CMO Series 2020-62 Class SK | CMO Series 2020-62 Class SK | CMO Series 2020-62 Class SK |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>05/20/2050<br>| &nbsp;&nbsp; 2.076% | 8112576 | &nbsp;&nbsp; 1056804 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2020-67 Class KS | CMO Series 2020-67 Class KS | CMO Series 2020-67 Class KS | CMO Series 2020-67 Class KS |
| -1.0 x 1-month Term SOFR + <br> 5.836% <br>Cap 5.950% <br>05/20/2050<br>| &nbsp;&nbsp; 1.876% | 16423799 | &nbsp;&nbsp; 2138295 |
| CMO Series 2020-78 Class SD | CMO Series 2020-78 Class SD | CMO Series 2020-78 Class SD | CMO Series 2020-78 Class SD |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>06/20/2050<br>| &nbsp;&nbsp; 2.076% | 20964142 | &nbsp;&nbsp; 2796866 |
| CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 2.226% | 28049980 | &nbsp;&nbsp; 3999683 |
| CMO Series 2021-117 Class HS | CMO Series 2021-117 Class HS | CMO Series 2021-117 Class HS | CMO Series 2021-117 Class HS |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 2.226% | 22509860 | &nbsp;&nbsp; 3252763 |
| CMO Series 2021-119 Class SC | CMO Series 2021-119 Class SC | CMO Series 2021-119 Class SC | CMO Series 2021-119 Class SC |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 2.226% | 24123347 | &nbsp;&nbsp; 3642770 |
| CMO Series 2021-122 Class SB | CMO Series 2021-122 Class SB | CMO Series 2021-122 Class SB | CMO Series 2021-122 Class SB |
| -1.0 x 1-month Term SOFR + <br> 2.486% <br>Cap 2.600% <br>07/20/2051<br>| &nbsp;&nbsp; 0.000% | 51107860 | &nbsp;&nbsp; 258749 |
| CMO Series 2021-122 Class SG | CMO Series 2021-122 Class SG | CMO Series 2021-122 Class SG | CMO Series 2021-122 Class SG |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 2.226% | 51943700 | &nbsp;&nbsp; 7529437 |
| CMO Series 2021-142 Class SL | CMO Series 2021-142 Class SL | CMO Series 2021-142 Class SL | CMO Series 2021-142 Class SL |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>08/20/2051<br>| &nbsp;&nbsp; 2.226% | 55220322 | &nbsp;&nbsp; 7873656 |
| CMO Series 2021-155 Class SM | CMO Series 2021-155 Class SM | CMO Series 2021-155 Class SM | CMO Series 2021-155 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 2.226% | 27746718 | &nbsp;&nbsp; 4006776 |
| CMO Series 2021-156 Class SA | CMO Series 2021-156 Class SA | CMO Series 2021-156 Class SA | CMO Series 2021-156 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>09/20/2051<br>| &nbsp;&nbsp; 2.226% | 40180753 | &nbsp;&nbsp; 5613360 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2021-160 Class S | CMO Series 2021-160 Class S | CMO Series 2021-160 Class S | CMO Series 2021-160 Class S |
| -1.0 x 30-day Average SOFR <br> + 2.650% <br>Cap 2.650% <br>09/20/2051<br>| &nbsp;&nbsp; 0.000% | 70504700 | &nbsp;&nbsp; 401101 |
| CMO Series 2021-161 Class SL | CMO Series 2021-161 Class SL | CMO Series 2021-161 Class SL | CMO Series 2021-161 Class SL |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>09/20/2051<br>| &nbsp;&nbsp; 2.226% | 34042372 | &nbsp;&nbsp; 5039551 |
| CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES |
| 30-day Average SOFR + <br> 1.700% <br>11/20/2051<br>| &nbsp;&nbsp; 0.000% | 239817684 | &nbsp;&nbsp; 648251 |
| CMO Series 2021-42 Class SD | CMO Series 2021-42 Class SD | CMO Series 2021-42 Class SD | CMO Series 2021-42 Class SD |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>11/20/2050<br>| &nbsp;&nbsp; 2.226% | 34026329 | &nbsp;&nbsp; 5188331 |
| CMO Series 2021-42 Class SG | CMO Series 2021-42 Class SG | CMO Series 2021-42 Class SG | CMO Series 2021-42 Class SG |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>03/20/2051<br>| &nbsp;&nbsp; 2.226% | 28740760 | &nbsp;&nbsp; 3904079 |
| CMO Series 2021-96 Class US | CMO Series 2021-96 Class US | CMO Series 2021-96 Class US | CMO Series 2021-96 Class US |
| -1.0 x 30-day Average SOFR <br> + 3.250% <br>Cap 3.250% <br>06/20/2051<br>| &nbsp;&nbsp; 0.000% | 39689391 | &nbsp;&nbsp; 700946 |
| CMO Series 2021-97 Class CS | CMO Series 2021-97 Class CS | CMO Series 2021-97 Class CS | CMO Series 2021-97 Class CS |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>06/20/2051<br>| &nbsp;&nbsp; 2.226% | 39037311 | &nbsp;&nbsp; 5538848 |
| CMO Series 2022-161 Class SQ | CMO Series 2022-161 Class SQ | CMO Series 2022-161 Class SQ | CMO Series 2022-161 Class SQ |
| -1.0 x 30-day Average SOFR <br> + 5.350% <br>Cap 5.350% <br>09/20/2052<br>| &nbsp;&nbsp; 1.251% | 36737120 | &nbsp;&nbsp; 2473510 |
| CMO Series 2022-168 Class ST | CMO Series 2022-168 Class ST | CMO Series 2022-168 Class ST | CMO Series 2022-168 Class ST |
| -1.0 x 30-day Average SOFR <br> + 6.000% <br>Cap 6.000% <br>09/20/2052<br>| &nbsp;&nbsp; 1.901% | 51771922 | &nbsp;&nbsp; 5219081 |
| CMO Series 2022-46 Class SE | CMO Series 2022-46 Class SE | CMO Series 2022-46 Class SE | CMO Series 2022-46 Class SE |
| -1.0 x 30-day Average SOFR <br> + 3.450% <br>Cap 3.450% <br>03/20/2052<br>| &nbsp;&nbsp; 0.000% | 22378923 | &nbsp;&nbsp; 381755 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2022-83 Class AS | CMO Series 2022-83 Class AS | CMO Series 2022-83 Class AS | CMO Series 2022-83 Class AS |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>06/20/2050<br>| &nbsp;&nbsp; 2.076% | 21120543 | &nbsp;&nbsp; 2801399 |
| CMO Series 2022-90 Class SJ | CMO Series 2022-90 Class SJ | CMO Series 2022-90 Class SJ | CMO Series 2022-90 Class SJ |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>01/20/2050<br>| &nbsp;&nbsp; 1.976% | 29839187 | &nbsp;&nbsp; 3432405 |
| CMO Series 2023-101 Class CS | CMO Series 2023-101 Class CS | CMO Series 2023-101 Class CS | CMO Series 2023-101 Class CS |
| -1.0 x 30-day Average SOFR <br> + 6.000% <br>Cap 6.000% <br>07/20/2053<br>| &nbsp;&nbsp; 1.901% | 72147021 | &nbsp;&nbsp; 4695588 |
| CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS |
| -1.0 x 30-day Average SOFR <br> + 5.730% <br>Cap 5.730% <br>08/20/2053<br>| &nbsp;&nbsp; 1.631% | 13962889 | &nbsp;&nbsp; 957821 |
| CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS |
| 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>09/20/2049<br>| &nbsp;&nbsp; 1.976% | 47707310 | &nbsp;&nbsp; 5820330 |
| CMO Series 2023-115 Class SM | CMO Series 2023-115 Class SM | CMO Series 2023-115 Class SM | CMO Series 2023-115 Class SM |
| -1.0 x 30-day Average SOFR <br> + 5.900% <br>Cap 5.900% <br>08/20/2053<br>| &nbsp;&nbsp; 1.801% | 39459213 | &nbsp;&nbsp; 2501118 |
| CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>12/20/2049<br>| &nbsp;&nbsp; 1.976% | 31095803 | &nbsp;&nbsp; 3924807 |
| CMO Series 2023-173 Class SB | CMO Series 2023-173 Class SB | CMO Series 2023-173 Class SB | CMO Series 2023-173 Class SB |
| -1.0 x 30-day Average SOFR <br> + 5.650% <br>Cap 5.650% <br>11/20/2053<br>| &nbsp;&nbsp; 1.551% | 61173722 | &nbsp;&nbsp; 4405621 |
| CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS |
| -1.0 x 30-day Average SOFR <br> + 6.350% <br>Cap 6.350% <br>03/20/2053<br>| &nbsp;&nbsp; 2.251% | 23441154 | &nbsp;&nbsp; 1914688 |
| CMO Series 2023-66 Class BS | CMO Series 2023-66 Class BS | CMO Series 2023-66 Class BS | CMO Series 2023-66 Class BS |
| -1.0 x 30-day Average SOFR <br> + 6.150% <br>Cap 6.150% <br>05/20/2053<br>| &nbsp;&nbsp; 2.051% | 21095855 | &nbsp;&nbsp; 2016846 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2023-66 Class SQ | CMO Series 2023-66 Class SQ | CMO Series 2023-66 Class SQ | CMO Series 2023-66 Class SQ |
| -1.0 x 30-day Average SOFR <br> + 5.400% <br>Cap 5.400% <br>05/20/2053<br>| &nbsp;&nbsp; 1.301% | 53841701 | &nbsp;&nbsp; 2683702 |
| CMO Series 2024-197 Class SV | CMO Series 2024-197 Class SV | CMO Series 2024-197 Class SV | CMO Series 2024-197 Class SV |
| -1.0 x 30-day Average SOFR <br> + 6.050% <br>Cap 6.050% <br>12/20/2054<br>| &nbsp;&nbsp; 1.951% | 19575352 | &nbsp;&nbsp; 2258101 |
| CMO Series 2024-51 Class US | CMO Series 2024-51 Class US | CMO Series 2024-51 Class US | CMO Series 2024-51 Class US |
| -1.0 x 30-day Average SOFR <br> + 5.400% <br>Cap 5.400% <br>03/20/2054<br>| &nbsp;&nbsp; 1.301% | 33469606 | &nbsp;&nbsp; 1657288 |
| CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS |
| -1.0 x 30-day Average SOFR <br> + 5.400% <br>Cap 5.400% <br>04/20/2054<br>| &nbsp;&nbsp; 1.301% | 44417670 | &nbsp;&nbsp; 2404577 |
| CMO Series 2024-64 Class SY | CMO Series 2024-64 Class SY | CMO Series 2024-64 Class SY | CMO Series 2024-64 Class SY |
| -1.0 x 30-day Average SOFR <br> + 5.900% <br>Cap 5.900% <br>04/20/2054<br>| &nbsp;&nbsp; 1.716% | 47595788 | &nbsp;&nbsp; 5237255 |
| CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH |
| -1.0 x 30-day Average SOFR <br> + 7.250% <br>Cap 7.250% <br>05/20/2054<br>| &nbsp;&nbsp; 3.151% | 21409496 | &nbsp;&nbsp; 3220795 |
| CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS |
| -1.0 x 30-day Average SOFR <br> + 7.300% <br>Cap 7.300% <br>06/20/2054<br>| &nbsp;&nbsp; 3.201% | 27510870 | &nbsp;&nbsp; 3975280 |
| CMO Series 2025-156 Class SE | CMO Series 2025-156 Class SE | CMO Series 2025-156 Class SE | CMO Series 2025-156 Class SE |
| -1.0 x 30-day Average SOFR <br> + 6.000% <br>Cap 6.000% <br>09/20/2055<br>| &nbsp;&nbsp; 1.901% | 49808566 | &nbsp;&nbsp; 5428536 |
| CMO Series 2025-172 Class SB | CMO Series 2025-172 Class SB | CMO Series 2025-172 Class SB | CMO Series 2025-172 Class SB |
| -1.0 x 30-day Average SOFR <br> + 6.000% <br>Cap 6.000% <br>10/20/2055<br>| &nbsp;&nbsp; 1.901% | 43645713 | &nbsp;&nbsp; 4711092 |
| Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  |
| CMO Series 2014-184 Class CI | CMO Series 2014-184 Class CI | CMO Series 2014-184 Class CI | CMO Series 2014-184 Class CI |
| 11/16/2041 | &nbsp;&nbsp; 3.500% | 3748900 | &nbsp;&nbsp; 362540 |
| CMO Series 2018-78 Class GI | CMO Series 2018-78 Class GI | CMO Series 2018-78 Class GI | CMO Series 2018-78 Class GI |
| 04/20/2048 | &nbsp;&nbsp; 4.000% | 4688728 | &nbsp;&nbsp; 815278 |
| CMO Series 2020-160 Class DI | CMO Series 2020-160 Class DI | CMO Series 2020-160 Class DI | CMO Series 2020-160 Class DI |
| 10/20/2050 | &nbsp;&nbsp; 2.500% | 15602844 | &nbsp;&nbsp; 2270022 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2020-160 Class HI | CMO Series 2020-160 Class HI | CMO Series 2020-160 Class HI | CMO Series 2020-160 Class HI |
| 10/20/2050 | &nbsp;&nbsp; 2.500% | 12498506 | &nbsp;&nbsp; 1842685 |
| CMO Series 2020-160 Class ID | CMO Series 2020-160 Class ID | CMO Series 2020-160 Class ID | CMO Series 2020-160 Class ID |
| 10/20/2050 | &nbsp;&nbsp; 2.500% | 11350553 | &nbsp;&nbsp; 1650168 |
| CMO Series 2020-162 Class EI | CMO Series 2020-162 Class EI | CMO Series 2020-162 Class EI | CMO Series 2020-162 Class EI |
| 10/20/2050 | &nbsp;&nbsp; 2.500% | 11544767 | &nbsp;&nbsp; 1688110 |
| CMO Series 2020-164 Class CI | CMO Series 2020-164 Class CI | CMO Series 2020-164 Class CI | CMO Series 2020-164 Class CI |
| 11/20/2050 | &nbsp;&nbsp; 3.000% | 14224912 | &nbsp;&nbsp; 2422238 |
| CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC |
| 12/20/2050 | &nbsp;&nbsp; 4.000% | 17491899 | &nbsp;&nbsp; 3917821 |
| CMO Series 2020-191 Class UM | CMO Series 2020-191 Class UM | CMO Series 2020-191 Class UM | CMO Series 2020-191 Class UM |
| 12/20/2050 | &nbsp;&nbsp; 3.500% | 26908905 | &nbsp;&nbsp; 4232200 |
| CMO Series 2020-85 Class MI | CMO Series 2020-85 Class MI | CMO Series 2020-85 Class MI | CMO Series 2020-85 Class MI |
| 06/20/2050 | &nbsp;&nbsp; 3.500% | 10835529 | &nbsp;&nbsp; 2215693 |
| CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI |
| 09/20/2051 | &nbsp;&nbsp; 3.000% | 28770783 | &nbsp;&nbsp; 4581704 |
| CMO Series 2021-160 Class CI | CMO Series 2021-160 Class CI | CMO Series 2021-160 Class CI | CMO Series 2021-160 Class CI |
| 09/20/2051 | &nbsp;&nbsp; 2.500% | 58851430 | &nbsp;&nbsp; 8071474 |
| CMO Series 2021-24 Class MI | CMO Series 2021-24 Class MI | CMO Series 2021-24 Class MI | CMO Series 2021-24 Class MI |
| 02/20/2051 | &nbsp;&nbsp; 3.000% | 13928788 | &nbsp;&nbsp; 2289387 |
| CMO Series 2021-29 Class HI | CMO Series 2021-29 Class HI | CMO Series 2021-29 Class HI | CMO Series 2021-29 Class HI |
| 02/20/2051 | &nbsp;&nbsp; 3.500% | 17651055 | &nbsp;&nbsp; 3352311 |
| CMO Series 2021-44 Class CI | CMO Series 2021-44 Class CI | CMO Series 2021-44 Class CI | CMO Series 2021-44 Class CI |
| 03/20/2051 | &nbsp;&nbsp; 3.000% | 21402405 | &nbsp;&nbsp; 3647993 |
| CMO Series 2021-44 Class MI | CMO Series 2021-44 Class MI | CMO Series 2021-44 Class MI | CMO Series 2021-44 Class MI |
| 03/20/2051 | &nbsp;&nbsp; 3.000% | 14004696 | &nbsp;&nbsp; 2328648 |
| CMO Series 2021-58 Class IA | CMO Series 2021-58 Class IA | CMO Series 2021-58 Class IA | CMO Series 2021-58 Class IA |
| 04/20/2051 | &nbsp;&nbsp; 3.500% | 11745630 | &nbsp;&nbsp; 2151607 |
| CMO Series 2021-7 Class IT | CMO Series 2021-7 Class IT | CMO Series 2021-7 Class IT | CMO Series 2021-7 Class IT |
| 01/16/2051 | &nbsp;&nbsp; 3.000% | 26841382 | &nbsp;&nbsp; 6216351 |
| Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  | Government National Mortgage Association<sup>(d)</sup>  |
| CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M |
| 30-day Average SOFR + <br> 4.000% <br>Floor 4.000%, Cap 7.700% <br>03/20/2055<br>| &nbsp;&nbsp; 6.823% | 9412339 | &nbsp;&nbsp; 9724210 |
| Government National Mortgage Association TBA<sup>(n)</sup>  | Government National Mortgage Association TBA<sup>(n)</sup>  | Government National Mortgage Association TBA<sup>(n)</sup>  | Government National Mortgage Association TBA<sup>(n)</sup>  |
| 12/20/2053 | &nbsp;&nbsp; 4.500% | 240000000 | &nbsp;&nbsp; 234698436 |
| Uniform Mortgage-Backed Security TBA<sup>(n)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(n)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(n)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(n)</sup>  |
| 12/13/2053 | &nbsp;&nbsp; 4.000% | 437500000 | &nbsp;&nbsp; 416646864 |
| 12/13/2053 | &nbsp;&nbsp; 4.500% | 633000000 | &nbsp;&nbsp; 619611847 |
| 12/13/2053 | &nbsp;&nbsp; 5.000% | 261000000 | &nbsp;&nbsp; 260445610 |
| 12/13/2053 | &nbsp;&nbsp; 5.500% | 60000000 | &nbsp;&nbsp; 60756362 |
| 12/12/2054 | &nbsp;&nbsp; 3.500% | 150000000 | &nbsp;&nbsp; 138726863 |
| 12/11/2055 | &nbsp;&nbsp; 6.000% | 473000000 | &nbsp;&nbsp; 484280648 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $3,024,171,019) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $3,024,171,019) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $3,024,171,019) | &nbsp;&nbsp; **2992373787** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency 49.1%** | **Residential Mortgage-Backed Securities - Non-Agency 49.1%** | **Residential Mortgage-Backed Securities - Non-Agency 49.1%** | **Residential Mortgage-Backed Securities - Non-Agency 49.1%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| A&D Mortgage Trust<sup>(a),(o)</sup>  | A&D Mortgage Trust<sup>(a),(o)</sup>  | A&D Mortgage Trust<sup>(a),(o)</sup>  | A&D Mortgage Trust<sup>(a),(o)</sup>  |
| CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 |
| 02/25/2069 | &nbsp;&nbsp; 6.195% | 3049591 | &nbsp;&nbsp; 3073412 |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 10/25/2070 | &nbsp;&nbsp; 5.225% | 10161333 | &nbsp;&nbsp; 10185305 |
| A&D Mortgage Trust<sup>(a),(g)</sup>  | A&D Mortgage Trust<sup>(a),(g)</sup>  | A&D Mortgage Trust<sup>(a),(g)</sup>  | A&D Mortgage Trust<sup>(a),(g)</sup>  |
| Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 |
| 02/25/2069 | &nbsp;&nbsp; 8.468% | 5600000 | &nbsp;&nbsp; 5676206 |
| Ajax Mortgage Loan Trust<sup>(a),(o)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(o)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(o)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(o)</sup>  |
| CMO Series 2021-C Class A | CMO Series 2021-C Class A | CMO Series 2021-C Class A | CMO Series 2021-C Class A |
| 01/25/2061 | &nbsp;&nbsp; 6.115% | 3048570 | &nbsp;&nbsp; 3068088 |
| Ajax Mortgage Loan Trust<sup>(a),(g)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(g)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(g)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(g)</sup>  |
| Subordinated CMO Series 2021-E Class B2 | Subordinated CMO Series 2021-E Class B2 | Subordinated CMO Series 2021-E Class B2 | Subordinated CMO Series 2021-E Class B2 |
| 12/25/2060 | &nbsp;&nbsp; 3.878% | 8617660 | &nbsp;&nbsp; 5410872 |
| AlphaFlow Transitional Mortgage Trust<sup>(a)</sup>  | AlphaFlow Transitional Mortgage Trust<sup>(a)</sup>  | AlphaFlow Transitional Mortgage Trust<sup>(a)</sup>  | AlphaFlow Transitional Mortgage Trust<sup>(a)</sup>  |
| CMO Series 2021-WL1 Class A1 | CMO Series 2021-WL1 Class A1 | CMO Series 2021-WL1 Class A1 | CMO Series 2021-WL1 Class A1 |
| 01/25/2026 | &nbsp;&nbsp; 3.280% | 832466 | &nbsp;&nbsp; 729203 |
| Angel Oak Mortgage Trust<sup>(a),(g)</sup>  | Angel Oak Mortgage Trust<sup>(a),(g)</sup>  | Angel Oak Mortgage Trust<sup>(a),(g)</sup>  | Angel Oak Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 |
| 07/25/2066 | &nbsp;&nbsp; 1.311% | 3402481 | &nbsp;&nbsp; 3011327 |
| Subordinated CMO Series 2019-6 Class B1 | Subordinated CMO Series 2019-6 Class B1 | Subordinated CMO Series 2019-6 Class B1 | Subordinated CMO Series 2019-6 Class B1 |
| 11/25/2059 | &nbsp;&nbsp; 3.941% | 9450000 | &nbsp;&nbsp; 9042034 |
| Angel Oak Mortgage Trust<sup>(a),(o)</sup>  | Angel Oak Mortgage Trust<sup>(a),(o)</sup>  | Angel Oak Mortgage Trust<sup>(a),(o)</sup>  | Angel Oak Mortgage Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-8 Class A1 | CMO Series 2025-8 Class A1 | CMO Series 2025-8 Class A1 | CMO Series 2025-8 Class A1 |
| 07/25/2070 | &nbsp;&nbsp; 5.410% | 6305235 | &nbsp;&nbsp; 6356658 |
| Barclays Mortgage Trust<sup>(a),(o)</sup>  | Barclays Mortgage Trust<sup>(a),(o)</sup>  | Barclays Mortgage Trust<sup>(a),(o)</sup>  | Barclays Mortgage Trust<sup>(a),(o)</sup>  |
| CMO Series 2021-NPL1 Class B | CMO Series 2021-NPL1 Class B | CMO Series 2021-NPL1 Class B | CMO Series 2021-NPL1 Class B |
| 11/25/2051 | &nbsp;&nbsp; 4.625% | 3649224 | &nbsp;&nbsp; 3652670 |
| BRAVO Residential Funding Trust<sup>(a),(g)</sup>  | BRAVO Residential Funding Trust<sup>(a),(g)</sup>  | BRAVO Residential Funding Trust<sup>(a),(g)</sup>  | BRAVO Residential Funding Trust<sup>(a),(g)</sup>  |
| CMO Series 2020-NQM1 Class B1 | CMO Series 2020-NQM1 Class B1 | CMO Series 2020-NQM1 Class B1 | CMO Series 2020-NQM1 Class B1 |
| 05/25/2060 | &nbsp;&nbsp; 5.086% | 2200000 | &nbsp;&nbsp; 2206789 |
| CMO Series 2020-NQM1 Class B2 | CMO Series 2020-NQM1 Class B2 | CMO Series 2020-NQM1 Class B2 | CMO Series 2020-NQM1 Class B2 |
| 05/25/2060 | &nbsp;&nbsp; 6.027% | 2800000 | &nbsp;&nbsp; 2820675 |
| CMO Series 2025-HE1 Class B1 | CMO Series 2025-HE1 Class B1 | CMO Series 2025-HE1 Class B1 | CMO Series 2025-HE1 Class B1 |
| 09/25/2072 | &nbsp;&nbsp; 6.756% | 1500000 | &nbsp;&nbsp; 1475282 |
| CMO Series 2025-HE1 Class B2 | CMO Series 2025-HE1 Class B2 | CMO Series 2025-HE1 Class B2 | CMO Series 2025-HE1 Class B2 |
| 09/25/2072 | &nbsp;&nbsp; 6.756% | 10498000 | &nbsp;&nbsp; 9951295 |
| Subordinated CMO Series 2021-NQM2 Class B1 | Subordinated CMO Series 2021-NQM2 Class B1 | Subordinated CMO Series 2021-NQM2 Class B1 | Subordinated CMO Series 2021-NQM2 Class B1 |
| 03/25/2060 | &nbsp;&nbsp; 3.044% | 6626000 | &nbsp;&nbsp; 6228733 |
| Subordinated CMO Series 2021-NQM2 Class B2 | Subordinated CMO Series 2021-NQM2 Class B2 | Subordinated CMO Series 2021-NQM2 Class B2 | Subordinated CMO Series 2021-NQM2 Class B2 |
| 03/25/2060 | &nbsp;&nbsp; 4.099% | 4100000 | &nbsp;&nbsp; 3684654 |
| CAFL Issuer LP<sup>(a)</sup>  | CAFL Issuer LP<sup>(a)</sup>  | CAFL Issuer LP<sup>(a)</sup>  | CAFL Issuer LP<sup>(a)</sup>  |
| CMO Series 2025-RRTL2 Class M1 | CMO Series 2025-RRTL2 Class M1 | CMO Series 2025-RRTL2 Class M1 | CMO Series 2025-RRTL2 Class M1 |
| 11/28/2040 | &nbsp;&nbsp; 6.844% | 6500000 | &nbsp;&nbsp; 6441166 |
| CMO Series 2025-RTL1 Class M1 | CMO Series 2025-RTL1 Class M1 | CMO Series 2025-RTL1 Class M1 | CMO Series 2025-RTL1 Class M1 |
| 05/28/2040 | &nbsp;&nbsp; 8.160% | 3000000 | &nbsp;&nbsp; 3062306 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CHNGE Mortgage Trust<sup>(a),(g)</sup>  | CHNGE Mortgage Trust<sup>(a),(g)</sup>  | CHNGE Mortgage Trust<sup>(a),(g)</sup>  | CHNGE Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2022-1 Class M1 | CMO Series 2022-1 Class M1 | CMO Series 2022-1 Class M1 | CMO Series 2022-1 Class M1 |
| 01/25/2067 | &nbsp;&nbsp; 3.990% | 4650000 | &nbsp;&nbsp; 4045935 |
| CMO Series 2023-3 Class M1 | CMO Series 2023-3 Class M1 | CMO Series 2023-3 Class M1 | CMO Series 2023-3 Class M1 |
| 07/25/2058 | &nbsp;&nbsp; 8.219% | 8900000 | &nbsp;&nbsp; 8969543 |
| Subordinated CMO Series 2022-1 Class B1 | Subordinated CMO Series 2022-1 Class B1 | Subordinated CMO Series 2022-1 Class B1 | Subordinated CMO Series 2022-1 Class B1 |
| 01/25/2067 | &nbsp;&nbsp; 4.555% | 8350000 | &nbsp;&nbsp; 7341106 |
| Subordinated CMO Series 2022-1 Class B2 | Subordinated CMO Series 2022-1 Class B2 | Subordinated CMO Series 2022-1 Class B2 | Subordinated CMO Series 2022-1 Class B2 |
| 01/25/2067 | &nbsp;&nbsp; 4.555% | 7431000 | &nbsp;&nbsp; 6246118 |
| Subordinated CMO Series 2022-2 Class B1 | Subordinated CMO Series 2022-2 Class B1 | Subordinated CMO Series 2022-2 Class B1 | Subordinated CMO Series 2022-2 Class B1 |
| 03/25/2067 | &nbsp;&nbsp; 4.592% | 4569000 | &nbsp;&nbsp; 4085809 |
| Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 |
| 03/25/2058 | &nbsp;&nbsp; 8.110% | 5373000 | &nbsp;&nbsp; 5364295 |
| Subordinated CMO Series 2023-1 Class B2 | Subordinated CMO Series 2023-1 Class B2 | Subordinated CMO Series 2023-1 Class B2 | Subordinated CMO Series 2023-1 Class B2 |
| 03/25/2058 | &nbsp;&nbsp; 8.116% | 8894000 | &nbsp;&nbsp; 8862034 |
| Subordinated CMO Series 2023-2 Class B1 | Subordinated CMO Series 2023-2 Class B1 | Subordinated CMO Series 2023-2 Class B1 | Subordinated CMO Series 2023-2 Class B1 |
| 06/25/2058 | &nbsp;&nbsp; 7.985% | 4942000 | &nbsp;&nbsp; 4985695 |
| Subordinated CMO Series 2023-3 Class B1 | Subordinated CMO Series 2023-3 Class B1 | Subordinated CMO Series 2023-3 Class B1 | Subordinated CMO Series 2023-3 Class B1 |
| 07/25/2058 | &nbsp;&nbsp; 8.219% | 3700000 | &nbsp;&nbsp; 3716815 |
| CHNGE Mortgage Trust<sup>(a),(o)</sup>  | CHNGE Mortgage Trust<sup>(a),(o)</sup>  | CHNGE Mortgage Trust<sup>(a),(o)</sup>  | CHNGE Mortgage Trust<sup>(a),(o)</sup>  |
| CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 |
| 06/25/2067 | &nbsp;&nbsp; 5.820% | 3150000 | &nbsp;&nbsp; 3139267 |
| Citigroup Mortgage Loan Trust<sup>(a)</sup>  | Citigroup Mortgage Loan Trust<sup>(a)</sup>  | Citigroup Mortgage Loan Trust<sup>(a)</sup>  | Citigroup Mortgage Loan Trust<sup>(a)</sup>  |
| Subordinated CMO Series 2015-RP2 Class B5 | Subordinated CMO Series 2015-RP2 Class B5 | Subordinated CMO Series 2015-RP2 Class B5 | Subordinated CMO Series 2015-RP2 Class B5 |
| 01/25/2053 | &nbsp;&nbsp; 4.250% | 13217335 | &nbsp;&nbsp; 10106979 |
| Citigroup Mortgage Loan Trust<sup>(a),(p)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(p)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(p)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(p)</sup>  |
| Subordinated CMO Series 2015-RP2 Class FB | Subordinated CMO Series 2015-RP2 Class FB | Subordinated CMO Series 2015-RP2 Class FB | Subordinated CMO Series 2015-RP2 Class FB |
| 01/25/2053 | &nbsp;&nbsp; 0.000% | 1320000 | &nbsp;&nbsp; 537715 |
| Citigroup Mortgage Loan Trust<sup>(a),(g),(h)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(g),(h)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(g),(h)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(g),(h)</sup>  |
| Subordinated CMO Series 2015-RP2 Class XIO | Subordinated CMO Series 2015-RP2 Class XIO | Subordinated CMO Series 2015-RP2 Class XIO | Subordinated CMO Series 2015-RP2 Class XIO |
| 01/25/2053 | &nbsp;&nbsp; 1.080% | 32577827 | &nbsp;&nbsp; 900067 |
| Citigroup Mortgage Loan Trust<sup>(a),(g)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(g)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(g)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(g)</sup>  |
| Subordinated CMO Series 2018-RP3 Class B3 | Subordinated CMO Series 2018-RP3 Class B3 | Subordinated CMO Series 2018-RP3 Class B3 | Subordinated CMO Series 2018-RP3 Class B3 |
| 03/25/2061 | &nbsp;&nbsp; 3.250% | 10497650 | &nbsp;&nbsp; 7666886 |
| COLT Mortgage Loan Trust<sup>(a),(g)</sup>  | COLT Mortgage Loan Trust<sup>(a),(g)</sup>  | COLT Mortgage Loan Trust<sup>(a),(g)</sup>  | COLT Mortgage Loan Trust<sup>(a),(g)</sup>  |
| CMO Series 2021-3 Class A3 | CMO Series 2021-3 Class A3 | CMO Series 2021-3 Class A3 | CMO Series 2021-3 Class A3 |
| 09/27/2066 | &nbsp;&nbsp; 1.419% | 5455932 | &nbsp;&nbsp; 4767068 |
| CMO Series 2023-1 Class B2 | CMO Series 2023-1 Class B2 | CMO Series 2023-1 Class B2 | CMO Series 2023-1 Class B2 |
| 04/25/2068 | &nbsp;&nbsp; 7.989% | 4546000 | &nbsp;&nbsp; 4536178 |
| CMO Series 2025-5 Class B1 | CMO Series 2025-5 Class B1 | CMO Series 2025-5 Class B1 | CMO Series 2025-5 Class B1 |
| 05/25/2070 | &nbsp;&nbsp; 7.439% | 3728000 | &nbsp;&nbsp; 3814232 |
| Subordinated CMO Series 2021-4 Class B1 | Subordinated CMO Series 2021-4 Class B1 | Subordinated CMO Series 2021-4 Class B1 | Subordinated CMO Series 2021-4 Class B1 |
| 10/25/2066 | &nbsp;&nbsp; 3.764% | 5969000 | &nbsp;&nbsp; 4797535 |
| Subordinated CMO Series 2022-4 Class B2 | Subordinated CMO Series 2022-4 Class B2 | Subordinated CMO Series 2022-4 Class B2 | Subordinated CMO Series 2022-4 Class B2 |
| 03/25/2067 | &nbsp;&nbsp; 4.715% | 4993000 | &nbsp;&nbsp; 4667303 |
| Subordinated Series 2021-3 Class B1 | Subordinated Series 2021-3 Class B1 | Subordinated Series 2021-3 Class B1 | Subordinated Series 2021-3 Class B1 |
| 09/27/2066 | &nbsp;&nbsp; 3.059% | 2502000 | &nbsp;&nbsp; 1838025 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| COLT Mortgage Loan Trust<sup>(a),(o)</sup>  | COLT Mortgage Loan Trust<sup>(a),(o)</sup>  | COLT Mortgage Loan Trust<sup>(a),(o)</sup>  | COLT Mortgage Loan Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-5 Class A1 | CMO Series 2025-5 Class A1 | CMO Series 2025-5 Class A1 | CMO Series 2025-5 Class A1 |
| 05/25/2070 | &nbsp;&nbsp; 5.536% | 7466052 | &nbsp;&nbsp; 7533199 |
| CMO Series 2025-7 Class A2 | CMO Series 2025-7 Class A2 | CMO Series 2025-7 Class A2 | CMO Series 2025-7 Class A2 |
| 06/25/2070 | &nbsp;&nbsp; 5.673% | 7106880 | &nbsp;&nbsp; 7166894 |
| Connecticut Avenue Securities Trust<sup>(a),(d)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(d)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(d)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(d)</sup>  |
| Subordinated CMO Series 2021-R03 Class 1B2 | Subordinated CMO Series 2021-R03 Class 1B2 | Subordinated CMO Series 2021-R03 Class 1B2 | Subordinated CMO Series 2021-R03 Class 1B2 |
| 30-day Average SOFR + <br> 5.500% <br>Floor 5.500% <br>12/25/2041<br>| &nbsp;&nbsp; 9.572% | 7059000 | &nbsp;&nbsp; 7318918 |
| Subordinated CMO Series 2022-R01 Class 1B2 | Subordinated CMO Series 2022-R01 Class 1B2 | Subordinated CMO Series 2022-R01 Class 1B2 | Subordinated CMO Series 2022-R01 Class 1B2 |
| 30-day Average SOFR + <br> 6.000% <br>12/25/2041<br>| &nbsp;&nbsp; 10.072% | 10350000 | &nbsp;&nbsp; 10778860 |
| Deephaven Residential Mortgage Trust<sup>(a),(g)</sup>  | Deephaven Residential Mortgage Trust<sup>(a),(g)</sup>  | Deephaven Residential Mortgage Trust<sup>(a),(g)</sup>  | Deephaven Residential Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 |
| 10/25/2055 | &nbsp;&nbsp; 6.971% | 4800000 | &nbsp;&nbsp; 4798873 |
| CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 |
| 10/25/2055 | &nbsp;&nbsp; 7.914% | 2965200 | &nbsp;&nbsp; 2964335 |
| Subordinated CMO Series 2020-2 Class B3 | Subordinated CMO Series 2020-2 Class B3 | Subordinated CMO Series 2020-2 Class B3 | Subordinated CMO Series 2020-2 Class B3 |
| 05/25/2065 | &nbsp;&nbsp; 6.424% | 4911000 | &nbsp;&nbsp; 4969771 |
| EASY<sup>(a),(o)</sup>  | EASY<sup>(a),(o)</sup>  | EASY<sup>(a),(o)</sup>  | EASY<sup>(a),(o)</sup>  |
| CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 |
| 05/25/2040 | &nbsp;&nbsp; 6.456% | 10000000 | &nbsp;&nbsp; 10132433 |
| EASY<sup>(a),(g)</sup>  | EASY<sup>(a),(g)</sup>  | EASY<sup>(a),(g)</sup>  | EASY<sup>(a),(g)</sup>  |
| CMO Series 2025-RTL1 Class M | CMO Series 2025-RTL1 Class M | CMO Series 2025-RTL1 Class M | CMO Series 2025-RTL1 Class M |
| 05/25/2040 | &nbsp;&nbsp; 9.116% | 3750000 | &nbsp;&nbsp; 3766300 |
| Easy Street Mortgage Loan Trust<sup>(a),(o)</sup>  | Easy Street Mortgage Loan Trust<sup>(a),(o)</sup>  | Easy Street Mortgage Loan Trust<sup>(a),(o)</sup>  | Easy Street Mortgage Loan Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-RTL2 Class A1 | CMO Series 2025-RTL2 Class A1 | CMO Series 2025-RTL2 Class A1 | CMO Series 2025-RTL2 Class A1 |
| 10/25/2040 | &nbsp;&nbsp; 5.606% | 16700000 | &nbsp;&nbsp; 16745040 |
| EFMT<sup>(a),(g)</sup>  | EFMT<sup>(a),(g)</sup>  | EFMT<sup>(a),(g)</sup>  | EFMT<sup>(a),(g)</sup>  |
| CMO Series 2025-RTL1 Class M1 | CMO Series 2025-RTL1 Class M1 | CMO Series 2025-RTL1 Class M1 | CMO Series 2025-RTL1 Class M1 |
| 11/25/2040 | &nbsp;&nbsp; 6.811% | 2000000 | &nbsp;&nbsp; 2003972 |
| CMO Series 2025-RTL1 Class M2 | CMO Series 2025-RTL1 Class M2 | CMO Series 2025-RTL1 Class M2 | CMO Series 2025-RTL1 Class M2 |
| 11/25/2040 | &nbsp;&nbsp; 8.699% | 2250000 | &nbsp;&nbsp; 2254328 |
| Fannie Mae Connecticut Avenue Securities<sup>(a),(d)</sup>  | Fannie Mae Connecticut Avenue Securities<sup>(a),(d)</sup>  | Fannie Mae Connecticut Avenue Securities<sup>(a),(d)</sup>  | Fannie Mae Connecticut Avenue Securities<sup>(a),(d)</sup>  |
| Subordinated CMO Series 2021-R02 Class 2B2 | Subordinated CMO Series 2021-R02 Class 2B2 | Subordinated CMO Series 2021-R02 Class 2B2 | Subordinated CMO Series 2021-R02 Class 2B2 |
| 30-day Average SOFR + <br> 6.200% <br>11/25/2041<br>| &nbsp;&nbsp; 10.272% | 11350000 | &nbsp;&nbsp; 11799304 |
| FIGRE Trust<sup>(a),(g)</sup>  | FIGRE Trust<sup>(a),(g)</sup>  | FIGRE Trust<sup>(a),(g)</sup>  | FIGRE Trust<sup>(a),(g)</sup>  |
| CMO Series 2025-HE1 Class F | CMO Series 2025-HE1 Class F | CMO Series 2025-HE1 Class F | CMO Series 2025-HE1 Class F |
| 01/25/2055 | &nbsp;&nbsp; 9.083% | 2110000 | &nbsp;&nbsp; 2229099 |
| CMO Series 2025-HE3 Class E | CMO Series 2025-HE3 Class E | CMO Series 2025-HE3 Class E | CMO Series 2025-HE3 Class E |
| 05/25/2055 | &nbsp;&nbsp; 8.103% | 1500000 | &nbsp;&nbsp; 1604914 |
| CMO Series 2025-HE3 Class F | CMO Series 2025-HE3 Class F | CMO Series 2025-HE3 Class F | CMO Series 2025-HE3 Class F |
| 05/25/2055 | &nbsp;&nbsp; 9.081% | 1500000 | &nbsp;&nbsp; 1608613 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A |
| 10/25/2055 | &nbsp;&nbsp; 5.017% | 11826306 | &nbsp;&nbsp; 11767126 |
| Subordinated CMO Series 2023-HE3 Class D | Subordinated CMO Series 2023-HE3 Class D | Subordinated CMO Series 2023-HE3 Class D | Subordinated CMO Series 2023-HE3 Class D |
| 01/25/2042 | &nbsp;&nbsp; 7.747% | 2653514 | &nbsp;&nbsp; 2762275 |
| Subordinated CMO Series 2024-HE1 Class E | Subordinated CMO Series 2024-HE1 Class E | Subordinated CMO Series 2024-HE1 Class E | Subordinated CMO Series 2024-HE1 Class E |
| 03/25/2054 | &nbsp;&nbsp; 8.323% | 2350000 | &nbsp;&nbsp; 2510498 |
| Subordinated CMO Series 2024-HE1 Class F | Subordinated CMO Series 2024-HE1 Class F | Subordinated CMO Series 2024-HE1 Class F | Subordinated CMO Series 2024-HE1 Class F |
| 03/25/2054 | &nbsp;&nbsp; 10.029% | 3250000 | &nbsp;&nbsp; 3522507 |
| Subordinated CMO Series 2024-HE2 Class F | Subordinated CMO Series 2024-HE2 Class F | Subordinated CMO Series 2024-HE2 Class F | Subordinated CMO Series 2024-HE2 Class F |
| 05/25/2054 | &nbsp;&nbsp; 9.790% | 7575000 | &nbsp;&nbsp; 8164240 |
| Subordinated CMO Series 2024-HE3 Class E | Subordinated CMO Series 2024-HE3 Class E | Subordinated CMO Series 2024-HE3 Class E | Subordinated CMO Series 2024-HE3 Class E |
| 07/25/2054 | &nbsp;&nbsp; 7.551% | 1850000 | &nbsp;&nbsp; 1942098 |
| Subordinated CMO Series 2024-HE3 Class F | Subordinated CMO Series 2024-HE3 Class F | Subordinated CMO Series 2024-HE3 Class F | Subordinated CMO Series 2024-HE3 Class F |
| 07/25/2054 | &nbsp;&nbsp; 9.261% | 1550000 | &nbsp;&nbsp; 1654287 |
| Subordinated CMO Series 2024-HE4 Class E | Subordinated CMO Series 2024-HE4 Class E | Subordinated CMO Series 2024-HE4 Class E | Subordinated CMO Series 2024-HE4 Class E |
| 09/25/2054 | &nbsp;&nbsp; 6.809% | 1900000 | &nbsp;&nbsp; 1928563 |
| Subordinated CMO Series 2024-HE4 Class F | Subordinated CMO Series 2024-HE4 Class F | Subordinated CMO Series 2024-HE4 Class F | Subordinated CMO Series 2024-HE4 Class F |
| 09/25/2054 | &nbsp;&nbsp; 8.482% | 1300000 | &nbsp;&nbsp; 1369206 |
| Subordinated CMO Series 2024-HE5 Class E | Subordinated CMO Series 2024-HE5 Class E | Subordinated CMO Series 2024-HE5 Class E | Subordinated CMO Series 2024-HE5 Class E |
| 10/25/2054 | &nbsp;&nbsp; 7.010% | 3950000 | &nbsp;&nbsp; 4010630 |
| Subordinated CMO Series 2024-HE5 Class F | Subordinated CMO Series 2024-HE5 Class F | Subordinated CMO Series 2024-HE5 Class F | Subordinated CMO Series 2024-HE5 Class F |
| 10/25/2054 | &nbsp;&nbsp; 8.630% | 2900000 | &nbsp;&nbsp; 3033077 |
| FMC GMSR Issuer Trust<sup>(a),(g)</sup>  | FMC GMSR Issuer Trust<sup>(a),(g)</sup>  | FMC GMSR Issuer Trust<sup>(a),(g)</sup>  | FMC GMSR Issuer Trust<sup>(a),(g)</sup>  |
| CMO Series 2020-GT1 Class A | CMO Series 2020-GT1 Class A | CMO Series 2020-GT1 Class A | CMO Series 2020-GT1 Class A |
| 01/25/2026 | &nbsp;&nbsp; 4.450% | 9050000 | &nbsp;&nbsp; 9001485 |
| Freddie Mac STACR REMIC Trust<sup>(a),(d)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(d)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(d)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(d)</sup>  |
| Subordinated CMO Series 2020-DNA6 Class B2 | Subordinated CMO Series 2020-DNA6 Class B2 | Subordinated CMO Series 2020-DNA6 Class B2 | Subordinated CMO Series 2020-DNA6 Class B2 |
| 30-day Average SOFR + <br> 5.650% <br>12/25/2050<br>| &nbsp;&nbsp; 9.722% | 15500000 | &nbsp;&nbsp; 17871664 |
| Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 |
| 30-day Average SOFR + <br> 4.750% <br>01/25/2051<br>| &nbsp;&nbsp; 8.822% | 14000000 | &nbsp;&nbsp; 15530082 |
| Subordinated CMO Series 2021-DNA5 Class B2 | Subordinated CMO Series 2021-DNA5 Class B2 | Subordinated CMO Series 2021-DNA5 Class B2 | Subordinated CMO Series 2021-DNA5 Class B2 |
| 30-day Average SOFR + <br> 5.500% <br>01/25/2034<br>| &nbsp;&nbsp; 9.572% | 23300000 | &nbsp;&nbsp; 27896722 |
| Subordinated CMO Series 2021-DNA6 Class B2 | Subordinated CMO Series 2021-DNA6 Class B2 | Subordinated CMO Series 2021-DNA6 Class B2 | Subordinated CMO Series 2021-DNA6 Class B2 |
| 30-day Average SOFR + <br> 7.500% <br>10/25/2041<br>| &nbsp;&nbsp; 11.572% | 7450000 | &nbsp;&nbsp; 7812959 |
| Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(a),(d)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(a),(d)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(a),(d)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(a),(d)</sup>  |
| Subordinated CMO Series 2019-CS03 Class B2 | Subordinated CMO Series 2019-CS03 Class B2 | Subordinated CMO Series 2019-CS03 Class B2 | Subordinated CMO Series 2019-CS03 Class B2 |
| 30-day Average SOFR + <br> 0.114% <br>10/25/2032<br>| &nbsp;&nbsp; 4.454% | 7345104 | &nbsp;&nbsp; 6904594 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(h)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(h)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(h)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(h)</sup>  |
| Subordinated CMO Series 2019-CS03 Class IO | Subordinated CMO Series 2019-CS03 Class IO | Subordinated CMO Series 2019-CS03 Class IO | Subordinated CMO Series 2019-CS03 Class IO |
| 10/25/2029 | &nbsp;&nbsp; 0.270% | 597549751 | &nbsp;&nbsp; 4387868 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(d)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(d)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(d)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(d)</sup>  |
| CMO Series 2019-CS02 Class B2 | CMO Series 2019-CS02 Class B2 | CMO Series 2019-CS02 Class B2 | CMO Series 2019-CS02 Class B2 |
| 30-day Average SOFR + <br> 0.114% <br>02/25/2032<br>| &nbsp;&nbsp; 4.454% | 1293149 | &nbsp;&nbsp; 1275353 |
| CMO Series 2019-CS02 Class B3 | CMO Series 2019-CS02 Class B3 | CMO Series 2019-CS02 Class B3 | CMO Series 2019-CS02 Class B3 |
| 30-day Average SOFR + <br> 0.114% <br>02/25/2032<br>| &nbsp;&nbsp; 4.454% | 2950000 | &nbsp;&nbsp; 2849593 |
| CMO Series 2020-CS01 Class B2 | CMO Series 2020-CS01 Class B2 | CMO Series 2020-CS01 Class B2 | CMO Series 2020-CS01 Class B2 |
| 30-day Average SOFR + <br> 0.114% <br>04/25/2033<br>| &nbsp;&nbsp; 4.454% | 16988156 | &nbsp;&nbsp; 14098350 |
| Subordinated CMO Series 2020-HQA5 Class B1 | Subordinated CMO Series 2020-HQA5 Class B1 | Subordinated CMO Series 2020-HQA5 Class B1 | Subordinated CMO Series 2020-HQA5 Class B1 |
| 30-day Average SOFR + <br> 4.000% <br>11/25/2050<br>| &nbsp;&nbsp; 8.072% | 6750000 | &nbsp;&nbsp; 7429142 |
| Subordinated CMO Series 2020-HQA5 Class B2 | Subordinated CMO Series 2020-HQA5 Class B2 | Subordinated CMO Series 2020-HQA5 Class B2 | Subordinated CMO Series 2020-HQA5 Class B2 |
| 30-day Average SOFR + <br> 7.400% <br>11/25/2050<br>| &nbsp;&nbsp; 11.472% | 14200000 | &nbsp;&nbsp; 17442610 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(h)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(h)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(h)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(h)</sup>  |
| CMO Series 2019-CS02 Class IO | CMO Series 2019-CS02 Class IO | CMO Series 2019-CS02 Class IO | CMO Series 2019-CS02 Class IO |
| 02/25/2029 | &nbsp;&nbsp; 0.270% | 245109387 | &nbsp;&nbsp; 1579730 |
| CMO Series 2020-CS02 Class IO1 | CMO Series 2020-CS02 Class IO1 | CMO Series 2020-CS02 Class IO1 | CMO Series 2020-CS02 Class IO1 |
| 05/25/2030 | &nbsp;&nbsp; 0.090% | 446521009 | &nbsp;&nbsp; 1230255 |
| CMO Series 2020-CS02 Class IO2 | CMO Series 2020-CS02 Class IO2 | CMO Series 2020-CS02 Class IO2 | CMO Series 2020-CS02 Class IO2 |
| 06/25/2030 | &nbsp;&nbsp; 0.115% | 446521009 | &nbsp;&nbsp; 1572022 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(h)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(h)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(h)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(h)</sup>  |
| CMO Series 2020-CS01 Class IO1 | CMO Series 2020-CS01 Class IO1 | CMO Series 2020-CS01 Class IO1 | CMO Series 2020-CS01 Class IO1 |
| 04/25/2030 | &nbsp;&nbsp; 0.080% | 1927597397 | &nbsp;&nbsp; 4515782 |
| CMO Series 2020-CS01 Class IO2 | CMO Series 2020-CS01 Class IO2 | CMO Series 2020-CS01 Class IO2 | CMO Series 2020-CS01 Class IO2 |
| 04/25/2030 | &nbsp;&nbsp; 0.125% | 1927597397 | &nbsp;&nbsp; 7055970 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(d)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(d)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(d)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(d)</sup>  |
| Subordinated CMO Series 2020-CS02 Class B2 | Subordinated CMO Series 2020-CS02 Class B2 | Subordinated CMO Series 2020-CS02 Class B2 | Subordinated CMO Series 2020-CS02 Class B2 |
| 30-day Average SOFR + <br> 0.114% <br>06/25/2033<br>| &nbsp;&nbsp; 4.454% | 5650000 | &nbsp;&nbsp; 4807844 |
| GCAT Trust<sup>(a),(g)</sup>  | GCAT Trust<sup>(a),(g)</sup>  | GCAT Trust<sup>(a),(g)</sup>  | GCAT Trust<sup>(a),(g)</sup>  |
| CMO Series 2019-NQM3 Class M1 | CMO Series 2019-NQM3 Class M1 | CMO Series 2019-NQM3 Class M1 | CMO Series 2019-NQM3 Class M1 |
| 11/25/2059 | &nbsp;&nbsp; 3.450% | 5650000 | &nbsp;&nbsp; 5230970 |
| CMO Series 2025-NQM5 Class A1 | CMO Series 2025-NQM5 Class A1 | CMO Series 2025-NQM5 Class A1 | CMO Series 2025-NQM5 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 4.981% | 14275869 | &nbsp;&nbsp; 14266923 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Genworth Mortgage Insurance Corp.<sup>(a),(d)</sup>  | Genworth Mortgage Insurance Corp.<sup>(a),(d)</sup>  | Genworth Mortgage Insurance Corp.<sup>(a),(d)</sup>  | Genworth Mortgage Insurance Corp.<sup>(a),(d)</sup>  |
| CMO Series 2021-3 Class M1B | CMO Series 2021-3 Class M1B | CMO Series 2021-3 Class M1B | CMO Series 2021-3 Class M1B |
| 30-day Average SOFR + <br> 2.900% <br>Floor 2.900% <br>02/25/2034<br>| &nbsp;&nbsp; 6.972% | 3378544 | &nbsp;&nbsp; 3383161 |
| Subordinated CMO Series 2021-3 Class B1 | Subordinated CMO Series 2021-3 Class B1 | Subordinated CMO Series 2021-3 Class B1 | Subordinated CMO Series 2021-3 Class B1 |
| 30-day Average SOFR + <br> 4.950% <br>Floor 4.950% <br>02/25/2034<br>| &nbsp;&nbsp; 9.022% | 7500000 | &nbsp;&nbsp; 7663007 |
| GITSIT Mortgage Loan Trust<sup>(a),(o)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(o)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(o)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 |
| 02/25/2055 | &nbsp;&nbsp; 6.276% | 2983718 | &nbsp;&nbsp; 2990446 |
| CMO Series 2025-NPL1 Class A2 | CMO Series 2025-NPL1 Class A2 | CMO Series 2025-NPL1 Class A2 | CMO Series 2025-NPL1 Class A2 |
| 02/25/2055 | &nbsp;&nbsp; 8.837% | 7000000 | &nbsp;&nbsp; 7031037 |
| GS Mortgage-Backed Securities Corp. Trust<sup>(a),(o)</sup>  | GS Mortgage-Backed Securities Corp. Trust<sup>(a),(o)</sup>  | GS Mortgage-Backed Securities Corp. Trust<sup>(a),(o)</sup>  | GS Mortgage-Backed Securities Corp. Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 | CMO Series 2025-NQM6 Class A1 |
| 11/25/2029 | &nbsp;&nbsp; 5.035% | 10290000 | &nbsp;&nbsp; 10287264 |
| GS Mortgage-Backed Securities Trust<sup>(a),(o)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(o)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(o)</sup>  | GS Mortgage-Backed Securities Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 10/25/2065 | &nbsp;&nbsp; 5.003% | 8191153 | &nbsp;&nbsp; 8186917 |
| HOMES Trust<sup>(a),(g)</sup>  | HOMES Trust<sup>(a),(g)</sup>  | HOMES Trust<sup>(a),(g)</sup>  | HOMES Trust<sup>(a),(g)</sup>  |
| CMO Series 2025-AFC4 Class A1 | CMO Series 2025-AFC4 Class A1 | CMO Series 2025-AFC4 Class A1 | CMO Series 2025-AFC4 Class A1 |
| 11/25/2060 | &nbsp;&nbsp; 5.149% | 9100000 | &nbsp;&nbsp; 9120364 |
| Homeward Opportunities Fund I Trust<sup>(a),(g)</sup>  | Homeward Opportunities Fund I Trust<sup>(a),(g)</sup>  | Homeward Opportunities Fund I Trust<sup>(a),(g)</sup>  | Homeward Opportunities Fund I Trust<sup>(a),(g)</sup>  |
| Subordinated CMO Series 2020-2 Class B1 | Subordinated CMO Series 2020-2 Class B1 | Subordinated CMO Series 2020-2 Class B1 | Subordinated CMO Series 2020-2 Class B1 |
| 05/25/2065 | &nbsp;&nbsp; 5.450% | 3750000 | &nbsp;&nbsp; 3765009 |
| Homeward Opportunities Fund Trust<sup>(a),(g)</sup>  | Homeward Opportunities Fund Trust<sup>(a),(g)</sup>  | Homeward Opportunities Fund Trust<sup>(a),(g)</sup>  | Homeward Opportunities Fund Trust<sup>(a),(g)</sup>  |
| CMO Series 2022-1 Class M1 | CMO Series 2022-1 Class M1 | CMO Series 2022-1 Class M1 | CMO Series 2022-1 Class M1 |
| 07/25/2067 | &nbsp;&nbsp; 5.016% | 3000000 | &nbsp;&nbsp; 2958745 |
| HTAP<sup>(a)</sup>  | HTAP<sup>(a)</sup>  | HTAP<sup>(a)</sup>  | HTAP<sup>(a)</sup>  |
| CMO Series 2024-1 Class A | CMO Series 2024-1 Class A | CMO Series 2024-1 Class A | CMO Series 2024-1 Class A |
| 04/25/2037 | &nbsp;&nbsp; 7.000% | 6969702 | &nbsp;&nbsp; 7019408 |
| HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  |
| CMO Series 2024-2 Class A | CMO Series 2024-2 Class A | CMO Series 2024-2 Class A | CMO Series 2024-2 Class A |
| 04/25/2042 | &nbsp;&nbsp; 6.500% | 13424490 | &nbsp;&nbsp; 13438835 |
| CMO Series 2025-1 Class A | CMO Series 2025-1 Class A | CMO Series 2025-1 Class A | CMO Series 2025-1 Class A |
| 11/25/2042 | &nbsp;&nbsp; 6.500% | 6552924 | &nbsp;&nbsp; 6564790 |
| Subordinated CMO Series 2024-2 Class B | Subordinated CMO Series 2024-2 Class B | Subordinated CMO Series 2024-2 Class B | Subordinated CMO Series 2024-2 Class B |
| 04/25/2042 | &nbsp;&nbsp; 7.500% | 4700000 | &nbsp;&nbsp; 4647229 |
| Imperial Fund Mortgage Trust<sup>(a),(g)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(g)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(g)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(g)</sup>  |
| Subordinated CMO Series 2021-NQM3 Class B1 | Subordinated CMO Series 2021-NQM3 Class B1 | Subordinated CMO Series 2021-NQM3 Class B1 | Subordinated CMO Series 2021-NQM3 Class B1 |
| 11/25/2056 | &nbsp;&nbsp; 4.124% | 7384000 | &nbsp;&nbsp; 6125802 |
| Subordinated CMO Series 2022-NQM3 Class B1 | Subordinated CMO Series 2022-NQM3 Class B1 | Subordinated CMO Series 2022-NQM3 Class B1 | Subordinated CMO Series 2022-NQM3 Class B1 |
| 05/25/2067 | &nbsp;&nbsp; 4.408% | 4489000 | &nbsp;&nbsp; 3737635 |
| Imperial Fund Mortgage Trust<sup>(a),(o)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(o)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(o)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(o)</sup>  |
| Subordinated CMO Series 2022-NQM5 Class B2 | Subordinated CMO Series 2022-NQM5 Class B2 | Subordinated CMO Series 2022-NQM5 Class B2 | Subordinated CMO Series 2022-NQM5 Class B2 |
| 08/25/2067 | &nbsp;&nbsp; 6.250% | 4944000 | &nbsp;&nbsp; 4924106 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| JPMorgan Mortgage Trust<sup>(a),(g)</sup>  | JPMorgan Mortgage Trust<sup>(a),(g)</sup>  | JPMorgan Mortgage Trust<sup>(a),(g)</sup>  | JPMorgan Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2025-VIS3 Class A1 | CMO Series 2025-VIS3 Class A1 | CMO Series 2025-VIS3 Class A1 | CMO Series 2025-VIS3 Class A1 |
| 02/25/2066 | &nbsp;&nbsp; 5.062% | 13628903 | &nbsp;&nbsp; 13657432 |
| Knock Issuer Trust<sup>(a)</sup>  | Knock Issuer Trust<sup>(a)</sup>  | Knock Issuer Trust<sup>(a)</sup>  | Knock Issuer Trust<sup>(a)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 02/25/2030 | &nbsp;&nbsp; 7.119% | 17040000 | &nbsp;&nbsp; 17238260 |
| CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 |
| 02/25/2030 | &nbsp;&nbsp; 9.054% | 1500000 | &nbsp;&nbsp; 1508702 |
| LHOME Mortgage Trust<sup>(a),(o)</sup>  | LHOME Mortgage Trust<sup>(a),(o)</sup>  | LHOME Mortgage Trust<sup>(a),(o)</sup>  | LHOME Mortgage Trust<sup>(a),(o)</sup>  |
| CMO Series 2023-RTL3 Class A2 | CMO Series 2023-RTL3 Class A2 | CMO Series 2023-RTL3 Class A2 | CMO Series 2023-RTL3 Class A2 |
| 08/25/2028 | &nbsp;&nbsp; 9.000% | 8400000 | &nbsp;&nbsp; 8437423 |
| CMO Series 2024-RTL1 Class A2 | CMO Series 2024-RTL1 Class A2 | CMO Series 2024-RTL1 Class A2 | CMO Series 2024-RTL1 Class A2 |
| 01/25/2029 | &nbsp;&nbsp; 9.165% | 5200000 | &nbsp;&nbsp; 5235625 |
| CMO Series 2024-RTL1 Class M | CMO Series 2024-RTL1 Class M | CMO Series 2024-RTL1 Class M | CMO Series 2024-RTL1 Class M |
| 01/25/2029 | &nbsp;&nbsp; 11.949% | 3700000 | &nbsp;&nbsp; 3722784 |
| LHOME Mortgage Trust<sup>(a),(g)</sup>  | LHOME Mortgage Trust<sup>(a),(g)</sup>  | LHOME Mortgage Trust<sup>(a),(g)</sup>  | LHOME Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2024-RTL5 Class M1 | CMO Series 2024-RTL5 Class M1 | CMO Series 2024-RTL5 Class M1 | CMO Series 2024-RTL5 Class M1 |
| 09/25/2039 | &nbsp;&nbsp; 6.823% | 4358000 | &nbsp;&nbsp; 4380896 |
| CMO Series 2025-RTL1 Class M1 | CMO Series 2025-RTL1 Class M1 | CMO Series 2025-RTL1 Class M1 | CMO Series 2025-RTL1 Class M1 |
| 01/25/2040 | &nbsp;&nbsp; 7.023% | 5368000 | &nbsp;&nbsp; 5422958 |
| CMO Series 2025-RTL3 Class M1 | CMO Series 2025-RTL3 Class M1 | CMO Series 2025-RTL3 Class M1 | CMO Series 2025-RTL3 Class M1 |
| 08/25/2040 | &nbsp;&nbsp; 6.891% | 1800000 | &nbsp;&nbsp; 1814545 |
| Mello Mortgage Capital Acceptance<sup>(a),(o)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(o)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(o)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(o)</sup>  |
| CMO Series 2024-SD1 Class M2 | CMO Series 2024-SD1 Class M2 | CMO Series 2024-SD1 Class M2 | CMO Series 2024-SD1 Class M2 |
| 04/25/2054 | &nbsp;&nbsp; 4.000% | 5802000 | &nbsp;&nbsp; 5384834 |
| MFA Trust<sup>(a),(g)</sup>  | MFA Trust<sup>(a),(g)</sup>  | MFA Trust<sup>(a),(g)</sup>  | MFA Trust<sup>(a),(g)</sup>  |
| CMO Series 2020-NQM3 Class M1 | CMO Series 2020-NQM3 Class M1 | CMO Series 2020-NQM3 Class M1 | CMO Series 2020-NQM3 Class M1 |
| 01/26/2065 | &nbsp;&nbsp; 2.654% | 3500000 | &nbsp;&nbsp; 3236604 |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 5.229% | 11849302 | &nbsp;&nbsp; 11908254 |
| Subordinated CMO Series 2020-NQM3 Class B1 | Subordinated CMO Series 2020-NQM3 Class B1 | Subordinated CMO Series 2020-NQM3 Class B1 | Subordinated CMO Series 2020-NQM3 Class B1 |
| 01/26/2065 | &nbsp;&nbsp; 3.661% | 6250000 | &nbsp;&nbsp; 5799012 |
| MFA Trust<sup>(o)</sup>  | MFA Trust<sup>(o)</sup>  | MFA Trust<sup>(o)</sup>  | MFA Trust<sup>(o)</sup>  |
| CMO Series 2024-NPL1 Class A1 | CMO Series 2024-NPL1 Class A1 | CMO Series 2024-NPL1 Class A1 | CMO Series 2024-NPL1 Class A1 |
| 09/25/2054 | &nbsp;&nbsp; 6.330% | 15603710 | &nbsp;&nbsp; 15706481 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(g)</sup>  |
| CMO Series 2025-DSC3 Class A1 | CMO Series 2025-DSC3 Class A1 | CMO Series 2025-DSC3 Class A1 | CMO Series 2025-DSC3 Class A1 |
| 09/25/2070 | &nbsp;&nbsp; 4.912% | 12360396 | &nbsp;&nbsp; 12349139 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(o)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(o)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(o)</sup>  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-NQM7 Class A1 | CMO Series 2025-NQM7 Class A1 | CMO Series 2025-NQM7 Class A1 | CMO Series 2025-NQM7 Class A1 |
| 09/25/2070 | &nbsp;&nbsp; 4.984% | 16131576 | &nbsp;&nbsp; 16130665 |
| New Residential Mortgage Loan Trust<sup>(a),(g),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g),(h)</sup>  |
| CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO |
| 01/25/2054 | &nbsp;&nbsp; 2.047% | 2768974 | &nbsp;&nbsp; 118170 |
| New Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g)</sup>  |
| Subordinated CMO Series 2019-RPL3 Class B4 | Subordinated CMO Series 2019-RPL3 Class B4 | Subordinated CMO Series 2019-RPL3 Class B4 | Subordinated CMO Series 2019-RPL3 Class B4 |
| 07/25/2059 | &nbsp;&nbsp; 3.982% | 9250000 | &nbsp;&nbsp; 7165743 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated CMO Series 2022-NQM2 Class B1 | Subordinated CMO Series 2022-NQM2 Class B1 | Subordinated CMO Series 2022-NQM2 Class B1 | Subordinated CMO Series 2022-NQM2 Class B1 |
| 03/27/2062 | &nbsp;&nbsp; 3.864% | 2887000 | &nbsp;&nbsp; 2167533 |
| Subordinated CMO Series 2024-RPL1 Class B4 | Subordinated CMO Series 2024-RPL1 Class B4 | Subordinated CMO Series 2024-RPL1 Class B4 | Subordinated CMO Series 2024-RPL1 Class B4 |
| 01/25/2064 | &nbsp;&nbsp; 3.866% | 6748000 | &nbsp;&nbsp; 4512135 |
| Subordinated CMO Series 2024-RPL1 Class B5 | Subordinated CMO Series 2024-RPL1 Class B5 | Subordinated CMO Series 2024-RPL1 Class B5 | Subordinated CMO Series 2024-RPL1 Class B5 |
| 01/25/2064 | &nbsp;&nbsp; 3.866% | 5287000 | &nbsp;&nbsp; 3056349 |
| NYMT Loan Trust<sup>(a),(o)</sup>  | NYMT Loan Trust<sup>(a),(o)</sup>  | NYMT Loan Trust<sup>(a),(o)</sup>  | NYMT Loan Trust<sup>(a),(o)</sup>  |
| CMO Series 2024-BPL1 Class A1 | CMO Series 2024-BPL1 Class A1 | CMO Series 2024-BPL1 Class A1 | CMO Series 2024-BPL1 Class A1 |
| 02/25/2029 | &nbsp;&nbsp; 7.154% | 6850000 | &nbsp;&nbsp; 6860900 |
| NYMT Loan Trust<sup>(a),(g)</sup>  | NYMT Loan Trust<sup>(a),(g)</sup>  | NYMT Loan Trust<sup>(a),(g)</sup>  | NYMT Loan Trust<sup>(a),(g)</sup>  |
| CMO Series 2024-CP1 Class A2 | CMO Series 2024-CP1 Class A2 | CMO Series 2024-CP1 Class A2 | CMO Series 2024-CP1 Class A2 |
| 02/25/2068 | &nbsp;&nbsp; 3.850% | 5295000 | &nbsp;&nbsp; 4340349 |
| CMO Series 2024-CP1 Class M1 | CMO Series 2024-CP1 Class M1 | CMO Series 2024-CP1 Class M1 | CMO Series 2024-CP1 Class M1 |
| 02/25/2068 | &nbsp;&nbsp; 3.850% | 2350000 | &nbsp;&nbsp; 1796814 |
| CMO Series 2025-INV2 Class A1 | CMO Series 2025-INV2 Class A1 | CMO Series 2025-INV2 Class A1 | CMO Series 2025-INV2 Class A1 |
| 10/25/2060 | &nbsp;&nbsp; 5.000% | 8992252 | &nbsp;&nbsp; 9006777 |
| NYMT Loan Trust<sup>(a)</sup>  | NYMT Loan Trust<sup>(a)</sup>  | NYMT Loan Trust<sup>(a)</sup>  | NYMT Loan Trust<sup>(a)</sup>  |
| CMO Series 2025-R1 Class A | CMO Series 2025-R1 Class A | CMO Series 2025-R1 Class A | CMO Series 2025-R1 Class A |
| 02/25/2030 | &nbsp;&nbsp; 6.381% | 2045480 | &nbsp;&nbsp; 2048567 |
| NYMT Trust<sup>(a),(o)</sup>  | NYMT Trust<sup>(a),(o)</sup>  | NYMT Trust<sup>(a),(o)</sup>  | NYMT Trust<sup>(a),(o)</sup>  |
| CMO Series 2024-RR1 Class A | CMO Series 2024-RR1 Class A | CMO Series 2024-RR1 Class A | CMO Series 2024-RR1 Class A |
| 05/25/2064 | &nbsp;&nbsp; 7.375% | 13434053 | &nbsp;&nbsp; 13559749 |
| Oaktown Re VI Ltd.<sup>(a),(d)</sup>  | Oaktown Re VI Ltd.<sup>(a),(d)</sup>  | Oaktown Re VI Ltd.<sup>(a),(d)</sup>  | Oaktown Re VI Ltd.<sup>(a),(d)</sup>  |
| CMO Series 2021-1A Class B1 | CMO Series 2021-1A Class B1 | CMO Series 2021-1A Class B1 | CMO Series 2021-1A Class B1 |
| 30-day Average SOFR + <br> 5.500% <br>Floor 5.500% <br>10/25/2033<br>| &nbsp;&nbsp; 9.572% | 2373000 | &nbsp;&nbsp; 2406462 |
| CMO Series 2021-1A Class M2 | CMO Series 2021-1A Class M2 | CMO Series 2021-1A Class M2 | CMO Series 2021-1A Class M2 |
| 30-day Average SOFR + <br> 3.950% <br>Floor 3.950% <br>10/25/2033<br>| &nbsp;&nbsp; 8.022% | 6500000 | &nbsp;&nbsp; 6561573 |
| OBX Trust<sup>(a),(g)</sup>  | OBX Trust<sup>(a),(g)</sup>  | OBX Trust<sup>(a),(g)</sup>  | OBX Trust<sup>(a),(g)</sup>  |
| CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 |
| 05/25/2061 | &nbsp;&nbsp; 1.101% | 6672039 | &nbsp;&nbsp; 5584930 |
| CMO Series 2021-NQM3 Class A1 | CMO Series 2021-NQM3 Class A1 | CMO Series 2021-NQM3 Class A1 | CMO Series 2021-NQM3 Class A1 |
| 07/25/2061 | &nbsp;&nbsp; 1.054% | 4748544 | &nbsp;&nbsp; 3929274 |
| OSAT Trust<sup>(a),(o)</sup>  | OSAT Trust<sup>(a),(o)</sup>  | OSAT Trust<sup>(a),(o)</sup>  | OSAT Trust<sup>(a),(o)</sup>  |
| CMO Series 2021-RPL1 Class A2 | CMO Series 2021-RPL1 Class A2 | CMO Series 2021-RPL1 Class A2 | CMO Series 2021-RPL1 Class A2 |
| 05/25/2065 | &nbsp;&nbsp; 7.967% | 5539989 | &nbsp;&nbsp; 5562493 |
| Point Securitization Trust<sup>(a)</sup>  | Point Securitization Trust<sup>(a)</sup>  | Point Securitization Trust<sup>(a)</sup>  | Point Securitization Trust<sup>(a)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 06/25/2055 | &nbsp;&nbsp; 6.250% | 7378717 | &nbsp;&nbsp; 7399156 |
| Point Securitization Trust<sup>(a),(o)</sup>  | Point Securitization Trust<sup>(a),(o)</sup>  | Point Securitization Trust<sup>(a),(o)</sup>  | Point Securitization Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-2 Class A1 | CMO Series 2025-2 Class A1 | CMO Series 2025-2 Class A1 | CMO Series 2025-2 Class A1 |
| 09/25/2055 | &nbsp;&nbsp; 5.750% | 10000000 | &nbsp;&nbsp; 9961928 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Preston Ridge Partners Mortgage Trust<sup>(a),(o)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(o)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(o)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(o)</sup>  |
| CMO Series 2023-RCF1 Class M2 | CMO Series 2023-RCF1 Class M2 | CMO Series 2023-RCF1 Class M2 | CMO Series 2023-RCF1 Class M2 |
| 06/25/2053 | &nbsp;&nbsp; 4.000% | 7802000 | &nbsp;&nbsp; 7406968 |
| CMO Series 2023-RCF2 Class M1 | CMO Series 2023-RCF2 Class M1 | CMO Series 2023-RCF2 Class M1 | CMO Series 2023-RCF2 Class M1 |
| 11/25/2053 | &nbsp;&nbsp; 4.000% | 1724000 | &nbsp;&nbsp; 1665440 |
| CMO Series 2023-RCF2 Class M2 | CMO Series 2023-RCF2 Class M2 | CMO Series 2023-RCF2 Class M2 | CMO Series 2023-RCF2 Class M2 |
| 11/25/2053 | &nbsp;&nbsp; 4.000% | 3688000 | &nbsp;&nbsp; 3457770 |
| PRET LLC<sup>(a),(o)</sup>  | PRET LLC<sup>(a),(o)</sup>  | PRET LLC<sup>(a),(o)</sup>  | PRET LLC<sup>(a),(o)</sup>  |
| CMO Series 2024-NPL6 Class A2 | CMO Series 2024-NPL6 Class A2 | CMO Series 2024-NPL6 Class A2 | CMO Series 2024-NPL6 Class A2 |
| 10/25/2054 | &nbsp;&nbsp; 8.716% | 10875000 | &nbsp;&nbsp; 10886403 |
| CMO Series 2024-NPL7 Class A2 | CMO Series 2024-NPL7 Class A2 | CMO Series 2024-NPL7 Class A2 | CMO Series 2024-NPL7 Class A2 |
| 10/25/2054 | &nbsp;&nbsp; 8.956% | 10000000 | &nbsp;&nbsp; 10012079 |
| CMO Series 2024-NPL9 Class A2 | CMO Series 2024-NPL9 Class A2 | CMO Series 2024-NPL9 Class A2 | CMO Series 2024-NPL9 Class A2 |
| 12/25/2054 | &nbsp;&nbsp; 8.590% | 9050000 | &nbsp;&nbsp; 9058766 |
| PRKCM Trust<sup>(a),(g)</sup>  | PRKCM Trust<sup>(a),(g)</sup>  | PRKCM Trust<sup>(a),(g)</sup>  | PRKCM Trust<sup>(a),(g)</sup>  |
| CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 |
| 04/25/2057 | &nbsp;&nbsp; 4.100% | 5542419 | &nbsp;&nbsp; 5312625 |
| PRPM LLC<sup>(a),(o)</sup>  | PRPM LLC<sup>(a),(o)</sup>  | PRPM LLC<sup>(a),(o)</sup>  | PRPM LLC<sup>(a),(o)</sup>  |
| CMO Series 2025-RPL1 Class M2 | CMO Series 2025-RPL1 Class M2 | CMO Series 2025-RPL1 Class M2 | CMO Series 2025-RPL1 Class M2 |
| 03/25/2055 | &nbsp;&nbsp; 4.000% | 9500000 | &nbsp;&nbsp; 8458436 |
| PRPM LLC<sup>(a),(o)</sup>  | PRPM LLC<sup>(a),(o)</sup>  | PRPM LLC<sup>(a),(o)</sup>  | PRPM LLC<sup>(a),(o)</sup>  |
| CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 | CMO Series 2024-7 Class A1 |
| 11/25/2029 | &nbsp;&nbsp; 5.870% | 7370147 | &nbsp;&nbsp; 7373635 |
| CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 |
| 12/25/2029 | &nbsp;&nbsp; 5.897% | 4499896 | &nbsp;&nbsp; 4501360 |
| CMO Series 2024-8 Class A2 | CMO Series 2024-8 Class A2 | CMO Series 2024-8 Class A2 | CMO Series 2024-8 Class A2 |
| 12/25/2029 | &nbsp;&nbsp; 8.836% | 6100000 | &nbsp;&nbsp; 6105979 |
| CMO Series 2024-RCF1 Class M1 | CMO Series 2024-RCF1 Class M1 | CMO Series 2024-RCF1 Class M1 | CMO Series 2024-RCF1 Class M1 |
| 01/25/2054 | &nbsp;&nbsp; 4.000% | 1850000 | &nbsp;&nbsp; 1778730 |
| CMO Series 2024-RCF1 Class M2 | CMO Series 2024-RCF1 Class M2 | CMO Series 2024-RCF1 Class M2 | CMO Series 2024-RCF1 Class M2 |
| 01/25/2054 | &nbsp;&nbsp; 4.000% | 9750000 | &nbsp;&nbsp; 9094602 |
| CMO Series 2024-RCF2 Class M1 | CMO Series 2024-RCF2 Class M1 | CMO Series 2024-RCF2 Class M1 | CMO Series 2024-RCF2 Class M1 |
| 03/25/2054 | &nbsp;&nbsp; 3.750% | 2800000 | &nbsp;&nbsp; 2666896 |
| CMO Series 2024-RCF2 Class M2 | CMO Series 2024-RCF2 Class M2 | CMO Series 2024-RCF2 Class M2 | CMO Series 2024-RCF2 Class M2 |
| 03/25/2054 | &nbsp;&nbsp; 3.750% | 11150000 | &nbsp;&nbsp; 10267622 |
| CMO Series 2024-RCF3 Class M2 | CMO Series 2024-RCF3 Class M2 | CMO Series 2024-RCF3 Class M2 | CMO Series 2024-RCF3 Class M2 |
| 05/25/2054 | &nbsp;&nbsp; 4.000% | 2250000 | &nbsp;&nbsp; 2077424 |
| CMO Series 2024-RCF4 Class M1 | CMO Series 2024-RCF4 Class M1 | CMO Series 2024-RCF4 Class M1 | CMO Series 2024-RCF4 Class M1 |
| 07/25/2054 | &nbsp;&nbsp; 4.000% | 2335000 | &nbsp;&nbsp; 2198821 |
| CMO Series 2024-RCF4 Class M2 | CMO Series 2024-RCF4 Class M2 | CMO Series 2024-RCF4 Class M2 | CMO Series 2024-RCF4 Class M2 |
| 07/25/2054 | &nbsp;&nbsp; 4.000% | 1910000 | &nbsp;&nbsp; 1754617 |
| CMO Series 2024-RCF6 Class M1 | CMO Series 2024-RCF6 Class M1 | CMO Series 2024-RCF6 Class M1 | CMO Series 2024-RCF6 Class M1 |
| 10/25/2054 | &nbsp;&nbsp; 4.000% | 2350000 | &nbsp;&nbsp; 2230623 |
| CMO Series 2024-RCF6 Class M2 | CMO Series 2024-RCF6 Class M2 | CMO Series 2024-RCF6 Class M2 | CMO Series 2024-RCF6 Class M2 |
| 10/25/2054 | &nbsp;&nbsp; 4.000% | 4088000 | &nbsp;&nbsp; 3727353 |
| CMO Series 2024-RPL4 Class M1 | CMO Series 2024-RPL4 Class M1 | CMO Series 2024-RPL4 Class M1 | CMO Series 2024-RPL4 Class M1 |
| 12/25/2054 | &nbsp;&nbsp; 4.000% | 4700000 | &nbsp;&nbsp; 4442239 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2024-RPL4 Class M2 | CMO Series 2024-RPL4 Class M2 | CMO Series 2024-RPL4 Class M2 | CMO Series 2024-RPL4 Class M2 |
| 12/25/2054 | &nbsp;&nbsp; 4.000% | 4408000 | &nbsp;&nbsp; 3977304 |
| CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 |
| 05/25/2030 | &nbsp;&nbsp; 9.560% | 4900000 | &nbsp;&nbsp; 4921934 |
| CMO Series 2025-RCF4 Class M1B | CMO Series 2025-RCF4 Class M1B | CMO Series 2025-RCF4 Class M1B | CMO Series 2025-RCF4 Class M1B |
| 08/25/2055 | &nbsp;&nbsp; 4.500% | 477000 | &nbsp;&nbsp; 444973 |
| CMO Series 2025-RCF4 Class M2 | CMO Series 2025-RCF4 Class M2 | CMO Series 2025-RCF4 Class M2 | CMO Series 2025-RCF4 Class M2 |
| 08/25/2055 | &nbsp;&nbsp; 4.500% | 2000000 | &nbsp;&nbsp; 1850245 |
| PRPM LLC<sup>(a),(g)</sup>  | PRPM LLC<sup>(a),(g)</sup>  | PRPM LLC<sup>(a),(g)</sup>  | PRPM LLC<sup>(a),(g)</sup>  |
| CMO Series 2025-RCF3 Class M1A | CMO Series 2025-RCF3 Class M1A | CMO Series 2025-RCF3 Class M1A | CMO Series 2025-RCF3 Class M1A |
| 07/25/2055 | &nbsp;&nbsp; 5.250% | 1100000 | &nbsp;&nbsp; 1085466 |
| CMO Series 2025-RCF3 Class M1B | CMO Series 2025-RCF3 Class M1B | CMO Series 2025-RCF3 Class M1B | CMO Series 2025-RCF3 Class M1B |
| 07/25/2055 | &nbsp;&nbsp; 5.250% | 1000000 | &nbsp;&nbsp; 959025 |
| CMO Series 2025-RCF3 Class M2 | CMO Series 2025-RCF3 Class M2 | CMO Series 2025-RCF3 Class M2 | CMO Series 2025-RCF3 Class M2 |
| 07/25/2055 | &nbsp;&nbsp; 5.250% | 2000000 | &nbsp;&nbsp; 1902963 |
| PRPM Trust<sup>(a),(g)</sup>  | PRPM Trust<sup>(a),(g)</sup>  | PRPM Trust<sup>(a),(g)</sup>  | PRPM Trust<sup>(a),(g)</sup>  |
| CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 | CMO Series 2025-NQM3 Class A1 |
| 05/25/2070 | &nbsp;&nbsp; 5.606% | 8567212 | &nbsp;&nbsp; 8643806 |
| Subordinated CMO Series 2022-NQM1 Class B1 | Subordinated CMO Series 2022-NQM1 Class B1 | Subordinated CMO Series 2022-NQM1 Class B1 | Subordinated CMO Series 2022-NQM1 Class B1 |
| 08/25/2067 | &nbsp;&nbsp; 5.397% | 4608000 | &nbsp;&nbsp; 4551746 |
| Subordinated CMO Series 2023-NQM1 Class B1 | Subordinated CMO Series 2023-NQM1 Class B1 | Subordinated CMO Series 2023-NQM1 Class B1 | Subordinated CMO Series 2023-NQM1 Class B1 |
| 01/25/2068 | &nbsp;&nbsp; 6.211% | 2700000 | &nbsp;&nbsp; 2687500 |
| Subordinated CMO Series 2023-NQM3 Class B2 | Subordinated CMO Series 2023-NQM3 Class B2 | Subordinated CMO Series 2023-NQM3 Class B2 | Subordinated CMO Series 2023-NQM3 Class B2 |
| 11/25/2068 | &nbsp;&nbsp; 7.408% | 2043000 | &nbsp;&nbsp; 2043073 |
| PRPM Trust<sup>(a),(o)</sup>  | PRPM Trust<sup>(a),(o)</sup>  | PRPM Trust<sup>(a),(o)</sup>  | PRPM Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 07/25/2070 | &nbsp;&nbsp; 4.980% | 13098386 | &nbsp;&nbsp; 13095453 |
| Radnor Re Ltd.<sup>(a),(d)</sup>  | Radnor Re Ltd.<sup>(a),(d)</sup>  | Radnor Re Ltd.<sup>(a),(d)</sup>  | Radnor Re Ltd.<sup>(a),(d)</sup>  |
| Subordinated CMO Series 2021-1 Class B1 | Subordinated CMO Series 2021-1 Class B1 | Subordinated CMO Series 2021-1 Class B1 | Subordinated CMO Series 2021-1 Class B1 |
| 30-day Average SOFR + <br> 4.000% <br>Floor 4.000% <br>12/27/2033<br>| &nbsp;&nbsp; 8.072% | 4750000 | &nbsp;&nbsp; 4796816 |
| RCO IX Mortgage LLC<sup>(a),(o)</sup>  | RCO IX Mortgage LLC<sup>(a),(o)</sup>  | RCO IX Mortgage LLC<sup>(a),(o)</sup>  | RCO IX Mortgage LLC<sup>(a),(o)</sup>  |
| CMO Series 2025-4 Class A1 | CMO Series 2025-4 Class A1 | CMO Series 2025-4 Class A1 | CMO Series 2025-4 Class A1 |
| 10/25/2030 | &nbsp;&nbsp; 5.285% | 16464319 | &nbsp;&nbsp; 16399009 |
| RCO Trust<sup>(a),(o)</sup>  | RCO Trust<sup>(a),(o)</sup>  | RCO Trust<sup>(a),(o)</sup>  | RCO Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A |
| 02/25/2055 | &nbsp;&nbsp; 6.250% | 8970252 | &nbsp;&nbsp; 8927016 |
| RCO VIII Mortgage LLC<sup>(a),(o)</sup>  | RCO VIII Mortgage LLC<sup>(a),(o)</sup>  | RCO VIII Mortgage LLC<sup>(a),(o)</sup>  | RCO VIII Mortgage LLC<sup>(a),(o)</sup>  |
| CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 | CMO Series 2025-3 Class A1 |
| 05/25/2030 | &nbsp;&nbsp; 6.435% | 5538335 | &nbsp;&nbsp; 5550240 |
| RCO X Mortgage LLC<sup>(a),(o)</sup>  | RCO X Mortgage LLC<sup>(a),(o)</sup>  | RCO X Mortgage LLC<sup>(a),(o)</sup>  | RCO X Mortgage LLC<sup>(a),(o)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 01/25/2030 | &nbsp;&nbsp; 5.875% | 6998387 | &nbsp;&nbsp; 7000223 |
| CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 |
| 01/25/2030 | &nbsp;&nbsp; 8.353% | 7500000 | &nbsp;&nbsp; 7514761 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | Residential Mortgage Loan Trust<sup>(a),(g)</sup>  |
| Subordinated CMO Series 2020-1 Class B1 | Subordinated CMO Series 2020-1 Class B1 | Subordinated CMO Series 2020-1 Class B1 | Subordinated CMO Series 2020-1 Class B1 |
| 01/26/2060 | &nbsp;&nbsp; 3.946% | 3938000 | &nbsp;&nbsp; 3787414 |
| RUN Trust<sup>(a),(g)</sup>  | RUN Trust<sup>(a),(g)</sup>  | RUN Trust<sup>(a),(g)</sup>  | RUN Trust<sup>(a),(g)</sup>  |
| CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 |
| 03/25/2067 | &nbsp;&nbsp; 4.033% | 5595000 | &nbsp;&nbsp; 4605893 |
| SAIF Securitization Trust<sup>(a),(o)</sup>  | SAIF Securitization Trust<sup>(a),(o)</sup>  | SAIF Securitization Trust<sup>(a),(o)</sup>  | SAIF Securitization Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-CES1 Class M1 | CMO Series 2025-CES1 Class M1 | CMO Series 2025-CES1 Class M1 | CMO Series 2025-CES1 Class M1 |
| 06/25/2065 | &nbsp;&nbsp; 6.240% | 2453220 | &nbsp;&nbsp; 2459273 |
| Saluda Grade Alternative Mortgage Trust<sup>(a),(g)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(g)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(g)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(g)</sup>  |
| Subordinated CMO Series 2022-INV1 Class B1 | Subordinated CMO Series 2022-INV1 Class B1 | Subordinated CMO Series 2022-INV1 Class B1 | Subordinated CMO Series 2022-INV1 Class B1 |
| 04/25/2067 | &nbsp;&nbsp; 4.638% | 5198000 | &nbsp;&nbsp; 4447166 |
| Subordinated CMO Series 2022-INV1 Class B2 | Subordinated CMO Series 2022-INV1 Class B2 | Subordinated CMO Series 2022-INV1 Class B2 | Subordinated CMO Series 2022-INV1 Class B2 |
| 04/25/2067 | &nbsp;&nbsp; 4.638% | 4958000 | &nbsp;&nbsp; 4083135 |
| Subordinated CMO Series 2023-FIG3 Class CE | Subordinated CMO Series 2023-FIG3 Class CE | Subordinated CMO Series 2023-FIG3 Class CE | Subordinated CMO Series 2023-FIG3 Class CE |
| 08/25/2053 | &nbsp;&nbsp; 4.327% | 5927359 | &nbsp;&nbsp; 9008359 |
| Subordinated CMO Series 2023-FIG4 Class CE | Subordinated CMO Series 2023-FIG4 Class CE | Subordinated CMO Series 2023-FIG4 Class CE | Subordinated CMO Series 2023-FIG4 Class CE |
| 11/25/2053 | &nbsp;&nbsp; 49.381% | 6896055 | &nbsp;&nbsp; 11934036 |
| Subordinated CMO Series 2024-CES1 Class B1 | Subordinated CMO Series 2024-CES1 Class B1 | Subordinated CMO Series 2024-CES1 Class B1 | Subordinated CMO Series 2024-CES1 Class B1 |
| 03/25/2054 | &nbsp;&nbsp; 8.243% | 12120000 | &nbsp;&nbsp; 12489891 |
| Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  |
| CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 |
| 12/25/2055 | &nbsp;&nbsp; 7.000% | 11500000 | &nbsp;&nbsp; 11233034 |
| Stanwich Mortgage Loan Co. LLC<sup>(a),(o)</sup>  | Stanwich Mortgage Loan Co. LLC<sup>(a),(o)</sup>  | Stanwich Mortgage Loan Co. LLC<sup>(a),(o)</sup>  | Stanwich Mortgage Loan Co. LLC<sup>(a),(o)</sup>  |
| CMO Series 2021-NPB1 Class A2 | CMO Series 2021-NPB1 Class A2 | CMO Series 2021-NPB1 Class A2 | CMO Series 2021-NPB1 Class A2 |
| 10/16/2026 | &nbsp;&nbsp; 4.375% | 12022461 | &nbsp;&nbsp; 12078236 |
| Starwood Mortgage Residential Trust<sup>(a),(g)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(g)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(g)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(g)</sup>  |
| CMO Series 2020-3 Class B1 | CMO Series 2020-3 Class B1 | CMO Series 2020-3 Class B1 | CMO Series 2020-3 Class B1 |
| 04/25/2065 | &nbsp;&nbsp; 4.750% | 4750000 | &nbsp;&nbsp; 4524681 |
| CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 |
| 06/25/2056 | &nbsp;&nbsp; 1.127% | 3220107 | &nbsp;&nbsp; 2860450 |
| Starwood Mortgage Residential Trust<sup>(a)</sup>  | Starwood Mortgage Residential Trust<sup>(a)</sup>  | Starwood Mortgage Residential Trust<sup>(a)</sup>  | Starwood Mortgage Residential Trust<sup>(a)</sup>  |
| Subordinated CMO Series 2020-INV1 Class B1 | Subordinated CMO Series 2020-INV1 Class B1 | Subordinated CMO Series 2020-INV1 Class B1 | Subordinated CMO Series 2020-INV1 Class B1 |
| 11/25/2055 | &nbsp;&nbsp; 3.257% | 3200000 | &nbsp;&nbsp; 2959825 |
| Subordinated CMO Series 2020-INV1 Class B2 | Subordinated CMO Series 2020-INV1 Class B2 | Subordinated CMO Series 2020-INV1 Class B2 | Subordinated CMO Series 2020-INV1 Class B2 |
| 11/25/2055 | &nbsp;&nbsp; 4.261% | 1400000 | &nbsp;&nbsp; 1309644 |
| Toorak Mortgage Trust<sup>(a),(g)</sup>  | Toorak Mortgage Trust<sup>(a),(g)</sup>  | Toorak Mortgage Trust<sup>(a),(g)</sup>  | Toorak Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2024-RRT1 Class B2 | CMO Series 2024-RRT1 Class B2 | CMO Series 2024-RRT1 Class B2 | CMO Series 2024-RRT1 Class B2 |
| 02/25/2039 | &nbsp;&nbsp; 10.743% | 1968000 | &nbsp;&nbsp; 1979948 |
| CMO Series 2024-RRTL2 Class M1 | CMO Series 2024-RRTL2 Class M1 | CMO Series 2024-RRTL2 Class M1 | CMO Series 2024-RRTL2 Class M1 |
| 09/25/2039 | &nbsp;&nbsp; 7.257% | 5375000 | &nbsp;&nbsp; 5374181 |
| CMO Series 2025-RRTL1 Class B1 | CMO Series 2025-RRTL1 Class B1 | CMO Series 2025-RRTL1 Class B1 | CMO Series 2025-RRTL1 Class B1 |
| 02/25/2040 | &nbsp;&nbsp; 8.342% | 3800000 | &nbsp;&nbsp; 3854554 |
| Subordinated CMO Series 2024-RRTL1 Class B1 | Subordinated CMO Series 2024-RRTL1 Class B1 | Subordinated CMO Series 2024-RRTL1 Class B1 | Subordinated CMO Series 2024-RRTL1 Class B1 |
| 02/25/2039 | &nbsp;&nbsp; 10.743% | 5700000 | &nbsp;&nbsp; 5743909 |
| Subordinated CMO Series 2024-RRTL2 Class B1 | Subordinated CMO Series 2024-RRTL2 Class B1 | Subordinated CMO Series 2024-RRTL2 Class B1 | Subordinated CMO Series 2024-RRTL2 Class B1 |
| 09/25/2039 | &nbsp;&nbsp; 8.178% | 2750000 | &nbsp;&nbsp; 2749812 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Triangle Re Ltd.<sup>(a),(d)</sup>  | Triangle Re Ltd.<sup>(a),(d)</sup>  | Triangle Re Ltd.<sup>(a),(d)</sup>  | Triangle Re Ltd.<sup>(a),(d)</sup>  |
| CMO Series 2021-2 Class M2 | CMO Series 2021-2 Class M2 | CMO Series 2021-2 Class M2 | CMO Series 2021-2 Class M2 |
| 1-month Term SOFR + <br> 5.614% <br>10/25/2033<br>| &nbsp;&nbsp; 9.569% | 7687268 | &nbsp;&nbsp; 7821045 |
| Subordinated CMO Series 2021-2 Class B1 | Subordinated CMO Series 2021-2 Class B1 | Subordinated CMO Series 2021-2 Class B1 | Subordinated CMO Series 2021-2 Class B1 |
| 1-month Term SOFR + <br> 7.614% <br>10/25/2033<br>| &nbsp;&nbsp; 11.569% | 7100000 | &nbsp;&nbsp; 7313633 |
| VCAT LLC<sup>(a),(o)</sup>  | VCAT LLC<sup>(a),(o)</sup>  | VCAT LLC<sup>(a),(o)</sup>  | VCAT LLC<sup>(a),(o)</sup>  |
| CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 |
| 09/25/2054 | &nbsp;&nbsp; 5.977% | 7047338 | &nbsp;&nbsp; 7134862 |
| VCC Trust<sup>(a),(o)</sup>  | VCC Trust<sup>(a),(o)</sup>  | VCC Trust<sup>(a),(o)</sup>  | VCC Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-MC1 Class A2 | CMO Series 2025-MC1 Class A2 | CMO Series 2025-MC1 Class A2 | CMO Series 2025-MC1 Class A2 |
| 05/25/2055 | &nbsp;&nbsp; 12.047% | 5214000 | &nbsp;&nbsp; 5190621 |
| Vericrest Opportunity Loan Transferee<sup>(a),(o)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(o)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(o)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(o)</sup>  |
| CMO Series 2021-NPL4 Class A1 | CMO Series 2021-NPL4 Class A1 | CMO Series 2021-NPL4 Class A1 | CMO Series 2021-NPL4 Class A1 |
| 03/27/2051 | &nbsp;&nbsp; 6.240% | 822668 | &nbsp;&nbsp; 822744 |
| Verus Securitization Trust<sup>(a),(g)</sup>  | Verus Securitization Trust<sup>(a),(g)</sup>  | Verus Securitization Trust<sup>(a),(g)</sup>  | Verus Securitization Trust<sup>(a),(g)</sup>  |
| CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 | CMO Series 2021-4 Class A1 |
| 07/25/2066 | &nbsp;&nbsp; 0.938% | 7042247 | &nbsp;&nbsp; 5978078 |
| Subordinated CMO Series 2022-2 Class B2 | Subordinated CMO Series 2022-2 Class B2 | Subordinated CMO Series 2022-2 Class B2 | Subordinated CMO Series 2022-2 Class B2 |
| 02/25/2067 | &nbsp;&nbsp; 4.267% | 4493200 | &nbsp;&nbsp; 3602434 |
| Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 |
| 12/25/2067 | &nbsp;&nbsp; 6.847% | 7000000 | &nbsp;&nbsp; 6974724 |
| Subordinated CMO Series 2023-INV1 Class B1 | Subordinated CMO Series 2023-INV1 Class B1 | Subordinated CMO Series 2023-INV1 Class B1 | Subordinated CMO Series 2023-INV1 Class B1 |
| 02/25/2068 | &nbsp;&nbsp; 7.451% | 4198000 | &nbsp;&nbsp; 4189866 |
| Subordinated Series 2021-5 Class B1 | Subordinated Series 2021-5 Class B1 | Subordinated Series 2021-5 Class B1 | Subordinated Series 2021-5 Class B1 |
| 09/25/2066 | &nbsp;&nbsp; 3.037% | 3800000 | &nbsp;&nbsp; 2826833 |
| Subordinated Series 2021-5 Class B2 | Subordinated Series 2021-5 Class B2 | Subordinated Series 2021-5 Class B2 | Subordinated Series 2021-5 Class B2 |
| 09/25/2066 | &nbsp;&nbsp; 3.941% | 3500000 | &nbsp;&nbsp; 2746463 |
| Verus Securitization Trust<sup>(a)</sup>  | Verus Securitization Trust<sup>(a)</sup>  | Verus Securitization Trust<sup>(a)</sup>  | Verus Securitization Trust<sup>(a)</sup>  |
| CMO Series 2021-R2 Class M1 | CMO Series 2021-R2 Class M1 | CMO Series 2021-R2 Class M1 | CMO Series 2021-R2 Class M1 |
| 02/25/2064 | &nbsp;&nbsp; 2.244% | 3781000 | &nbsp;&nbsp; 3535905 |
| Visio Trust<sup>(a),(g)</sup>  | Visio Trust<sup>(a),(g)</sup>  | Visio Trust<sup>(a),(g)</sup>  | Visio Trust<sup>(a),(g)</sup>  |
| CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 |
| 11/25/2054 | &nbsp;&nbsp; 3.260% | 1400000 | &nbsp;&nbsp; 1374547 |
| Subordinated CMO Series 2019-2 Class B1 | Subordinated CMO Series 2019-2 Class B1 | Subordinated CMO Series 2019-2 Class B1 | Subordinated CMO Series 2019-2 Class B1 |
| 11/25/2054 | &nbsp;&nbsp; 3.910% | 1200000 | &nbsp;&nbsp; 1181987 |
| Vista Point Securitization Trust<sup>(a),(g)</sup>  | Vista Point Securitization Trust<sup>(a),(g)</sup>  | Vista Point Securitization Trust<sup>(a),(g)</sup>  | Vista Point Securitization Trust<sup>(a),(g)</sup>  |
| CMO Series 2024-CES3 Class B1 | CMO Series 2024-CES3 Class B1 | CMO Series 2024-CES3 Class B1 | CMO Series 2024-CES3 Class B1 |
| 01/25/2055 | &nbsp;&nbsp; 7.833% | 4700000 | &nbsp;&nbsp; 4747281 |
| CMO Series 2024-CES3 Class B2 | CMO Series 2024-CES3 Class B2 | CMO Series 2024-CES3 Class B2 | CMO Series 2024-CES3 Class B2 |
| 01/25/2055 | &nbsp;&nbsp; 9.495% | 2900000 | &nbsp;&nbsp; 2980094 |
| CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 |
| 04/25/2055 | &nbsp;&nbsp; 7.621% | 3929000 | &nbsp;&nbsp; 3997166 |
| CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 |
| 04/25/2055 | &nbsp;&nbsp; 8.956% | 2546000 | &nbsp;&nbsp; 2621245 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated CMO Series 2020-1 Class B1 | Subordinated CMO Series 2020-1 Class B1 | Subordinated CMO Series 2020-1 Class B1 | Subordinated CMO Series 2020-1 Class B1 |
| 03/25/2065 | &nbsp;&nbsp; 5.375% | 2000000 | &nbsp;&nbsp; 2011764 |
| Subordinated CMO Series 2024-CES2 Class B1 | Subordinated CMO Series 2024-CES2 Class B1 | Subordinated CMO Series 2024-CES2 Class B1 | Subordinated CMO Series 2024-CES2 Class B1 |
| 10/25/2054 | &nbsp;&nbsp; 7.498% | 2500000 | &nbsp;&nbsp; 2522225 |
| Vista Point Securitization Trust<sup>(a),(o)</sup>  | Vista Point Securitization Trust<sup>(a),(o)</sup>  | Vista Point Securitization Trust<sup>(a),(o)</sup>  | Vista Point Securitization Trust<sup>(a),(o)</sup>  |
| CMO Series 2025-CES2 Class M1 | CMO Series 2025-CES2 Class M1 | CMO Series 2025-CES2 Class M1 | CMO Series 2025-CES2 Class M1 |
| 08/25/2055 | &nbsp;&nbsp; 6.366% | 8732000 | &nbsp;&nbsp; 8842323 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $1,195,321,619) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $1,195,321,619) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $1,195,321,619) | &nbsp;&nbsp; **1236110051** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.5%** | **Call Option Contracts Purchased 0.5%** |
|  | **Value ($)** |
| (Cost $13,479,069) | &nbsp;&nbsp; **12097555** |

---

---

| | |
|:---|:---|
| **Put Option Contracts Purchased 0.4%** | **Put Option Contracts Purchased 0.4%** |
|  | **Value ($)** |
| (Cost $21,868,643) | &nbsp;&nbsp; **11758692** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 5.6%** | **Money Market Funds 5.6%** | **Money Market Funds 5.6%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(k),(q)</sup> <br>| &nbsp;&nbsp; 140291484 | &nbsp;&nbsp; 140249396 |
| Total Money Market Funds <br>(Cost $140,235,337) | Total Money Market Funds <br>(Cost $140,235,337) | &nbsp;&nbsp; **140249396** |
| **Total Investments in Securities** <br>**(Cost: $4,767,142,666)** | **Total Investments in Securities** <br>**(Cost: $4,767,142,666)** | &nbsp;&nbsp; **4707193573** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(2188800090)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2518393483** |

---

At November 30, 2025, securities and/or cash totaling $42,419,480 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| 3-Month SOFR | 2311 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 554047806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (278002)<br>|
| U.S. Treasury 5-Year Note | 5312 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 583075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1565569 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 398 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 48133125 | &nbsp;&nbsp;&nbsp;&nbsp; 382931 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1948500 | &nbsp;&nbsp;&nbsp;&nbsp; (278002)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| 3-Month SOFR | (2301) | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (554828625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88560 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | (2635) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (309447813)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1603722)<br>|
| U.S. Treasury 10-Year Note | (10951) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1241227406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1472844)<br>|
| U.S. Treasury 2-Year Note | (239) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (49917391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26695)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88560 | &nbsp;&nbsp;&nbsp;&nbsp; (3103261)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| 10-Year OTC interest rate swap with Citi to <br> receive exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 115000000 | &nbsp;&nbsp; 115000000 | 3.50 | &nbsp;&nbsp; 07/09/2026 | &nbsp;&nbsp; 2012500 | &nbsp;&nbsp; 1694766 |
| 10-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay <br> SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 125000000 | &nbsp;&nbsp; 125000000 | 3.40 | &nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp; 817125 |
| 10-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay <br> SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 84886000 | &nbsp;&nbsp; 84886000 | 3.50 | &nbsp;&nbsp; 06/11/2026 | &nbsp;&nbsp; 1400619 | &nbsp;&nbsp; 1163388 |
| 30-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay <br> SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 59000000 | &nbsp;&nbsp; 59000000 | 3.50 | &nbsp;&nbsp; 10/29/2026 | &nbsp;&nbsp; 1595950 | &nbsp;&nbsp; 1166926 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Number of**<br> **contracts**<br>| **Exercise**<br> **price/Rate**<br>| **Expiration**<br> **date**<br>| **Cost ($)** | **Value ($)** |
| 5-Year OTC interest rate swap with Citi to <br> receive exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp; 300000000 | 3.30 | &nbsp;&nbsp; 03/30/2026 | &nbsp;&nbsp; 2925000 | &nbsp;&nbsp; 2538630 |
| 5-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay <br> SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp; 200000000 | 3.75 | &nbsp;&nbsp; 05/14/2026 | &nbsp;&nbsp; 3820000 | &nbsp;&nbsp; 4716720 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 13479069 | &nbsp;&nbsp; 12097555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| 10-Year OTC interest rate swap <br> with Citi to receive SOFR and <br> pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; 70000000 | &nbsp;&nbsp; 70000000 | 3.75 | &nbsp;&nbsp; 12/04/2025 | &nbsp;&nbsp; 714000 | &nbsp;&nbsp; 13048 |
| 5-Year OTC interest rate swap <br> with Citi to receive SOFR and <br> pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; 180000000 | &nbsp;&nbsp; 180000000 | 3.75 | &nbsp;&nbsp; 12/23/2025 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp; 14220 |
| 5-Year OTC interest rate swap <br> with Citi to receive SOFR and <br> pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; 435000000 | &nbsp;&nbsp; 435000000 | 3.35 | &nbsp;&nbsp; 03/18/2026 | &nbsp;&nbsp; 3828000 | &nbsp;&nbsp; 2902277 |
| 5-Year OTC interest rate swap <br> with Goldman Sachs <br> International to receive SOFR <br> and pay exercise rate<br>| Goldman Sachs International | USD | &nbsp;&nbsp; 211382252 | &nbsp;&nbsp; 211382252 | 3.50 | &nbsp;&nbsp; 02/27/2026 | &nbsp;&nbsp; 1373984 | &nbsp;&nbsp; 710984 |
| 5-Year OTC interest rate swap <br> with Morgan Stanley to receive <br> SOFR and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 190000000 | &nbsp;&nbsp; 190000000 | 3.55 | &nbsp;&nbsp; 12/29/2025 | &nbsp;&nbsp; 1767000 | &nbsp;&nbsp; 118902 |
| 5-Year OTC interest rate swap <br> with Morgan Stanley to receive <br> SOFR and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 286651270 | &nbsp;&nbsp; 286651270 | 3.50 | &nbsp;&nbsp; 02/27/2026 | &nbsp;&nbsp; 2028059 | &nbsp;&nbsp; 964152 |
| 5-Year OTC interest rate swap <br> with Morgan Stanley to receive <br> SOFR and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 464000000 | &nbsp;&nbsp; 464000000 | 3.60 | &nbsp;&nbsp; 05/06/2026 | &nbsp;&nbsp; 2737600 | &nbsp;&nbsp; 1986059 |
| 5-Year OTC interest rate swap <br> with Morgan Stanley to receive <br> SOFR and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 500000000 | &nbsp;&nbsp; 500000000 | 3.40 | &nbsp;&nbsp; 08/05/2026 | &nbsp;&nbsp; 7980000 | &nbsp;&nbsp; 5049050 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 21868643 | &nbsp;&nbsp; 11758692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| 2-Year OTC interest rate swap with Citi to receive <br> SOFR and pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; (550000000)<br>| &nbsp;&nbsp; (550000000)<br>| 3.20 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; (660000)<br>| &nbsp;&nbsp; (526515)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Pay** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North America <br> Index, Series 11 BBB-<br>| Citi | 11/18/2054 | 3.000 | Monthly | USD | 10000000 | 1284016 | (3333)<br>| 298176 |  | 982507 |  |
| CMBX North America <br> Index, Series 11 BBB-<br>| Citi | 11/18/2054 | 3.000 | Monthly | USD | 10000000 | 1284016 | (3333)<br>| 1294214 |  |  | (13531)<br>|
| CMBX North America <br> Index, Series 11 BBB-<br>| Citi | 11/18/2054 | 3.000 | Monthly | USD | 20500000 | 2632233 | (6833)<br>| 4773724 |  |  | (2148324)<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** | **Credit default swap contracts - buy protection (continued)** |
| **Reference**<br> **entity**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Pay**<br> **fixed**<br> **rate**<br> **(%)**<br>| **Payment**<br> **frequency**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Periodic**<br> **payments**<br> **receivable**<br> **(payable)**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| CMBX North America <br> Index, Series 11 BBB-<br>| Citi | 11/18/2054 | 3.000 | Monthly | USD | 50000000 | 6420080 | (16667)<br>| 12422847 |  |  | (6019434)<br>|
| CMBX North America <br> Index, Series 11 BBB-<br>| Goldman Sachs <br> International<br>| 11/18/2054 | 3.000 | Monthly | USD | 10000000 | 1284016 | (3333)<br>| 1396594 |  |  | (115911)<br>|
| Total |  |  |  |  |  |  | 12904361 | (33499)<br>| 20185555 |  | 982507 | (8297200)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| Citi | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 9998594 | (2130763)<br>| 3333 |  | (1987289)<br>|  | (140141)<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| Citi | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 9998594 | (2130763)<br>| 3333 |  | (1944558)<br>|  | (182872)<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| Citi | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 19997189 | (4261527)<br>| 6666 |  | (2204746)<br>|  | (2050115)<br>|
| CMBX North <br> America Index, <br> Series 16 BBB-<br>| Goldman Sachs <br> International<br>| 04/17/2065 | 3.000 | Monthly | 7.307 | USD | 19000000 | (3301237)<br>| 6333 |  | (2418055)<br>|  | (876849)<br>|
| CMBX North <br> America Index, <br> Series 17 BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 6.109 | USD | 50000000 | (7087506)<br>| 16666 |  | (7441076)<br>| 370236 |  |
| CMBX North <br> America Index, <br> Series 17 BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 6.109 | USD | 9500000 | (1346626)<br>| 3167 |  | (1676056)<br>| 332597 |  |
| CMBX North <br> America Index, <br> Series 17 BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 6.109 | USD | 9500000 | (1346626)<br>| 3167 |  | (1584399)<br>| 240940 |  |
| CMBX North <br> America Index, <br> Series 17 BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 6.109 | USD | 5000000 | (708751)<br>| 1667 |  | (742715)<br>| 35631 |  |
| CMBX North <br> America Index, <br> Series 17 BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 6.109 | USD | 12000000 | (1701000)<br>| 4000 |  | (1153878)<br>|  | (543122)<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 8798763 | (1875072)<br>| 2933 |  | (1856768)<br>|  | (15371)<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 16497681 | (3515760)<br>| 5499 |  | (2971235)<br>|  | (539026)<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 12998173 | (2769992)<br>| 4333 |  | (1864481)<br>|  | (901178)<br>|
| CMBX North <br> America Index, <br> Series 7 BBB-<br>| Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 20.036 | USD | 1024551 | (153935)<br>| 341 |  | (73318)<br>|  | (80276)<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** |
| **Reference**<br> **entity**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Receive**<br> **fixed**<br> **rate**<br> **(%)**<br>| **Payment**<br> **frequency**<br>| **Implied**<br> **credit**<br> **spread**<br> **(%)\***<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Periodic**<br> **payments**<br> **receivable**<br> **(payable)**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| CMBX North <br> America Index, <br> Series 7 BBB-<br>| Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 20.036 | USD | 2008924 | (301834)<br>| 669 |  | (94379)<br>|  | (206786)<br>|
| CMBX North <br> America Index, <br> Series 8 BBB-<br>| Morgan Stanley | 10/17/2057 | 3.000 | Monthly | 36.168 | USD | 1990264 | (480342)<br>| 663 |  | (375172)<br>|  | (104507)<br>|
| Total |  |  |  |  |  |  |  | (33111734)<br>| 62770 |  | (28388125)<br>| 979404 | (5640243)<br>|

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(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 November 30, 2025, the total value of these securities amounted to $1,501,177,377, which represents 59.61% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal amount represents ownership shares of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security represents a pool of loans that generate cash payments generally over fixed periods of time. Such securities entitle the security holders to receive distributions (i.e. principal and interest, net of fees and expenses) that are tied to the payments made by the borrower on the underlying loans. Due to the structure of the security the cash payments received are not known until the time of payment. The interest rate shown is the stated coupon rate as of November 30, 2025 and is not reflective of the cash flow payments.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable rate security. The interest rate shown was the current rate as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2025, the total value of these securities amounted to $37,594,214, which represents 1.49% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The Fund's committed equity ownership interest in the joint venture is 17% of the LLC, which is not held in the form of shares. Investments into the LLC will be called from the Fund over a commitment period ending December 31, 2026. Any unfunded commitments are indicated as such.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Under the Investment Company Act of 1940, 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 period ended November 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 185115334 | &nbsp;&nbsp; 632992085 | &nbsp;&nbsp; (677853970)<br>| &nbsp;&nbsp; (4053)<br>| &nbsp;&nbsp; 140249396 | &nbsp;&nbsp; (3417)<br>| &nbsp;&nbsp; 3614400 | &nbsp;&nbsp; 140291484 |
| Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC | Itasca Park LLC |
|  |  | &nbsp;&nbsp; 1211000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (41295)<br>| &nbsp;&nbsp; 1169705 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded | Itasca Park LLC - Unfunded |
|  |  | &nbsp;&nbsp; 16089000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16089000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | 185115334 |  |  | &nbsp;&nbsp; (45348)<br>| &nbsp;&nbsp; 157508101 | &nbsp;&nbsp; (3417)<br>| &nbsp;&nbsp; 3614400 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(l) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At November 30, 2025, the total market value of these securities amounted to $17,258,705, which represents 0.69% of total net assets. Additional information on these securities is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| Itasca Park LLC | 09/02/2025-11/07/2025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1211000 | &nbsp;&nbsp; 1169705 |
| Itasca Park LLC - Unfunded | 07/28/2025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16089000 | &nbsp;&nbsp; 16089000 |
|  |  |  | &nbsp;&nbsp; 17300000 | &nbsp;&nbsp; 17258705 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(n) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(o) 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 November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Zero coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(q) The rate shown is the seven-day current annualized yield at November 30, 2025.

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CMO | Collateralized Mortgage Obligation |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| TBA | To Be Announced |

---

**Currency Legend** 

USD US Dollar

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

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, if any, 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 accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 220445153 | &nbsp;&nbsp;&nbsp;&nbsp; 38335509 | &nbsp;&nbsp;&nbsp;&nbsp; 258780662 |
| Commercial Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 2993861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2993861 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 35570864 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35570864 |
| Joint Ventures |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17258705 | &nbsp;&nbsp;&nbsp;&nbsp; 17258705 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 2976477390 | &nbsp;&nbsp;&nbsp;&nbsp; 15896397 | &nbsp;&nbsp;&nbsp;&nbsp; 2992373787 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1236110051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1236110051 |
| Call Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 12097555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12097555 |
| Put Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 11758692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11758692 |
| Money Market Funds | 140249396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140249396 |
| Total Investments in Securities | 140249396 | &nbsp;&nbsp;&nbsp;&nbsp; 4495453566 | &nbsp;&nbsp;&nbsp;&nbsp; 71490611 | &nbsp;&nbsp;&nbsp;&nbsp; 4707193573 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 2037060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2037060 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 1961911 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1961911 |
| Liability |  |  |  |  |
| Futures Contracts | (3381263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3381263)<br>|
| Call Option Contracts Written |  | &nbsp;&nbsp;&nbsp;&nbsp; (526515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (526515)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (13937443)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13937443)<br>|
| Total | 138905193 | &nbsp;&nbsp;&nbsp;&nbsp; 4482951519 | &nbsp;&nbsp;&nbsp;&nbsp; 71490611 | &nbsp;&nbsp;&nbsp;&nbsp; 4693347323 |

---

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.

Futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance** <br>**as of** <br>**05/31/2025** <br>**($)**<br>| **Increase** <br>**(decrease)** <br>**in accrued** <br>**discounts/** <br>**premiums** <br>**($)**<br>| **Realized** <br>**gain (loss)** <br>**($)**<br>| **Change** <br>**in unrealized** <br>**appreciation** <br>**(depreciation)**<sup>(a)</sup> <br>**($)**<br>| **Purchases** <br>**($)**<br>| **Sales** <br>**($)**<br>| **Transfers** <br>**into** <br>**Level 3** <br>**($)**<br>| **Transfers** <br>**out of** <br>**Level 3** <br>**($)**<br>| **Balance** <br>**as of** <br>**11/30/2025** <br>**($)**<br>|
| Asset-Backed Securities — <br> Non-Agency<br>| 49502250<br>| &nbsp;&nbsp; (2621578)<br>| &nbsp;&nbsp; 69754<br>| &nbsp;&nbsp; (341897)<br>| &nbsp;&nbsp; 15453444<br>| &nbsp;&nbsp; (11227089)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (12499375)<br>| &nbsp;&nbsp; 38335509<br>|
| Joint Ventures | -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (41295)<br>| &nbsp;&nbsp; 17300000<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 17258705<br>|
| Residential Mortgage-Backed <br> Securities — Agency<br>| 23608165<br>| &nbsp;&nbsp; (8259)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (357995)<br>| &nbsp;&nbsp; 16262651<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (23608165)<br>| &nbsp;&nbsp; 15896397<br>|
| **Total** | **73110415**<br>| &nbsp;&nbsp; **(2629837)**<br>| &nbsp;&nbsp; **69754**<br>| &nbsp;&nbsp; **(741187)**<br>| &nbsp;&nbsp; **49016095**<br>| &nbsp;&nbsp; **(11227089)**<br>| &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **(36107540)**<br>| &nbsp;&nbsp; **71490611**<br>|

---

(a) Change in unrealized appreciation (depreciation) relating to securities held at November 30, 2025 was $(744,429), which is comprised of Asset-Backed Securities — Non-Agency of $(345,139) and Joint Ventures of $(41,295), Residential Mortgage-Backed Securities — Agency of $(357,995).

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. The following table is a summary of valuation technique(s) used to value the Fund's investments at November 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Valuation Technique** | **Value ($)** |
| Asset-Backed Securities - Non-Agency | Single Market Quotes from Broker | &nbsp;&nbsp; 38335509 |
| Joint Ventures | Market Approach | &nbsp;&nbsp; 1169705 |
| Joint Ventures | Recent Transaction | &nbsp;&nbsp; 16089000 |
| Residential Mortgage-Backed Securities - Agency | Single Market Quotes from Broker | &nbsp;&nbsp; 15896397 |
| Total |  | &nbsp;&nbsp; 71490611 |

---

The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $4,574,259,617) | $4525829225 |
| Affiliated issuers (cost $157,535,337) | 157508101 |
| Option contracts purchased (cost $35,347,712) | 23856247 |
| Cash collateral held at broker for: |  |
| Swap contracts | 13620000 |
| Margin deposits on: |  |
| Futures contracts | 28799480 |
| Unrealized appreciation on swap contracts | 1961911 |
| Upfront payments on swap contracts | 20185555 |
| Receivable for: |  |
| Investments sold | 113015 |
| Capital shares sold | 1973328 |
| Dividends | 464388 |
| Interest | 10884524 |
| Variation margin for futures contracts | 3682677 |
| Expense reimbursement due from Investment Manager | 6253 |
| Prepaid expenses | 9612 |
| Total assets | 4788894316 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $660,000) | 526515 |
| Due to custodian | 1627448 |
| Unrealized depreciation on swap contracts | 13937443 |
| Upfront receipts on swap contracts | 28388125 |
| Payable for: |  |
| Investments purchased on a delayed delivery basis | 2223562585 |
| Capital shares redeemed | 1071420 |
| Variation margin for futures contracts | 846378 |
| Management services fees | 87613 |
| Distribution and/or service fees | 9935 |
| Transfer agent fees | 198820 |
| Compensation of chief compliance officer | 192 |
| Compensation of board members | 3755 |
| Other expenses | 86473 |
| Deferred compensation of board members | 154131 |
| Total liabilities | 2270500833 |
| **Net assets applicable to outstanding capital stock** | **$2518393483** |
| **Represented by** |  |
| Paid in capital | 3377761984 |
| Total distributable earnings (loss) | (859368501)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$2518393483** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Statement of Assets and Liabilities (continued)

November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $590479543 |
| Shares outstanding | 68949368 |
| Net asset value per share | $8.56 |
| Maximum sales charge  | 3.00% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $8.82 |
| **Class C** |  |
| Net assets | $33524089 |
| Shares outstanding | 3916586 |
| Net asset value per share | $8.56 |
| **Institutional Class** |  |
| Net assets | $1264082025 |
| Shares outstanding | 147729650 |
| Net asset value per share | $8.56 |
| **Institutional 2 Class** |  |
| Net assets | $403462994 |
| Shares outstanding | 47197672 |
| Net asset value per share | $8.55 |
| **Institutional 3 Class** |  |
| Net assets | $222834718 |
| Shares outstanding | 26030962 |
| Net asset value per share | $8.56 |
| **Class S** |  |
| Net assets | $4010114 |
| Shares outstanding | 468650 |
| Net asset value per share | $8.56 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $3614400 |
| Interest | 67966830 |
| Interfund lending | 268 |
| Total income | 71581498 |
| Expenses: |  |
| Management services fees | 7405550 |
| Distribution and/or service fees |  |
| Class A | 698655 |
| Class C | 172088 |
| Transfer agent fees |  |
| Class A | 294943 |
| Class C | 18167 |
| Institutional Class | 623178 |
| Institutional 2 Class | 90151 |
| Institutional 3 Class | 4358 |
| Class S | 2983 |
| Custodian fees | 23103 |
| Printing and postage fees | 51011 |
| Registration fees | 68263 |
| Accounting services fees | 27032 |
| Legal fees | 25933 |
| Interest on collateral | 387481 |
| Compensation of chief compliance officer | 192 |
| Compensation of board members | 16879 |
| Deferred compensation of board members | 31522 |
| Other | 24852 |
| Total expenses | 9966341 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (383652)<br>|
| Total net expenses | 9582689 |
| **Net investment income** | 61998809 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 67050641 |
| Investments — affiliated issuers | (3417)<br>|
| Foreign currency translations | (691)<br>|
| Futures contracts | (76524909)<br>|
| Option contracts purchased | (19863520)<br>|
| Option contracts written | 12175525 |
| Swap contracts | 1200911 |
| Net realized loss | (15965460)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 74637013 |
| Investments — affiliated issuers | (45348)<br>|
| Futures contracts | 20587954 |
| Option contracts purchased | (496195)<br>|
| Option contracts written | (3919914)<br>|
| Swap contracts | (2540776)<br>|
| Net change in unrealized appreciation (depreciation) | 88222734 |
| Net realized and unrealized gain | 72257274 |
| **Net increase in net assets resulting from operations** | **$134256083** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $61998809 | &nbsp;&nbsp; $122725425 |
| Net realized gain (loss) | (15965460)<br>| &nbsp;&nbsp; 68812859 |
| Net change in unrealized appreciation (depreciation) | 88222734 | &nbsp;&nbsp; 77118534 |
| Net increase in net assets resulting from operations | 134256083 | &nbsp;&nbsp; 268656818 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (15472598)<br>| &nbsp;&nbsp; (24104834)<br>|
| Advisor Class |  | &nbsp;&nbsp; (2857185)<br>|
| Class C | (811293)<br>| &nbsp;&nbsp; (1761197)<br>|
| Institutional Class | (34134593)<br>| &nbsp;&nbsp; (63260379)<br>|
| Institutional 2 Class | (9716921)<br>| &nbsp;&nbsp; (23686100)<br>|
| Institutional 3 Class | (6285042)<br>| &nbsp;&nbsp; (11605473)<br>|
| Class S | (155023)<br>| &nbsp;&nbsp; (261266)<br>|
| Total distributions to shareholders | (66575470)<br>| &nbsp;&nbsp; (127536434)<br>|
| Increase (decrease) in net assets from capital stock activity | 270042104 | &nbsp;&nbsp; (177159670)<br>|
| Total increase (decrease) in net assets | 337722717 | &nbsp;&nbsp; (36039286)<br>|
| Net assets at beginning of period | 2180670766 | &nbsp;&nbsp; 2216710052 |
| **Net assets at end of period** | **$2518393483** | &nbsp;&nbsp; **$2180670766** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 7389936 | &nbsp;&nbsp;&nbsp;&nbsp; 62044367 | &nbsp;&nbsp;&nbsp;&nbsp; 17376006 | &nbsp;&nbsp;&nbsp;&nbsp; 143611861 |
| Distributions reinvested | 1827943 | &nbsp;&nbsp;&nbsp;&nbsp; 15468077 | &nbsp;&nbsp;&nbsp;&nbsp; 2949208 | &nbsp;&nbsp;&nbsp;&nbsp; 24096002 |
| Shares redeemed | (1132704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9581803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6873532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55991963)<br>|
| Net increase | 8085175 | &nbsp;&nbsp;&nbsp;&nbsp; 67930641 | &nbsp;&nbsp;&nbsp;&nbsp; 13451682 | &nbsp;&nbsp;&nbsp;&nbsp; 111715900 |
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2845268 | &nbsp;&nbsp;&nbsp;&nbsp; 23436015 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 351002 | &nbsp;&nbsp;&nbsp;&nbsp; 2857185 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14975873)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (121044213)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11779603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94751013)<br>|
| Class C |  |  |  |  |
| Shares sold | 115285 | &nbsp;&nbsp;&nbsp;&nbsp; 976745 | &nbsp;&nbsp;&nbsp;&nbsp; 528799 | &nbsp;&nbsp;&nbsp;&nbsp; 4345285 |
| Distributions reinvested | 95477 | &nbsp;&nbsp;&nbsp;&nbsp; 807205 | &nbsp;&nbsp;&nbsp;&nbsp; 214426 | &nbsp;&nbsp;&nbsp;&nbsp; 1751296 |
| Shares redeemed | (522128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4421035)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1342869)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10979740)<br>|
| Net decrease | (311366)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2637085)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (599644)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4883159)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 28564520 | &nbsp;&nbsp;&nbsp;&nbsp; 242338690 | &nbsp;&nbsp;&nbsp;&nbsp; 55551651 | &nbsp;&nbsp;&nbsp;&nbsp; 454050327 |
| Distributions reinvested | 4028406 | &nbsp;&nbsp;&nbsp;&nbsp; 34055365 | &nbsp;&nbsp;&nbsp;&nbsp; 7721607 | &nbsp;&nbsp;&nbsp;&nbsp; 63024098 |
| Shares redeemed | (19088865)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (161797507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66061380)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (540560113)<br>|
| Net increase (decrease) | 13504061 | &nbsp;&nbsp;&nbsp;&nbsp; 114596548 | &nbsp;&nbsp;&nbsp;&nbsp; (2788122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23485688)<br>|
| Institutional 2 Class |  |  |  |  |
| Shares sold | 15643064 | &nbsp;&nbsp;&nbsp;&nbsp; 132907517 | &nbsp;&nbsp;&nbsp;&nbsp; 19328814 | &nbsp;&nbsp;&nbsp;&nbsp; 158943480 |
| Distributions reinvested | 1147659 | &nbsp;&nbsp;&nbsp;&nbsp; 9699541 | &nbsp;&nbsp;&nbsp;&nbsp; 2901113 | &nbsp;&nbsp;&nbsp;&nbsp; 23647514 |
| Shares redeemed | (7008488)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59224008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42134775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (343177256)<br>|
| Net increase (decrease) | 9782235 | &nbsp;&nbsp;&nbsp;&nbsp; 83383050 | &nbsp;&nbsp;&nbsp;&nbsp; (19904848)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (160586262)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 3280528 | &nbsp;&nbsp;&nbsp;&nbsp; 27831042 | &nbsp;&nbsp;&nbsp;&nbsp; 5357975 | &nbsp;&nbsp;&nbsp;&nbsp; 44107335 |
| Distributions reinvested | 743100 | &nbsp;&nbsp;&nbsp;&nbsp; 6284409 | &nbsp;&nbsp;&nbsp;&nbsp; 1421039 | &nbsp;&nbsp;&nbsp;&nbsp; 11604807 |
| Shares redeemed | (2933149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24895608)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8208648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67196439)<br>|
| Net increase (decrease) | 1090479 | &nbsp;&nbsp;&nbsp;&nbsp; 9219843 | &nbsp;&nbsp;&nbsp;&nbsp; (1429634)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11484297)<br>|
| Class S |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1163388 | &nbsp;&nbsp;&nbsp;&nbsp; 9641536 |
| Distributions reinvested | 18364 | &nbsp;&nbsp;&nbsp;&nbsp; 155023 | &nbsp;&nbsp;&nbsp;&nbsp; 32027 | &nbsp;&nbsp;&nbsp;&nbsp; 261230 |
| Shares redeemed | (303921)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2605916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (441208)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3587917)<br>|
| Net increase (decrease) | (285557)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2450893)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 754207 | &nbsp;&nbsp;&nbsp;&nbsp; 6314849 |
| **Total net increase (decrease)** | **31865027** | &nbsp;&nbsp;&nbsp;&nbsp; **270042104** | &nbsp;&nbsp;&nbsp;&nbsp; **(22295962)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(177159670)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.32<br>| 0.22<br>| 0.25<br>| 0.47<br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.23) <br>|
| Year Ended 5/31/2025 | $7.79<br>| 0.43<br>| 0.55<br>| 0.98<br>| &nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.45) <br>|
| Year Ended 5/31/2024 | $8.04<br>| 0.46<br>| &nbsp;&nbsp; (0.21) <br>| 0.25<br>| &nbsp;&nbsp; (0.50) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.50) <br>|
| Year Ended 5/31/2023 | $9.59<br>| 0.56<br>| &nbsp;&nbsp; (1.54) <br>| &nbsp;&nbsp; (0.98) <br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.57) <br>|
| Year Ended 5/31/2022 | $10.87<br>| 0.48<br>| &nbsp;&nbsp; (1.30) <br>| &nbsp;&nbsp; (0.82) <br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.46) <br>|
| Year Ended 5/31/2021 | $9.35<br>| 0.47<br>| 1.66<br>| 2.13<br>| &nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; (0.61) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.31<br>| 0.18<br>| 0.27<br>| 0.45<br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.20) <br>|
| Year Ended 5/31/2025 | $7.79<br>| 0.37<br>| 0.54<br>| 0.91<br>| &nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.39) <br>|
| Year Ended 5/31/2024 | $8.04<br>| 0.41<br>| &nbsp;&nbsp; (0.22) <br>| 0.19<br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.44) <br>|
| Year Ended 5/31/2023 | $9.58<br>| 0.50<br>| &nbsp;&nbsp; (1.53) <br>| &nbsp;&nbsp; (1.03) <br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.51) <br>|
| Year Ended 5/31/2022 | $10.87<br>| 0.39<br>| &nbsp;&nbsp; (1.30) <br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.38) <br>|
| Year Ended 5/31/2021 | $9.35<br>| 0.40<br>| 1.65<br>| 2.05<br>| &nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; (0.53) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.31<br>| 0.23<br>| 0.26<br>| 0.49<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 5/31/2025 | $7.79<br>| 0.45<br>| 0.54<br>| 0.99<br>| &nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.47) <br>|
| Year Ended 5/31/2024 | $8.03<br>| 0.49<br>| &nbsp;&nbsp; (0.21) <br>| 0.28<br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.52) <br>|
| Year Ended 5/31/2023 | $9.58<br>| 0.59<br>| &nbsp;&nbsp; (1.55) <br>| &nbsp;&nbsp; (0.96) <br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.59) <br>|
| Year Ended 5/31/2022 | $10.86<br>| 0.49<br>| &nbsp;&nbsp; (1.28) <br>| &nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.49) <br>|
| Year Ended 5/31/2021 | $9.35<br>| 0.50<br>| 1.65<br>| 2.15<br>| &nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; (0.64) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.30<br>| 0.23<br>| 0.26<br>| 0.49<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 5/31/2025 | $7.78<br>| 0.45<br>| 0.54<br>| 0.99<br>| &nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.47) <br>|
| Year Ended 5/31/2024 | $8.03<br>| 0.49<br>| &nbsp;&nbsp; (0.22) <br>| 0.27<br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.52) <br>|
| Year Ended 5/31/2023 | $9.58<br>| 0.59<br>| &nbsp;&nbsp; (1.54) <br>| &nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.60) <br>|
| Year Ended 5/31/2022 | $10.86<br>| 0.50<br>| &nbsp;&nbsp; (1.29) <br>| &nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.49) <br>|
| Year Ended 5/31/2021 | $9.35<br>| 0.50<br>| 1.65<br>| 2.15<br>| &nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; (0.64) <br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $8.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.74%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.05% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 349%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $590480<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.79%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.08% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 706%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $506121<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.06% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.04% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 713%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $369398<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.26%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.03% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.03% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 624%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $351898<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.79%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 340%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $409868<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.28%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 496%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $191161<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $8.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.47%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.80% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.77% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 349%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $33524<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.82%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.83% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.81% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 706%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35140<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.81% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.79% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 713%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37592<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.84%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.78% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.78% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 624%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50691<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.57%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.74% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.74% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 340%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $76327<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.37%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.76% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 496%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71915<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $8.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 349%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1264082<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.94%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.81% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 706%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1115248<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.81% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.79% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 713%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1066730<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.04%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 624%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1342560<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.56%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 340%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2150404<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.48%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 496%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2005278<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $8.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.03%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 349%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $403463<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.01%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.79% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 706%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $310590<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 713%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $445987<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.01%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 624%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $419706<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.52%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 340%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $644830<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.53%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 496%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $794473<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.31<br>| 0.23<br>| 0.27<br>| 0.50<br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.25) <br>|
| Year Ended 5/31/2025 | $7.79<br>| 0.46<br>| 0.53<br>| 0.99<br>| &nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.47) <br>|
| Year Ended 5/31/2024 | $8.04<br>| 0.49<br>| &nbsp;&nbsp; (0.22) <br>| 0.27<br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.52) <br>|
| Year Ended 5/31/2023 | $9.59<br>| 0.60<br>| &nbsp;&nbsp; (1.55) <br>| &nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.60) <br>|
| Year Ended 5/31/2022 | $10.87<br>| 0.49<br>| &nbsp;&nbsp; (1.27) <br>| &nbsp;&nbsp; (0.78) <br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.50) <br>|
| Year Ended 5/31/2021 | $9.35<br>| 0.51<br>| 1.66<br>| 2.17<br>| &nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; (0.65) <br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.31<br>| 0.23<br>| 0.26<br>| 0.49<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 5/31/2025<sup>(e)</sup> <br>| $8.43<br>| 0.29<br>| &nbsp;&nbsp; (0.11 )<sup>(f)</sup><br>| 0.18<br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.30) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **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) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **11/30/2025** | **5/31/2025** | **5/31/2024** | **5/31/2023** | **5/31/2022** | **5/31/2021** |
| Class A | 0.03% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.03% | less than 0.01% | less than 0.01% |
| Class C | 0.03% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.03% | less than 0.01% | less than 0.01% |
| Institutional Class | 0.03% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 0.01% |
| Institutional 2 Class | 0.03% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.03% | less than 0.01% | less than 0.01% |
| Institutional 3 Class | 0.03% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 0.01% |
| Class S | 0.03% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The benefits derived from expense reductions had an impact of less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $8.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 349%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $222835<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.04%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 706%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $207304<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $7.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 713%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $205398<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.95%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 624%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $193010<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.47%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 340%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $301924<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $10.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.71%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 496%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $493593<br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $8.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 349%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4010<br>|
|  Year Ended 5/31/2025 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.84% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.81% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 706%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6268<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Mortgage Opportunities Fund \| 2025

------

Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Mortgage Opportunities Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business 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. Institutional Class, Institutional 2 Class, Institutional 3 Class and Class S 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.

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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

Columbia Mortgage Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

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.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**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 exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in

Columbia Mortgage Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. 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 expected to be 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 in respect of over-the-counter derivatives, 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 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.

Columbia Mortgage Opportunities Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

**Options contracts**

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to manage exposure to fluctuations in interest rates and to manage convexity risk. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

Columbia Mortgage Opportunities Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Interest rate swaption contracts** 

Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

**Credit default swap contracts**

The Fund entered into credit default swap contracts to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

Columbia Mortgage Opportunities Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to other risks including counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

**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.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2025:

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| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,961,911<br> \*<br>|
| Credit risk | Upfront payments on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 20185555 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2,037,060<br> \*<br>|
| Interest rate risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 23856247 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 48040773 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Columbia Mortgage Opportunities Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 13,937,443<br> \*<br>|
| Credit risk | Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 28388125 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,381,263<br> \*<br>|
| Interest rate risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 526515 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 46233346 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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 six months ended November 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1200911 | &nbsp;&nbsp;&nbsp;&nbsp; 1200911 |
| Interest rate risk | &nbsp;&nbsp; (76524909)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19863520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12175525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (84212904)<br>|
| Total | &nbsp;&nbsp; (76524909)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19863520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12175525 | &nbsp;&nbsp;&nbsp;&nbsp; 1200911 | &nbsp;&nbsp;&nbsp;&nbsp; (83011993)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2540776)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2540776)<br>|
| Interest rate risk | &nbsp;&nbsp; 20587954 | &nbsp;&nbsp;&nbsp;&nbsp; (496195)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3919914)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16171845 |
| Total | &nbsp;&nbsp; 20587954 | &nbsp;&nbsp;&nbsp;&nbsp; (496195)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3919914)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2540776)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13631069 |

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The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended November 30, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 997675278 |
| Futures contracts — short | 2537683300 |
| Credit default swap contracts — buy protection | 100500000 |
| Credit default swap contracts — sell protection | 187149308 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 24740951 |
| Option contracts written | (959378)<br>|

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**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.

Columbia Mortgage Opportunities Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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.

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.

**Joint venture** 

Long Run Partners (LRP) and the Fund, along with certain other affiliated funds, are members of Itasca Park LLC, a joint venture formed as a Delaware limited liability company that is not consolidated by any member for financial reporting purposes. Investments into Itasca Park LLC will be called from the members over a commitment period to end on December 31, 2026 (Commitment Period). All portfolio and other material decisions regarding Itasca Park LLC must be submitted to Itasca Park LLC's board of directors which is comprised of two LRP representatives and one representative for each of the affiliated investing funds. Because management of Itasca Park LLC is shared between LRP and the other members, the Fund does not believe it controls Itasca Park LLC for purposes of the Investment Company Act or otherwise. The Fund does not consider this non-consolidated investment as a significant subsidiary under Regulation S-X Rules 3-09 and 4-08(g).

The Fund has made a commitment of $17,300,000 to Itasca Park LLC of which $1,211,000 has been funded and $16,089,000 remains unfunded for the six months ended November 30, 2025

Funded investments in non-consolidated joint ventures are stated at fair value. Unfunded investments are stated at cost with a corresponding liability for securities purchased on a delayed delivery basis. The Fund's ownership interests are valued based on the Fund's ownership interest in Itasca Park LLC and the fair value of the underlying loans and residential mortgages, using the same techniques as described within this Note. Any other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions, and capital call obligations are also considered.

Columbia Mortgage Opportunities Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

Distributions to the Fund are not expected during the Commitment Period. During the Commitment Period, all available cash will be used to aggregate additional loans. Upon completion of the Commitment Period, available cash will be distributed first based on pro-rata equity ownership in Itasca Park LLC until all capital contributions have been returned then as income and gain distributions. Itasca Park LLC will return capital within 48 months of the completion of the Commitment Period with two, 12-month extension options.

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

**Offsetting of assets and liabilities** 

The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements with counterparties as well as any related collateral received or pledged by the Fund as of November 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Citi**<sup>(a)</sup> <br>| **Citi**<sup>(a)</sup> <br>| &nbsp;&nbsp; **Goldman** <br>**Sachs** <br>**International**<br>| &nbsp;&nbsp; **Morgan** <br>**Stanley**<br>| **Total** |
| **Assets** |  |  |  |  |  |
| Call option contracts purchased | $&nbsp;&nbsp;&nbsp; 4233396 | &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 7864159 | &nbsp;&nbsp;&nbsp; 12097555<br>|
| Put option contracts purchased | &nbsp;&nbsp;&nbsp; 2929545<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 710984<br>| &nbsp;&nbsp;&nbsp; 8118163<br>| &nbsp;&nbsp;&nbsp; 11758692<br>|
| OTC credit default swap contracts <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 19771468 | &nbsp;&nbsp;&nbsp; 2375998 | &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 22147466<br>|
| Total assets | &nbsp;&nbsp;&nbsp; 7162941 | &nbsp;&nbsp;&nbsp; 19771468 | &nbsp;&nbsp;&nbsp; 3086982 | &nbsp;&nbsp;&nbsp; 15982322 | &nbsp;&nbsp;&nbsp; 46003713<br>|
| **Liabilities** |  |  |  |  |  |
| Call option contracts written | &nbsp;&nbsp;&nbsp; 526515<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 526515<br>|
| OTC credit default swap contracts <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 16691010 | &nbsp;&nbsp;&nbsp; 16552061<br>| &nbsp;&nbsp;&nbsp; 9082497 | &nbsp;&nbsp;&nbsp; 42325568<br>|
| Total liabilities | &nbsp;&nbsp;&nbsp; 526515<br>| &nbsp;&nbsp;&nbsp; 16691010 | &nbsp;&nbsp;&nbsp; 16552061<br>| &nbsp;&nbsp;&nbsp; 9082497 | &nbsp;&nbsp;&nbsp; 42852083<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp;&nbsp; **6636426** | &nbsp;&nbsp;&nbsp; **3080458**<br>| &nbsp;&nbsp;&nbsp; **(13465079)**<br>| &nbsp;&nbsp;&nbsp; **6899825** | &nbsp;&nbsp;&nbsp; **3151630**<br>|
| Total collateral received (pledged) <sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp; 6635000<br>| &nbsp;&nbsp;&nbsp; 3080458<br>| &nbsp;&nbsp;&nbsp; (13465079)<br>| &nbsp;&nbsp;&nbsp; 6899825 | &nbsp;&nbsp;&nbsp; 3150204 |
| **Net amount** <sup>(d)</sup> <br>| $&nbsp;&nbsp;&nbsp; **1426** | &nbsp;&nbsp;&nbsp; **-**<br>| &nbsp;&nbsp;&nbsp; **-**<br>| &nbsp;&nbsp;&nbsp; **-**<br>| &nbsp;&nbsp;&nbsp; **1426** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the net amount due from/(to) counterparties in the event of default.

**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.

Columbia Mortgage Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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.

**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.

**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.

**Distributions to shareholders**

Distributions from net investment income, if any, are declared 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**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

Columbia Mortgage Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 and is responsible for 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 0.65% to 0.535% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.636% of the Fund's average daily net assets.

**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.

Columbia Mortgage Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.11 |
| Class C | 0.11 |
| Institutional Class | 0.11 |
| Institutional 2 Class | 0.05 |
| Institutional 3 Class | 0.00 |
| Class S | 0.11 |

---

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 six months ended November 30, 2025, no minimum account balance fees were charged by the Fund.

**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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25% and 1.00% of the Fund's average daily net assets attributable to Class A and Class C shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $285,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2025, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

**Sales charges** 

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 3.00<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21774 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Columbia Mortgage Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 1, 2025** <br>**through** <br>**September 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**October 1, 2025 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |

---

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. 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. In addition to the cap commitments described above, the Investment Manager has contractually agreed to waive 0.02% of other expenses, with this waiver agreement in effect through September 30, 2026, unless sooner terminated at the sole discretion of the fund's Board.

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 November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 4758280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185803000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (258939000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73136000)<br>|

---

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 May 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** |
| (415274387)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (313237894)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (728512281)<br>|

---

Columbia Mortgage Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 $15,833,403,075 and $15,716,413,297, respectively, for the six months ended November 30, 2025, of which $15,362,817,876 and $15,452,509,658, 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 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.

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 six months ended November 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at November 30, 2025.

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 23, 2025 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 $750 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 1.00% in each case. 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

Columbia Mortgage Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 23, 2025 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 $900 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 1.00% in each case.

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk** 

At November 30, 2025, one unaffiliated shareholder of record owned 33.5% 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. 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 and noted 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 that 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

Columbia Mortgage Opportunities Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Mortgage Opportunities Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Mortgage Opportunities Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia Mortgage Opportunities Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Columbia Mortgage Opportunities Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe's median expense ratio shown in the reports.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

Columbia Mortgage Opportunities Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Mortgage Opportunities Fund \| 2025

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**Columbia Mortgage Opportunities Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59746img45c6394d2.jpg)

**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.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR251_05_T01_(01/26)

------

![](g59746img352682101.jpg)

Columbia Quality Income Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_e8dc53c8-3c71-4f6e-a6f5-5df6111410d4_POI-CommonContent-Date-226_1) | 3 |
| [Statement of Assets and Liabilities](#xx_e8dc53c8-3c71-4f6e-a6f5-5df6111410d4_FS-CommonContent-Date-226_1) | 17 |
| [Statement of Operations](#xx_e8dc53c8-3c71-4f6e-a6f5-5df6111410d4_FS-CommonContent-Date-226_3) | 19 |
| [Statement of Changes in Net Assets](#xx_e8dc53c8-3c71-4f6e-a6f5-5df6111410d4_FS-CommonContent-Date-226_4) | 20 |
| [Financial Highlights](#xx_e8dc53c8-3c71-4f6e-a6f5-5df6111410d4_FIHI-CommonContent-Date-226_1) | 22 |
| [Notes to Financial Statements](#xx_e8dc53c8-3c71-4f6e-a6f5-5df6111410d4_NTF-CommonContent-Date-226_1) | 26 |
| [Approval of Management Agreement](#xx_e8dc53c8-3c71-4f6e-a6f5-5df6111410d4_CCH-CommonContent-Date-226_1) | 41 |

---

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 5.9%** | **Asset-Backed Securities - Non-Agency 5.9%** | **Asset-Backed Securities - Non-Agency 5.9%** | **Asset-Backed Securities - Non-Agency 5.9%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  | ACHV ABS Trust<sup>(a)</sup>  |
| Subordinated Series 2024-1PL Class C | Subordinated Series 2024-1PL Class C | Subordinated Series 2024-1PL Class C | Subordinated Series 2024-1PL Class C |
| 04/25/2031 | &nbsp;&nbsp; 6.420% | 731714 | &nbsp;&nbsp; 741227 |
| Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  |
| Series 2024-X2 Class CERT | Series 2024-X2 Class CERT | Series 2024-X2 Class CERT | Series 2024-X2 Class CERT |
| 12/17/2029 | &nbsp;&nbsp; 0.000% | 22000 | &nbsp;&nbsp; 535797 |
| ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  |
| 30-day Average SOFR + 2.400% <br>Floor 3.000% <br>03/29/2029<br>| &nbsp;&nbsp; 6.713% | 7600000 | &nbsp;&nbsp; 7600000 |
| Bain Capital Credit CLO Ltd.<sup>(a),(e)</sup>  | Bain Capital Credit CLO Ltd.<sup>(a),(e)</sup>  | Bain Capital Credit CLO Ltd.<sup>(a),(e)</sup>  | Bain Capital Credit CLO Ltd.<sup>(a),(e)</sup>  |
| Series 2019-4A Class DRR | Series 2019-4A Class DRR | Series 2019-4A Class DRR | Series 2019-4A Class DRR |
| 3-month Term SOFR + 2.900% <br>Floor 2.900% <br>04/23/2035<br>| &nbsp;&nbsp; 6.760% | 5000000 | &nbsp;&nbsp; 4947940 |
| MPOWER Education Trust<sup>(a),(d),(f)</sup>  | MPOWER Education Trust<sup>(a),(d),(f)</sup>  | MPOWER Education Trust<sup>(a),(d),(f)</sup>  | MPOWER Education Trust<sup>(a),(d),(f)</sup>  |
| Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A | Series 2025-1 Class A |
| 12/22/2042 | &nbsp;&nbsp; 6.250% | 6902154 | &nbsp;&nbsp; 7005686 |
| Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B |
| 12/22/2042 | &nbsp;&nbsp; 8.180% | 2000000 | &nbsp;&nbsp; 2000000 |
| MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  | MPOWER Education Trust<sup>(a)</sup>  |
| Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A |
| 07/21/2042 | &nbsp;&nbsp; 6.620% | 1808536 | &nbsp;&nbsp; 1831265 |
| Series 2025-A Class B | Series 2025-A Class B | Series 2025-A Class B | Series 2025-A Class B |
| 07/21/2042 | &nbsp;&nbsp; 8.470% | 2000000 | &nbsp;&nbsp; 2065573 |
| Subordinated Series 2024-A Class B | Subordinated Series 2024-A Class B | Subordinated Series 2024-A Class B | Subordinated Series 2024-A Class B |
| 07/22/2041 | &nbsp;&nbsp; 8.350% | 3000000 | &nbsp;&nbsp; 3087356 |
| NetCredit Combined Receivables A LLC<sup>(a)</sup>  | NetCredit Combined Receivables A LLC<sup>(a)</sup>  | NetCredit Combined Receivables A LLC<sup>(a)</sup>  | NetCredit Combined Receivables A LLC<sup>(a)</sup>  |
| Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A | Series 2025-A Class A |
| 10/20/2031 | &nbsp;&nbsp; 7.290% | 1852879 | &nbsp;&nbsp; 1890962 |
| Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  |
| Series 2023-A Class A | Series 2023-A Class A | Series 2023-A Class A | Series 2023-A Class A |
| 12/20/2027 | &nbsp;&nbsp; 7.780% | 223301 | &nbsp;&nbsp; 223602 |
| Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  |
| Series 2025-5 Class D | Series 2025-5 Class D | Series 2025-5 Class D | Series 2025-5 Class D |
| 03/15/2033 | &nbsp;&nbsp; 5.865% | 2500000 | &nbsp;&nbsp; 2504974 |
| Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B | Subordinated Series 2024-10 Class B |
| 06/15/2032 | &nbsp;&nbsp; 5.750% | 2379182 | &nbsp;&nbsp; 2398164 |
| Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C | Subordinated Series 2024-9 Class C |
| 03/15/2032 | &nbsp;&nbsp; 5.774% | 1885915 | &nbsp;&nbsp; 1891660 |
| Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  |
| Series 2021-2 Class NOTE | Series 2021-2 Class NOTE | Series 2021-2 Class NOTE | Series 2021-2 Class NOTE |
| 01/25/2029 | &nbsp;&nbsp; 3.000% | 18856 | &nbsp;&nbsp; 18837 |
| Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  |
| Series 2023-8 Class A | Series 2023-8 Class A | Series 2023-8 Class A | Series 2023-8 Class A |
| 06/16/2031 | &nbsp;&nbsp; 7.299% | 452497 | &nbsp;&nbsp; 458436 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated Series 2024-2 Class B | Subordinated Series 2024-2 Class B | Subordinated Series 2024-2 Class B | Subordinated Series 2024-2 Class B |
| 08/15/2031 | &nbsp;&nbsp; 6.611% | 6112978 | &nbsp;&nbsp; 6175652 |
| Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B | Subordinated Series 2024-3 Class B |
| 10/15/2031 | &nbsp;&nbsp; 6.571% | 2528319 | &nbsp;&nbsp; 2558696 |
| Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C | Subordinated Series 2024-3 Class C |
| 10/15/2031 | &nbsp;&nbsp; 7.297% | 3401364 | &nbsp;&nbsp; 3435602 |
| Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  |
| Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A |
| 03/25/2030 | &nbsp;&nbsp; 2.650% | 1234216 | &nbsp;&nbsp; 1224623 |
| Sound Point IV-R CLO Ltd.<sup>(a),(e)</sup>  | Sound Point IV-R CLO Ltd.<sup>(a),(e)</sup>  | Sound Point IV-R CLO Ltd.<sup>(a),(e)</sup>  | Sound Point IV-R CLO Ltd.<sup>(a),(e)</sup>  |
| Series 2013-3RA Class B | Series 2013-3RA Class B | Series 2013-3RA Class B | Series 2013-3RA Class B |
| 3-month Term SOFR + 2.012% <br>Floor 1.750% <br>04/18/2031<br>| &nbsp;&nbsp; 5.896% | 10000000 | &nbsp;&nbsp; 10019220 |
| Upstart Asset Trust II Series<sup>(a),(c),(d),(f)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(d),(f)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(d),(f)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(d),(f)</sup>  |
| Series 2025-1GS Class CERT | Series 2025-1GS Class CERT | Series 2025-1GS Class CERT | Series 2025-1GS Class CERT |
| 02/20/2030 | &nbsp;&nbsp; 0.000% | 8250 | &nbsp;&nbsp; 2157376 |
| Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  |
| Series 2025-4 Class D | Series 2025-4 Class D | Series 2025-4 Class D | Series 2025-4 Class D |
| 11/20/2035 | &nbsp;&nbsp; 7.670% | 1000000 | &nbsp;&nbsp; 1001093 |
| Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B |
| 11/20/2034 | &nbsp;&nbsp; 6.240% | 5100000 | &nbsp;&nbsp; 5189393 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $71,424,017) | Total Asset-Backed Securities — Non-Agency <br>(Cost $71,424,017) | Total Asset-Backed Securities — Non-Agency <br>(Cost $71,424,017) | &nbsp;&nbsp; **70963134** |
| **Commercial Mortgage-Backed Securities - Agency 0.5%** | **Commercial Mortgage-Backed Securities - Agency 0.5%** | **Commercial Mortgage-Backed Securities - Agency 0.5%** | **Commercial Mortgage-Backed Securities - Agency 0.5%** |
| Government National Mortgage Association<sup>(g),(h)</sup>  | Government National Mortgage Association<sup>(g),(h)</sup>  | Government National Mortgage Association<sup>(g),(h)</sup>  | Government National Mortgage Association<sup>(g),(h)</sup>  |
| Series 2019-102 Class IB | Series 2019-102 Class IB | Series 2019-102 Class IB | Series 2019-102 Class IB |
| 03/16/2060 | &nbsp;&nbsp; 0.835% | 12326297 | &nbsp;&nbsp; 577970 |
| Series 2019-118 Class IO | Series 2019-118 Class IO | Series 2019-118 Class IO | Series 2019-118 Class IO |
| 06/16/2061 | &nbsp;&nbsp; 0.759% | 15632467 | &nbsp;&nbsp; 757162 |
| Series 2019-131 Class IO | Series 2019-131 Class IO | Series 2019-131 Class IO | Series 2019-131 Class IO |
| 07/16/2061 | &nbsp;&nbsp; 0.803% | 24058359 | &nbsp;&nbsp; 1382797 |
| Series 2019-134 Class IO | Series 2019-134 Class IO | Series 2019-134 Class IO | Series 2019-134 Class IO |
| 08/16/2061 | &nbsp;&nbsp; 0.643% | 16197430 | &nbsp;&nbsp; 682932 |
| Series 2019-139 Class IO | Series 2019-139 Class IO | Series 2019-139 Class IO | Series 2019-139 Class IO |
| 11/16/2061 | &nbsp;&nbsp; 0.671% | 17091828 | &nbsp;&nbsp; 728062 |
| Series 2020-19 Class IO | Series 2020-19 Class IO | Series 2020-19 Class IO | Series 2020-19 Class IO |
| 12/16/2061 | &nbsp;&nbsp; 0.719% | 17373136 | &nbsp;&nbsp; 791748 |
| Series 2020-3 Class IO | Series 2020-3 Class IO | Series 2020-3 Class IO | Series 2020-3 Class IO |
| 02/16/2062 | &nbsp;&nbsp; 0.616% | 18276757 | &nbsp;&nbsp; 674387 |
| Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $17,239,559) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $17,239,559) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $17,239,559) | &nbsp;&nbsp; **5595058** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Non-Agency 3.2%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.2%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.2%** | **Commercial Mortgage-Backed Securities - Non-Agency 3.2%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| BHMS Commercial Mortgage Trust<sup>(a),(e)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(e)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(e)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(e)</sup>  |
| Series 2025-ATLS Class A | Series 2025-ATLS Class A | Series 2025-ATLS Class A | Series 2025-ATLS Class A |
| 1-month Term SOFR + 1.850% <br>Floor 1.850% <br>08/15/2042<br>| &nbsp;&nbsp; 5.815% | 3700000 | &nbsp;&nbsp; 3706945 |
| Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  |
| Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 2200000 | &nbsp;&nbsp; 1714647 |
| Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F | Subordinated Series 2014-USA Class F |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 4050000 | &nbsp;&nbsp; 2468495 |
| Hilton USA Trust<sup>(a),(i)</sup>  | Hilton USA Trust<sup>(a),(i)</sup>  | Hilton USA Trust<sup>(a),(i)</sup>  | Hilton USA Trust<sup>(a),(i)</sup>  |
| Subordinated Series 2016-SFP Class D | Subordinated Series 2016-SFP Class D | Subordinated Series 2016-SFP Class D | Subordinated Series 2016-SFP Class D |
| 11/05/2035 | &nbsp;&nbsp; 0.000% | 5000000 | &nbsp;&nbsp; 478447 |
| Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F |
| 11/05/2035 | &nbsp;&nbsp; 0.000% | 8700000 | &nbsp;&nbsp; 174941 |
| Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  |
| Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B | Subordinated Series 2021-2 Class B |
| 12/17/2026 | &nbsp;&nbsp; 2.302% | 19189913 | &nbsp;&nbsp; 18748752 |
| SFO Commercial Mortgage Trust<sup>(a),(e)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(e)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(e)</sup>  | SFO Commercial Mortgage Trust<sup>(a),(e)</sup>  |
| Series 2021-555 Class A | Series 2021-555 Class A | Series 2021-555 Class A | Series 2021-555 Class A |
| 1-month Term SOFR + 1.264% <br>Floor 1.150% <br>05/15/2038<br>| &nbsp;&nbsp; 5.224% | 3700000 | &nbsp;&nbsp; 3676872 |
| STAR Trust<sup>(a),(e)</sup>  | STAR Trust<sup>(a),(e)</sup>  | STAR Trust<sup>(a),(e)</sup>  | STAR Trust<sup>(a),(e)</sup>  |
| Series 2025-SFR6 Class A | Series 2025-SFR6 Class A | Series 2025-SFR6 Class A | Series 2025-SFR6 Class A |
| 1-month Term SOFR + 1.650% <br>Floor 1.650% <br>08/17/2042<br>| &nbsp;&nbsp; 5.433% | 8000000 | &nbsp;&nbsp; 8019716 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $53,563,596) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $53,563,596) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $53,563,596) | &nbsp;&nbsp; **38988815** |
| **Residential Mortgage-Backed Securities - Agency 92.9%** | **Residential Mortgage-Backed Securities - Agency 92.9%** | **Residential Mortgage-Backed Securities - Agency 92.9%** | **Residential Mortgage-Backed Securities - Agency 92.9%** |
| Fannie Mae REMICS<sup>(e),(h)</sup>  | Fannie Mae REMICS<sup>(e),(h)</sup>  | Fannie Mae REMICS<sup>(e),(h)</sup>  | Fannie Mae REMICS<sup>(e),(h)</sup>  |
| CMO Series 2023-34 Class S | CMO Series 2023-34 Class S | CMO Series 2023-34 Class S | CMO Series 2023-34 Class S |
| -1.0 x 30-day Average SOFR + <br> 6.086% <br>Cap 6.200% <br>10/25/2048<br>| &nbsp;&nbsp; 2.014% | 18338977 | &nbsp;&nbsp; 2407211 |
| CMO Series 2025-45 Class SC | CMO Series 2025-45 Class SC | CMO Series 2025-45 Class SC | CMO Series 2025-45 Class SC |
| -1.0 x 30-day Average SOFR + <br> 5.800% <br>Cap 5.800% <br>06/25/2055<br>| &nbsp;&nbsp; 1.728% | 24058426 | &nbsp;&nbsp; 1963334 |
| Fannie Mae REMICS<sup>(e)</sup>  | Fannie Mae REMICS<sup>(e)</sup>  | Fannie Mae REMICS<sup>(e)</sup>  | Fannie Mae REMICS<sup>(e)</sup>  |
| CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>03/25/2055<br>| &nbsp;&nbsp; 8.022% | 17065076 | &nbsp;&nbsp; 17618744 |

---

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| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>01/25/2055<br>| &nbsp;&nbsp; 8.022% | 5894720 | &nbsp;&nbsp; 6022478 |
| CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH | CMO Series 2025-86 Class FH |
| 30-day Average SOFR + 0.850% <br>Floor 0.850%, Cap 6.000% <br>09/25/2055<br>| &nbsp;&nbsp; 4.922% | 12801870 | &nbsp;&nbsp; 12741242 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 06/01/2030 | &nbsp;&nbsp; 5.500% | 438925 | &nbsp;&nbsp; 444890 |
| 05/01/2036 | &nbsp;&nbsp; 2.000% | 4311846 | &nbsp;&nbsp; 4016804 |
| 03/01/2042- <br>11/01/2046<br>| &nbsp;&nbsp; 3.500% | 25449970 | &nbsp;&nbsp; 24305528 |
| 11/01/2043- <br>08/01/2052<br>| &nbsp;&nbsp; 3.000% | 43730827 | &nbsp;&nbsp; 39675830 |
| 08/01/2044- <br>12/01/2052<br>| &nbsp;&nbsp; 4.000% | 27629557 | &nbsp;&nbsp; 26708053 |
| 02/01/2051 | &nbsp;&nbsp; 2.500% | 18334109 | &nbsp;&nbsp; 15946285 |
| 12/01/2052 | &nbsp;&nbsp; 5.000% | 15102924 | &nbsp;&nbsp; 15399945 |
| 09/01/2054- <br>07/01/2055<br>| &nbsp;&nbsp; 6.000% | 21279055 | &nbsp;&nbsp; 21913509 |
| Federal Home Loan Mortgage Corp.<sup>(e),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(e),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(e),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(e),(h)</sup>  |
| CMO Series 264 Class S1 | CMO Series 264 Class S1 | CMO Series 264 Class S1 | CMO Series 264 Class S1 |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>07/15/2042<br>| &nbsp;&nbsp; 1.694% | 2507063 | &nbsp;&nbsp; 259865 |
| CMO Series 318 Class S1 | CMO Series 318 Class S1 | CMO Series 318 Class S1 | CMO Series 318 Class S1 |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>11/15/2043<br>| &nbsp;&nbsp; 1.694% | 3587052 | &nbsp;&nbsp; 408439 |
| CMO Series 4286 Class NS | CMO Series 4286 Class NS | CMO Series 4286 Class NS | CMO Series 4286 Class NS |
| -1.0 x 30-day Average SOFR + <br> 5.786% <br>Cap 5.900% <br>12/15/2043<br>| &nbsp;&nbsp; 1.644% | 1589665 | &nbsp;&nbsp; 202401 |
| CMO Series 4594 Class SA | CMO Series 4594 Class SA | CMO Series 4594 Class SA | CMO Series 4594 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>06/15/2046<br>| &nbsp;&nbsp; 1.694% | 3235954 | &nbsp;&nbsp; 405796 |
| CMO Series 4620 Class AS | CMO Series 4620 Class AS | CMO Series 4620 Class AS | CMO Series 4620 Class AS |
| -1.0 x 30-day Average SOFR + <br> 0.554% <br>11/15/2042<br>| &nbsp;&nbsp; 1.664% | 2373103 | &nbsp;&nbsp; 247798 |
| CMO Series 4935 Class JS | CMO Series 4935 Class JS | CMO Series 4935 Class JS | CMO Series 4935 Class JS |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>12/25/2049<br>| &nbsp;&nbsp; 1.864% | 6178198 | &nbsp;&nbsp; 879069 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 4965 Class KS | CMO Series 4965 Class KS | CMO Series 4965 Class KS | CMO Series 4965 Class KS |
| -1.0 x 30-day Average SOFR + <br> 5.736% <br>Cap 5.850% <br>04/25/2050<br>| &nbsp;&nbsp; 1.664% | 4755153 | &nbsp;&nbsp; 600672 |
| CMO Series 4987 Class KS | CMO Series 4987 Class KS | CMO Series 4987 Class KS | CMO Series 4987 Class KS |
| -1.0 x 30-day Average SOFR + <br> 6.194% <br>Cap 6.080% <br>06/25/2050<br>| &nbsp;&nbsp; 1.894% | 10280840 | &nbsp;&nbsp; 1598297 |
| CMO Series 4993 Class MS | CMO Series 4993 Class MS | CMO Series 4993 Class MS | CMO Series 4993 Class MS |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>07/25/2050<br>| &nbsp;&nbsp; 1.864% | 13654110 | &nbsp;&nbsp; 2161967 |
| CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 | CMO STRIPS Series 309 Class S4 |
| -1.0 x 30-day Average SOFR + <br> 5.856% <br>Cap 5.970% <br>08/15/2043<br>| &nbsp;&nbsp; 1.714% | 3387141 | &nbsp;&nbsp; 379860 |
| CMO STRIPS Series 326 Class S1 | CMO STRIPS Series 326 Class S1 | CMO STRIPS Series 326 Class S1 | CMO STRIPS Series 326 Class S1 |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>03/15/2044<br>| &nbsp;&nbsp; 1.744% | 1209975 | &nbsp;&nbsp; 132880 |
| Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(h)</sup>  |
| CMO Series 304 Class C69 | CMO Series 304 Class C69 | CMO Series 304 Class C69 | CMO Series 304 Class C69 |
| 12/15/2042 | &nbsp;&nbsp; 4.000% | 887359 | &nbsp;&nbsp; 152995 |
| CMO Series 4139 Class CI | CMO Series 4139 Class CI | CMO Series 4139 Class CI | CMO Series 4139 Class CI |
| 05/15/2042 | &nbsp;&nbsp; 3.500% | 1028163 | &nbsp;&nbsp; 62178 |
| CMO Series 4147 Class CI | CMO Series 4147 Class CI | CMO Series 4147 Class CI | CMO Series 4147 Class CI |
| 01/15/2041 | &nbsp;&nbsp; 3.500% | 122513 | &nbsp;&nbsp; 600 |
| CMO Series 4177 Class IY | CMO Series 4177 Class IY | CMO Series 4177 Class IY | CMO Series 4177 Class IY |
| 03/15/2043 | &nbsp;&nbsp; 4.000% | 2657910 | &nbsp;&nbsp; 374042 |
| CMO Series 4215 Class IL | CMO Series 4215 Class IL | CMO Series 4215 Class IL | CMO Series 4215 Class IL |
| 07/15/2041 | &nbsp;&nbsp; 3.500% | 111112 | &nbsp;&nbsp; 2391 |
| Federal Home Loan Mortgage Corp.<sup>(g),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(g),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(g),(h)</sup>  | Federal Home Loan Mortgage Corp.<sup>(g),(h)</sup>  |
| CMO Series 4068 Class GI | CMO Series 4068 Class GI | CMO Series 4068 Class GI | CMO Series 4068 Class GI |
| 09/15/2036 | &nbsp;&nbsp; 1.902% | 1451117 | &nbsp;&nbsp; 159459 |
| CMO Series 4107 Class KS | CMO Series 4107 Class KS | CMO Series 4107 Class KS | CMO Series 4107 Class KS |
| 06/15/2038 | &nbsp;&nbsp; 1.660% | 1281890 | &nbsp;&nbsp; 65934 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(e),(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(e),(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(e),(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(e),(h)</sup>  |
| CMO Series 4983 Class SY | CMO Series 4983 Class SY | CMO Series 4983 Class SY | CMO Series 4983 Class SY |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>05/25/2050<br>| &nbsp;&nbsp; 1.914% | 20085426 | &nbsp;&nbsp; 3070216 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 5345 Class SE | CMO Series 5345 Class SE | CMO Series 5345 Class SE | CMO Series 5345 Class SE |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>01/15/2048<br>| &nbsp;&nbsp; 1.744% | 27590320 | &nbsp;&nbsp; 3150735 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(h)</sup>  |
| CMO Series 5105 Class ID | CMO Series 5105 Class ID | CMO Series 5105 Class ID | CMO Series 5105 Class ID |
| 05/25/2051 | &nbsp;&nbsp; 3.000% | 17795500 | &nbsp;&nbsp; 2911509 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 03/01/2036- <br>11/01/2052<br>| &nbsp;&nbsp; 4.500% | 45805225 | &nbsp;&nbsp; 45430746 |
| 09/01/2036 | &nbsp;&nbsp; 6.500% | 701470 | &nbsp;&nbsp; 736405 |
| 01/01/2042 | &nbsp;&nbsp; 4.000% | 1260696 | &nbsp;&nbsp; 1237968 |
| 08/01/2042- <br>05/01/2052<br>| &nbsp;&nbsp; 3.500% | 28321894 | &nbsp;&nbsp; 26507132 |
| 11/01/2046- <br>06/01/2052<br>| &nbsp;&nbsp; 3.000% | 60521762 | &nbsp;&nbsp; 54828725 |
| 10/01/2050- <br>03/01/2052<br>| &nbsp;&nbsp; 2.000% | 103344492 | &nbsp;&nbsp; 85695090 |
| 12/01/2050- <br>05/01/2051<br>| &nbsp;&nbsp; 2.500% | 32734418 | &nbsp;&nbsp; 28387149 |
| 09/01/2052- <br>09/01/2053<br>| &nbsp;&nbsp; 5.000% | 32876117 | &nbsp;&nbsp; 33219605 |
| 08/01/2055 | &nbsp;&nbsp; 6.000% | 12125642 | &nbsp;&nbsp; 12416290 |
| CMO Series 2017-72 Class B | CMO Series 2017-72 Class B | CMO Series 2017-72 Class B | CMO Series 2017-72 Class B |
| 09/25/2047 | &nbsp;&nbsp; 3.000% | 3673283 | &nbsp;&nbsp; 3471126 |
| Federal National Mortgage Association<sup>(j)</sup>  | Federal National Mortgage Association<sup>(j)</sup>  | Federal National Mortgage Association<sup>(j)</sup>  | Federal National Mortgage Association<sup>(j)</sup>  |
| 08/01/2052 | &nbsp;&nbsp; 4.000% | 30369172 | &nbsp;&nbsp; 29269049 |
| Federal National Mortgage Association<sup>(e),(h)</sup>  | Federal National Mortgage Association<sup>(e),(h)</sup>  | Federal National Mortgage Association<sup>(e),(h)</sup>  | Federal National Mortgage Association<sup>(e),(h)</sup>  |
| CMO Series 2005-74 Class NI | CMO Series 2005-74 Class NI | CMO Series 2005-74 Class NI | CMO Series 2005-74 Class NI |
| -1.0 x 30-day Average SOFR + <br> 5.966% <br>Cap 6.080% <br>05/25/2035<br>| &nbsp;&nbsp; 1.894% | 2958693 | &nbsp;&nbsp; 158991 |
| CMO Series 2007-54 Class DI | CMO Series 2007-54 Class DI | CMO Series 2007-54 Class DI | CMO Series 2007-54 Class DI |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>06/25/2037<br>| &nbsp;&nbsp; 1.914% | 3080627 | &nbsp;&nbsp; 263814 |
| CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES | CMO Series 2014-93 Class ES |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>01/25/2045<br>| &nbsp;&nbsp; 1.964% | 5570434 | &nbsp;&nbsp; 726684 |
| CMO Series 2016-101 Class SK | CMO Series 2016-101 Class SK | CMO Series 2016-101 Class SK | CMO Series 2016-101 Class SK |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>01/25/2047<br>| &nbsp;&nbsp; 1.764% | 12355296 | &nbsp;&nbsp; 1514270 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2016-37 Class SA | CMO Series 2016-37 Class SA | CMO Series 2016-37 Class SA | CMO Series 2016-37 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.736% <br>Cap 5.850% <br>06/25/2046<br>| &nbsp;&nbsp; 1.664% | 6815125 | &nbsp;&nbsp; 787701 |
| CMO Series 2016-42 Class SB | CMO Series 2016-42 Class SB | CMO Series 2016-42 Class SB | CMO Series 2016-42 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>07/25/2046<br>| &nbsp;&nbsp; 1.814% | 9576762 | &nbsp;&nbsp; 1252901 |
| CMO Series 2017-3 Class SA | CMO Series 2017-3 Class SA | CMO Series 2017-3 Class SA | CMO Series 2017-3 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>02/25/2047<br>| &nbsp;&nbsp; 1.814% | 8797733 | &nbsp;&nbsp; 994227 |
| CMO Series 2017-51 Class SC | CMO Series 2017-51 Class SC | CMO Series 2017-51 Class SC | CMO Series 2017-51 Class SC |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>07/25/2047<br>| &nbsp;&nbsp; 1.964% | 6496605 | &nbsp;&nbsp; 826874 |
| CMO Series 2017-72 Class S | CMO Series 2017-72 Class S | CMO Series 2017-72 Class S | CMO Series 2017-72 Class S |
| -1.0 x 30-day Average SOFR + <br> 3.836% <br>Cap 2.750% <br>09/25/2047<br>| &nbsp;&nbsp; 0.000% | 22654616 | &nbsp;&nbsp; 956559 |
| CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP | CMO Series 2017-90 Class SP |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>11/25/2047<br>| &nbsp;&nbsp; 1.964% | 4853304 | &nbsp;&nbsp; 643219 |
| CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB | CMO Series 2019-33 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>07/25/2049<br>| &nbsp;&nbsp; 1.864% | 13695653 | &nbsp;&nbsp; 1586161 |
| CMO Series 2019-57 Class AS | CMO Series 2019-57 Class AS | CMO Series 2019-57 Class AS | CMO Series 2019-57 Class AS |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>10/25/2049<br>| &nbsp;&nbsp; 1.864% | 9361714 | &nbsp;&nbsp; 1337459 |
| CMO Series 2019-77 Class SP | CMO Series 2019-77 Class SP | CMO Series 2019-77 Class SP | CMO Series 2019-77 Class SP |
| -1.0 x 30-day Average SOFR + <br> 5.836% <br>Cap 5.950% <br>01/25/2050<br>| &nbsp;&nbsp; 1.764% | 12277531 | &nbsp;&nbsp; 1707911 |
| CMO Series 2020-40 Class LS | CMO Series 2020-40 Class LS | CMO Series 2020-40 Class LS | CMO Series 2020-40 Class LS |
| -1.0 x 30-day Average SOFR + <br> 5.966% <br>Cap 6.080% <br>06/25/2050<br>| &nbsp;&nbsp; 1.894% | 14556324 | &nbsp;&nbsp; 2326105 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal National Mortgage Association<sup>(g),(h)</sup>  | Federal National Mortgage Association<sup>(g),(h)</sup>  | Federal National Mortgage Association<sup>(g),(h)</sup>  | Federal National Mortgage Association<sup>(g),(h)</sup>  |
| CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 | CMO Series 2006-5 Class N1 |
| 08/25/2034 | &nbsp;&nbsp; 0.000% | 1544297 | &nbsp;&nbsp; 15 |
| Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  | Federal National Mortgage Association<sup>(h)</sup>  |
| CMO Series 2012-129 Class IC | CMO Series 2012-129 Class IC | CMO Series 2012-129 Class IC | CMO Series 2012-129 Class IC |
| 01/25/2041 | &nbsp;&nbsp; 3.500% | 211536 | &nbsp;&nbsp; 2118 |
| CMO Series 2012-144 Class HI | CMO Series 2012-144 Class HI | CMO Series 2012-144 Class HI | CMO Series 2012-144 Class HI |
| 07/25/2042 | &nbsp;&nbsp; 3.500% | 962883 | &nbsp;&nbsp; 71903 |
| CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI | CMO Series 2013-1 Class AI |
| 02/25/2043 | &nbsp;&nbsp; 3.500% | 1243478 | &nbsp;&nbsp; 173641 |
| CMO Series 2020-55 Class MI | CMO Series 2020-55 Class MI | CMO Series 2020-55 Class MI | CMO Series 2020-55 Class MI |
| 08/25/2050 | &nbsp;&nbsp; 2.500% | 16885813 | &nbsp;&nbsp; 2838676 |
| CMO Series 417 Class C4 | CMO Series 417 Class C4 | CMO Series 417 Class C4 | CMO Series 417 Class C4 |
| 02/25/2043 | &nbsp;&nbsp; 3.500% | 4724245 | &nbsp;&nbsp; 939418 |
| Federal National Mortgage Association REMICS<sup>(e),(h)</sup>  | Federal National Mortgage Association REMICS<sup>(e),(h)</sup>  | Federal National Mortgage Association REMICS<sup>(e),(h)</sup>  | Federal National Mortgage Association REMICS<sup>(e),(h)</sup>  |
| CMO Series 2016-1 Class SJ | CMO Series 2016-1 Class SJ | CMO Series 2016-1 Class SJ | CMO Series 2016-1 Class SJ |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>02/25/2046<br>| &nbsp;&nbsp; 1.964% | 10196631 | &nbsp;&nbsp; 1221452 |
| CMO Series 2022-46 Class SG | CMO Series 2022-46 Class SG | CMO Series 2022-46 Class SG | CMO Series 2022-46 Class SG |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>07/25/2052<br>| &nbsp;&nbsp; 1.928% | 16130531 | &nbsp;&nbsp; 1845257 |
| Federal National Mortgage Association REMICS<sup>(h)</sup>  | Federal National Mortgage Association REMICS<sup>(h)</sup>  | Federal National Mortgage Association REMICS<sup>(h)</sup>  | Federal National Mortgage Association REMICS<sup>(h)</sup>  |
| CMO Series 2021-13 Class IO | CMO Series 2021-13 Class IO | CMO Series 2021-13 Class IO | CMO Series 2021-13 Class IO |
| 03/25/2051 | &nbsp;&nbsp; 3.000% | 12776053 | &nbsp;&nbsp; 2160832 |
| CMO Series 2021-54 Class LI | CMO Series 2021-54 Class LI | CMO Series 2021-54 Class LI | CMO Series 2021-54 Class LI |
| 04/25/2049 | &nbsp;&nbsp; 2.500% | 17966109 | &nbsp;&nbsp; 2497286 |
| Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS |
| CMO Series 5104 Class LH | CMO Series 5104 Class LH | CMO Series 5104 Class LH | CMO Series 5104 Class LH |
| 06/25/2049 | &nbsp;&nbsp; 2.000% | 4168206 | &nbsp;&nbsp; 3541000 |
| Freddie Mac REMICS<sup>(e),(h)</sup>  | Freddie Mac REMICS<sup>(e),(h)</sup>  | Freddie Mac REMICS<sup>(e),(h)</sup>  | Freddie Mac REMICS<sup>(e),(h)</sup>  |
| CMO Series 5371 Class S | CMO Series 5371 Class S | CMO Series 5371 Class S | CMO Series 5371 Class S |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>08/15/2048<br>| &nbsp;&nbsp; 1.794% | 19141976 | &nbsp;&nbsp; 2311108 |
| CMO Series 5544 Class SC | CMO Series 5544 Class SC | CMO Series 5544 Class SC | CMO Series 5544 Class SC |
| 30-day Average SOFR + 7.000% <br>Cap 7.000% <br>06/25/2055<br>| &nbsp;&nbsp; 2.928% | 13369537 | &nbsp;&nbsp; 1812263 |
| CMO Series 5547 Class SE | CMO Series 5547 Class SE | CMO Series 5547 Class SE | CMO Series 5547 Class SE |
| -1.0 x 30-day Average SOFR + <br> 5.100% <br>Cap 5.100% <br>06/25/2055<br>| &nbsp;&nbsp; 1.028% | 19193832 | &nbsp;&nbsp; 1146904 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Freddie Mac REMICS<sup>(e)</sup>  | Freddie Mac REMICS<sup>(e)</sup>  | Freddie Mac REMICS<sup>(e)</sup>  | Freddie Mac REMICS<sup>(e)</sup>  |
| CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>06/25/2054<br>| &nbsp;&nbsp; 8.022% | 7567089 | &nbsp;&nbsp; 7829087 |
| CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU | CMO Series 5513 Class MU |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>11/25/2054<br>| &nbsp;&nbsp; 8.022% | 12661866 | &nbsp;&nbsp; 13132914 |
| CMO Series 5517 Class HT | CMO Series 5517 Class HT | CMO Series 5517 Class HT | CMO Series 5517 Class HT |
| 30-day Average SOFR + 3.950% <br>Floor 3.950%, Cap 8.250% <br>03/25/2055<br>| &nbsp;&nbsp; 8.022% | 6616261 | &nbsp;&nbsp; 6815163 |
| CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB | CMO Series 5532 Class MB |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>04/25/2055<br>| &nbsp;&nbsp; 8.022% | 13558838 | &nbsp;&nbsp; 13964597 |
| CMO Series 5533 Class F | CMO Series 5533 Class F | CMO Series 5533 Class F | CMO Series 5533 Class F |
| 30-day Average SOFR + 3.450% <br>Floor 3.450%, Cap 7.950% <br>04/25/2055<br>| &nbsp;&nbsp; 7.522% | 11779014 | &nbsp;&nbsp; 12106427 |
| CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F |
| 30-day Average SOFR + 4.300% <br>05/25/2055<br>| &nbsp;&nbsp; 8.372% | 6825714 | &nbsp;&nbsp; 6988062 |
| CMO Series 5548 Class F | CMO Series 5548 Class F | CMO Series 5548 Class F | CMO Series 5548 Class F |
| 30-day Average SOFR + 4.600% <br>Cap 8.700% <br>06/25/2055<br>| &nbsp;&nbsp; 8.672% | 10960112 | &nbsp;&nbsp; 11008466 |
| Freddie Mac REMICS<sup>(d),(e),(h)</sup>  | Freddie Mac REMICS<sup>(d),(e),(h)</sup>  | Freddie Mac REMICS<sup>(d),(e),(h)</sup>  | Freddie Mac REMICS<sup>(d),(e),(h)</sup>  |
| CMO Series 5604 Class SN | CMO Series 5604 Class SN | CMO Series 5604 Class SN | CMO Series 5604 Class SN |
| -1.0 x 30-day Average SOFR + <br> 5.550% <br>Cap 5.550% <br>12/25/2055<br>| &nbsp;&nbsp; 1.459% | 36000000 | &nbsp;&nbsp; 3307500 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 12/15/2031- <br>02/15/2032<br>| &nbsp;&nbsp; 6.500% | 96975 | &nbsp;&nbsp; 100858 |
| 01/15/2039- <br>08/20/2040<br>| &nbsp;&nbsp; 5.000% | 3450856 | &nbsp;&nbsp; 3554246 |
| 04/20/2051 | &nbsp;&nbsp; 2.500% | 19011965 | &nbsp;&nbsp; 16271857 |
| CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ | CMO Series 2024-30 Class TQ |
| 02/20/2064 | &nbsp;&nbsp; 5.000% | 4849658 | &nbsp;&nbsp; 4907117 |
| CMO Series 2024-80 Class DT | CMO Series 2024-80 Class DT | CMO Series 2024-80 Class DT | CMO Series 2024-80 Class DT |
| 05/20/2064 | &nbsp;&nbsp; 3.000% | 8350392 | &nbsp;&nbsp; 7399916 |
| CMO Series 2024-80 Class PT | CMO Series 2024-80 Class PT | CMO Series 2024-80 Class PT | CMO Series 2024-80 Class PT |
| 05/20/2064 | &nbsp;&nbsp; 3.500% | 12859285 | &nbsp;&nbsp; 11957182 |
| Government National Mortgage Association<sup>(j)</sup>  | Government National Mortgage Association<sup>(j)</sup>  | Government National Mortgage Association<sup>(j)</sup>  | Government National Mortgage Association<sup>(j)</sup>  |
| 04/20/2048 | &nbsp;&nbsp; 4.500% | 5389212 | &nbsp;&nbsp; 5372903 |
| Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  | Government National Mortgage Association<sup>(h)</sup>  |
| CMO Series 2012-121 Class PI | CMO Series 2012-121 Class PI | CMO Series 2012-121 Class PI | CMO Series 2012-121 Class PI |
| 09/16/2042 | &nbsp;&nbsp; 4.500% | 1413216 | &nbsp;&nbsp; 190636 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2014-131 Class EI | CMO Series 2014-131 Class EI | CMO Series 2014-131 Class EI | CMO Series 2014-131 Class EI |
| 09/16/2039 | &nbsp;&nbsp; 4.000% | 2676991 | &nbsp;&nbsp; 145206 |
| CMO Series 2015-175 Class AI | CMO Series 2015-175 Class AI | CMO Series 2015-175 Class AI | CMO Series 2015-175 Class AI |
| 10/16/2038 | &nbsp;&nbsp; 3.500% | 7058463 | &nbsp;&nbsp; 463208 |
| CMO Series 2020-138 Class IN | CMO Series 2020-138 Class IN | CMO Series 2020-138 Class IN | CMO Series 2020-138 Class IN |
| 09/20/2050 | &nbsp;&nbsp; 2.500% | 11404560 | &nbsp;&nbsp; 1944703 |
| CMO Series 2020-191 Class TI | CMO Series 2020-191 Class TI | CMO Series 2020-191 Class TI | CMO Series 2020-191 Class TI |
| 12/20/2050 | &nbsp;&nbsp; 2.500% | 7773735 | &nbsp;&nbsp; 1145280 |
| CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC |
| 12/20/2050 | &nbsp;&nbsp; 4.000% | 14254879 | &nbsp;&nbsp; 3192796 |
| CMO Series 2021-1 Class IB | CMO Series 2021-1 Class IB | CMO Series 2021-1 Class IB | CMO Series 2021-1 Class IB |
| 01/20/2051 | &nbsp;&nbsp; 2.500% | 16959700 | &nbsp;&nbsp; 2509971 |
| CMO Series 2021-111 Class AI | CMO Series 2021-111 Class AI | CMO Series 2021-111 Class AI | CMO Series 2021-111 Class AI |
| 06/20/2051 | &nbsp;&nbsp; 2.500% | 14997263 | &nbsp;&nbsp; 2197161 |
| CMO Series 2021-119 Class LI | CMO Series 2021-119 Class LI | CMO Series 2021-119 Class LI | CMO Series 2021-119 Class LI |
| 07/20/2051 | &nbsp;&nbsp; 3.000% | 16893837 | &nbsp;&nbsp; 2880529 |
| CMO Series 2021-122 Class HI | CMO Series 2021-122 Class HI | CMO Series 2021-122 Class HI | CMO Series 2021-122 Class HI |
| 11/20/2050 | &nbsp;&nbsp; 2.500% | 14389903 | &nbsp;&nbsp; 1950338 |
| CMO Series 2021-142 Class IX | CMO Series 2021-142 Class IX | CMO Series 2021-142 Class IX | CMO Series 2021-142 Class IX |
| 08/20/2051 | &nbsp;&nbsp; 2.500% | 19972284 | &nbsp;&nbsp; 2748664 |
| CMO Series 2021-146 Class IK | CMO Series 2021-146 Class IK | CMO Series 2021-146 Class IK | CMO Series 2021-146 Class IK |
| 08/20/2051 | &nbsp;&nbsp; 3.500% | 18138157 | &nbsp;&nbsp; 3410329 |
| CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI |
| 09/20/2051 | &nbsp;&nbsp; 3.000% | 14821266 | &nbsp;&nbsp; 2360264 |
| CMO Series 2021-159 Class IP | CMO Series 2021-159 Class IP | CMO Series 2021-159 Class IP | CMO Series 2021-159 Class IP |
| 09/20/2051 | &nbsp;&nbsp; 3.000% | 11181302 | &nbsp;&nbsp; 1746074 |
| CMO Series 2021-27 Class IN | CMO Series 2021-27 Class IN | CMO Series 2021-27 Class IN | CMO Series 2021-27 Class IN |
| 02/20/2051 | &nbsp;&nbsp; 2.500% | 10594074 | &nbsp;&nbsp; 1547186 |
| CMO Series 2021-67 Class GI | CMO Series 2021-67 Class GI | CMO Series 2021-67 Class GI | CMO Series 2021-67 Class GI |
| 04/20/2051 | &nbsp;&nbsp; 3.000% | 15914359 | &nbsp;&nbsp; 2680188 |
| CMO Series 2021-8 Class BI | CMO Series 2021-8 Class BI | CMO Series 2021-8 Class BI | CMO Series 2021-8 Class BI |
| 01/20/2051 | &nbsp;&nbsp; 2.500% | 16865221 | &nbsp;&nbsp; 3015319 |
| Government National Mortgage Association<sup>(e),(h)</sup>  | Government National Mortgage Association<sup>(e),(h)</sup>  | Government National Mortgage Association<sup>(e),(h)</sup>  | Government National Mortgage Association<sup>(e),(h)</sup>  |
| CMO Series 2014-131 Class BS | CMO Series 2014-131 Class BS | CMO Series 2014-131 Class BS | CMO Series 2014-131 Class BS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>09/16/2044<br>| &nbsp;&nbsp; 2.127% | 8150048 | &nbsp;&nbsp; 1066607 |
| CMO Series 2017-170 Class QS | CMO Series 2017-170 Class QS | CMO Series 2017-170 Class QS | CMO Series 2017-170 Class QS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>11/20/2047<br>| &nbsp;&nbsp; 2.126% | 5008644 | &nbsp;&nbsp; 669437 |
| CMO Series 2018-1 Class SA | CMO Series 2018-1 Class SA | CMO Series 2018-1 Class SA | CMO Series 2018-1 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>01/20/2048<br>| &nbsp;&nbsp; 2.126% | 6074858 | &nbsp;&nbsp; 872708 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2018-105 Class SA | CMO Series 2018-105 Class SA | CMO Series 2018-105 Class SA | CMO Series 2018-105 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>08/20/2048<br>| &nbsp;&nbsp; 2.126% | 4616068 | &nbsp;&nbsp; 564536 |
| CMO Series 2018-139 Class KS | CMO Series 2018-139 Class KS | CMO Series 2018-139 Class KS | CMO Series 2018-139 Class KS |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>10/20/2048<br>| &nbsp;&nbsp; 2.076% | 2886358 | &nbsp;&nbsp; 389660 |
| CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS | CMO Series 2018-155 Class LS |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>11/20/2048<br>| &nbsp;&nbsp; 2.076% | 5881640 | &nbsp;&nbsp; 677081 |
| CMO Series 2018-21 Class WS | CMO Series 2018-21 Class WS | CMO Series 2018-21 Class WS | CMO Series 2018-21 Class WS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>02/20/2048<br>| &nbsp;&nbsp; 2.126% | 5585353 | &nbsp;&nbsp; 889063 |
| CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC | CMO Series 2018-40 Class SC |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>03/20/2048<br>| &nbsp;&nbsp; 2.126% | 3484570 | &nbsp;&nbsp; 470040 |
| CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS | CMO Series 2018-63 Class HS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>04/20/2048<br>| &nbsp;&nbsp; 2.126% | 3991766 | &nbsp;&nbsp; 539472 |
| CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA | CMO Series 2018-94 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>05/20/2048<br>| &nbsp;&nbsp; 2.126% | 5519276 | &nbsp;&nbsp; 863292 |
| CMO Series 2018-97 Class MS | CMO Series 2018-97 Class MS | CMO Series 2018-97 Class MS | CMO Series 2018-97 Class MS |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2048<br>| &nbsp;&nbsp; 2.126% | 4603570 | &nbsp;&nbsp; 584375 |
| CMO Series 2019-117 Class SA | CMO Series 2019-117 Class SA | CMO Series 2019-117 Class SA | CMO Series 2019-117 Class SA |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>09/20/2049<br>| &nbsp;&nbsp; 2.026% | 10057361 | &nbsp;&nbsp; 1326019 |
| CMO Series 2019-119 Class GS | CMO Series 2019-119 Class GS | CMO Series 2019-119 Class GS | CMO Series 2019-119 Class GS |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Floor 0.400%, Cap 6.100% <br>09/20/2049<br>| &nbsp;&nbsp; 2.026% | 5873321 | &nbsp;&nbsp; 654237 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2019-21 Class SH | CMO Series 2019-21 Class SH | CMO Series 2019-21 Class SH | CMO Series 2019-21 Class SH |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>02/20/2049<br>| &nbsp;&nbsp; 1.976% | 5135622 | &nbsp;&nbsp; 587215 |
| CMO Series 2019-23 Class SQ | CMO Series 2019-23 Class SQ | CMO Series 2019-23 Class SQ | CMO Series 2019-23 Class SQ |
| 1-month Term SOFR + 6.164% <br>Cap 6.050% <br>02/20/2049<br>| &nbsp;&nbsp; 1.976% | 5805838 | &nbsp;&nbsp; 810768 |
| CMO Series 2019-43 Class SE | CMO Series 2019-43 Class SE | CMO Series 2019-43 Class SE | CMO Series 2019-43 Class SE |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>04/20/2049<br>| &nbsp;&nbsp; 2.026% | 9447850 | &nbsp;&nbsp; 1053536 |
| CMO Series 2019-52 Class AS | CMO Series 2019-52 Class AS | CMO Series 2019-52 Class AS | CMO Series 2019-52 Class AS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>04/16/2049<br>| &nbsp;&nbsp; 1.977% | 13172398 | &nbsp;&nbsp; 2008614 |
| CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>07/20/2049<br>| &nbsp;&nbsp; 2.026% | 12713080 | &nbsp;&nbsp; 1655641 |
| CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2050<br>| &nbsp;&nbsp; 2.126% | 9386381 | &nbsp;&nbsp; 1237417 |
| CMO Series 2020-125 Class AS | CMO Series 2020-125 Class AS | CMO Series 2020-125 Class AS | CMO Series 2020-125 Class AS |
| -1.0 x 1-month Term SOFR + <br> 6.136% <br>Cap 6.250% <br>08/20/2050<br>| &nbsp;&nbsp; 2.176% | 15268986 | &nbsp;&nbsp; 2212487 |
| CMO Series 2020-125 Class SD | CMO Series 2020-125 Class SD | CMO Series 2020-125 Class SD | CMO Series 2020-125 Class SD |
| -1.0 x 1-month Term SOFR + <br> 6.136% <br>Cap 6.250% <br>08/20/2050<br>| &nbsp;&nbsp; 2.176% | 10673882 | &nbsp;&nbsp; 1566007 |
| CMO Series 2020-77 Class GS | CMO Series 2020-77 Class GS | CMO Series 2020-77 Class GS | CMO Series 2020-77 Class GS |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>05/20/2049<br>| &nbsp;&nbsp; 1.976% | 12392484 | &nbsp;&nbsp; 1225578 |
| CMO Series 2020-79 Class S | CMO Series 2020-79 Class S | CMO Series 2020-79 Class S | CMO Series 2020-79 Class S |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>06/20/2050<br>| &nbsp;&nbsp; 2.026% | 9334520 | &nbsp;&nbsp; 1273059 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES | CMO Series 2021-117 Class ES |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 2.226% | 15821375 | &nbsp;&nbsp; 2255990 |
| CMO Series 2021-161 Class SM | CMO Series 2021-161 Class SM | CMO Series 2021-161 Class SM | CMO Series 2021-161 Class SM |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>09/20/2051<br>| &nbsp;&nbsp; 2.226% | 17081757 | &nbsp;&nbsp; 2576182 |
| CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES |
| 30-day Average SOFR + 1.700% <br>11/20/2051<br>| &nbsp;&nbsp; 0.000% | 125851846 | &nbsp;&nbsp; 340190 |
| CMO Series 2021-46 Class SE | CMO Series 2021-46 Class SE | CMO Series 2021-46 Class SE | CMO Series 2021-46 Class SE |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>03/20/2051<br>| &nbsp;&nbsp; 2.226% | 18024642 | &nbsp;&nbsp; 2440160 |
| CMO Series 2022-126 Class SN | CMO Series 2022-126 Class SN | CMO Series 2022-126 Class SN | CMO Series 2022-126 Class SN |
| -1.0 x 30-day Average SOFR + <br> 5.970% <br>Cap 5.970% <br>07/20/2052<br>| &nbsp;&nbsp; 1.871% | 18652728 | &nbsp;&nbsp; 2198879 |
| CMO Series 2022-128 Class SD | CMO Series 2022-128 Class SD | CMO Series 2022-128 Class SD | CMO Series 2022-128 Class SD |
| -1.0 x 30-day Average SOFR + <br> 5.980% <br>Cap 5.980% <br>07/20/2052<br>| &nbsp;&nbsp; 1.881% | 16338021 | &nbsp;&nbsp; 1712654 |
| CMO Series 2022-152 Class SA | CMO Series 2022-152 Class SA | CMO Series 2022-152 Class SA | CMO Series 2022-152 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>09/20/2052<br>| &nbsp;&nbsp; 1.951% | 26597862 | &nbsp;&nbsp; 2865340 |
| CMO Series 2022-190 Class CS | CMO Series 2022-190 Class CS | CMO Series 2022-190 Class CS | CMO Series 2022-190 Class CS |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>11/20/2049<br>| &nbsp;&nbsp; 1.976% | 22508480 | &nbsp;&nbsp; 2026515 |
| CMO Series 2022-190 Class GS | CMO Series 2022-190 Class GS | CMO Series 2022-190 Class GS | CMO Series 2022-190 Class GS |
| -1.0 x 1-month Term SOFR + <br> 6.150% <br>Cap 6.150% <br>07/20/2049<br>| &nbsp;&nbsp; 2.076% | 26490673 | &nbsp;&nbsp; 3569462 |
| CMO Series 2023-100 Class KS | CMO Series 2023-100 Class KS | CMO Series 2023-100 Class KS | CMO Series 2023-100 Class KS |
| -1.0 x 30-day Average SOFR + <br> 6.850% <br>Cap 6.850% <br>07/20/2053<br>| &nbsp;&nbsp; 2.751% | 21198154 | &nbsp;&nbsp; 2154956 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2023-100 Class SC | CMO Series 2023-100 Class SC | CMO Series 2023-100 Class SC | CMO Series 2023-100 Class SC |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>09/20/2049<br>| &nbsp;&nbsp; 1.976% | 24769593 | &nbsp;&nbsp; 3241005 |
| CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS |
| -1.0 x 30-day Average SOFR + <br> 5.730% <br>Cap 5.730% <br>08/20/2053<br>| &nbsp;&nbsp; 1.631% | 13312768 | &nbsp;&nbsp; 913224 |
| CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS | CMO Series 2023-113 Class HS |
| 1-month Term SOFR + 5.936% <br>Cap 6.050% <br>09/20/2049<br>| &nbsp;&nbsp; 1.976% | 28472351 | &nbsp;&nbsp; 3473650 |
| CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>12/20/2049<br>| &nbsp;&nbsp; 1.976% | 20651667 | &nbsp;&nbsp; 2606583 |
| CMO Series 2023-17 Class NS | CMO Series 2023-17 Class NS | CMO Series 2023-17 Class NS | CMO Series 2023-17 Class NS |
| -1.0 x 30-day Average SOFR + <br> 6.150% <br>Cap 6.150% <br>02/20/2053<br>| &nbsp;&nbsp; 2.051% | 19754189 | &nbsp;&nbsp; 2289597 |
| CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY | CMO Series 2023-17 Class SY |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>05/20/2050<br>| &nbsp;&nbsp; 1.976% | 20169866 | &nbsp;&nbsp; 2299562 |
| CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS |
| -1.0 x 30-day Average SOFR + <br> 6.350% <br>Cap 6.350% <br>03/20/2053<br>| &nbsp;&nbsp; 2.251% | 12616608 | &nbsp;&nbsp; 1030532 |
| CMO Series 2023-81 Class SB | CMO Series 2023-81 Class SB | CMO Series 2023-81 Class SB | CMO Series 2023-81 Class SB |
| -1.0 x 30-day Average SOFR + <br> 6.050% <br>Cap 6.050% <br>06/20/2053<br>| &nbsp;&nbsp; 1.951% | 12960125 | &nbsp;&nbsp; 904176 |
| CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS |
| -1.0 x 30-day Average SOFR + <br> 5.400% <br>Cap 5.400% <br>04/20/2054<br>| &nbsp;&nbsp; 1.301% | 27096796 | &nbsp;&nbsp; 1466901 |
| CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH |
| -1.0 x 30-day Average SOFR + <br> 7.250% <br>Cap 7.250% <br>05/20/2054<br>| &nbsp;&nbsp; 3.151% | 13293914 | &nbsp;&nbsp; 1999906 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2024-95 Class SW | CMO Series 2024-95 Class SW | CMO Series 2024-95 Class SW | CMO Series 2024-95 Class SW |
| -1.0 x 30-day Average SOFR + <br> 5.400% <br>Cap 5.400% <br>06/20/2054<br>| &nbsp;&nbsp; 1.301% | 14760124 | &nbsp;&nbsp; 992080 |
| CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS |
| -1.0 x 30-day Average SOFR + <br> 7.300% <br>Cap 7.300% <br>06/20/2054<br>| &nbsp;&nbsp; 3.201% | 18024363 | &nbsp;&nbsp; 2604493 |
| Government National Mortgage Association<sup>(e)</sup>  | Government National Mortgage Association<sup>(e)</sup>  | Government National Mortgage Association<sup>(e)</sup>  | Government National Mortgage Association<sup>(e)</sup>  |
| CMO Series 2023-140 Class JS | CMO Series 2023-140 Class JS | CMO Series 2023-140 Class JS | CMO Series 2023-140 Class JS |
| -2.5 x 30-day Average SOFR + <br> 16.050% <br>Cap 16.050% <br>09/20/2053<br>| &nbsp;&nbsp; 5.851% | 1709539 | &nbsp;&nbsp; 1759590 |
| CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M |
| 30-day Average SOFR + 4.000% <br>Floor 4.000%, Cap 7.700% <br>03/20/2055<br>| &nbsp;&nbsp; 6.823% | 5822807 | &nbsp;&nbsp; 6015741 |
| Government National Mortgage Association TBA<sup>(k)</sup>  | Government National Mortgage Association TBA<sup>(k)</sup>  | Government National Mortgage Association TBA<sup>(k)</sup>  | Government National Mortgage Association TBA<sup>(k)</sup>  |
| 12/20/2053 | &nbsp;&nbsp; 4.500% | 65000000 | &nbsp;&nbsp; 63564160 |
| 12/18/2055 | &nbsp;&nbsp; 2.000% | 12000000 | &nbsp;&nbsp; 9988445 |
| 12/18/2055 | &nbsp;&nbsp; 3.000% | 17000000 | &nbsp;&nbsp; 15335319 |
| Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(k)</sup>  |
| 12/16/2040 | &nbsp;&nbsp; 2.500% | 20000000 | &nbsp;&nbsp; 18905298 |
| 12/16/2040 | &nbsp;&nbsp; 3.000% | 36000000 | &nbsp;&nbsp; 34637044 |
| 12/13/2053 | &nbsp;&nbsp; 4.500% | 91000000 | &nbsp;&nbsp; 89075321 |
| 12/13/2053 | &nbsp;&nbsp; 5.000% | 7000000 | &nbsp;&nbsp; 6985131 |
| 12/13/2053 | &nbsp;&nbsp; 5.500% | 22000000 | &nbsp;&nbsp; 22277333 |
| 12/12/2054 | &nbsp;&nbsp; 3.500% | 40000000 | &nbsp;&nbsp; 36993830 |
| 12/11/2055 | &nbsp;&nbsp; 6.000% | 19000000 | &nbsp;&nbsp; 19453134 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,160,757,740) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,160,757,740) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $1,160,757,740) | &nbsp;&nbsp; **1116228369** |
| **Residential Mortgage-Backed Securities - Non-Agency 19.1%** | **Residential Mortgage-Backed Securities - Non-Agency 19.1%** | **Residential Mortgage-Backed Securities - Non-Agency 19.1%** | **Residential Mortgage-Backed Securities - Non-Agency 19.1%** |
| A&D Mortgage Trust<sup>(a),(l)</sup>  | A&D Mortgage Trust<sup>(a),(l)</sup>  | A&D Mortgage Trust<sup>(a),(l)</sup>  | A&D Mortgage Trust<sup>(a),(l)</sup>  |
| CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 | CMO Series 2024-NQM1 Class A1 |
| 02/25/2069 | &nbsp;&nbsp; 6.195% | 1666271 | &nbsp;&nbsp; 1679287 |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 10/25/2070 | &nbsp;&nbsp; 5.225% | 5199745 | &nbsp;&nbsp; 5212011 |
| A&D Mortgage Trust<sup>(a),(g)</sup>  | A&D Mortgage Trust<sup>(a),(g)</sup>  | A&D Mortgage Trust<sup>(a),(g)</sup>  | A&D Mortgage Trust<sup>(a),(g)</sup>  |
| Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 |
| 02/25/2069 | &nbsp;&nbsp; 8.468% | 2000000 | &nbsp;&nbsp; 2027216 |
| Arroyo Mortgage Trust<sup>(a),(g)</sup>  | Arroyo Mortgage Trust<sup>(a),(g)</sup>  | Arroyo Mortgage Trust<sup>(a),(g)</sup>  | Arroyo Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 |
| 10/25/2048 | &nbsp;&nbsp; 4.204% | 2900000 | &nbsp;&nbsp; 2713241 |
| CHNGE Mortgage Trust<sup>(a),(g)</sup>  | CHNGE Mortgage Trust<sup>(a),(g)</sup>  | CHNGE Mortgage Trust<sup>(a),(g)</sup>  | CHNGE Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 | CMO Series 2022-2 Class A1 |
| 03/25/2067 | &nbsp;&nbsp; 3.757% | 5418909 | &nbsp;&nbsp; 5380940 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 | CMO Series 2023-1 Class M1 |
| 03/25/2058 | &nbsp;&nbsp; 8.110% | 6144000 | &nbsp;&nbsp; 6142358 |
| CMO Series 2023-4 Class M1 | CMO Series 2023-4 Class M1 | CMO Series 2023-4 Class M1 | CMO Series 2023-4 Class M1 |
| 09/25/2058 | &nbsp;&nbsp; 8.398% | 5480320 | &nbsp;&nbsp; 5570282 |
| CHNGE Mortgage Trust<sup>(a),(l)</sup>  | CHNGE Mortgage Trust<sup>(a),(l)</sup>  | CHNGE Mortgage Trust<sup>(a),(l)</sup>  | CHNGE Mortgage Trust<sup>(a),(l)</sup>  |
| CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 | CMO Series 2023-3 Class A1 |
| 07/25/2058 | &nbsp;&nbsp; 7.100% | 2668403 | &nbsp;&nbsp; 2684410 |
| CMO Series 2023-4 Class A1 | CMO Series 2023-4 Class A1 | CMO Series 2023-4 Class A1 | CMO Series 2023-4 Class A1 |
| 09/25/2058 | &nbsp;&nbsp; 7.573% | 1943650 | &nbsp;&nbsp; 1966356 |
| CIM Trust<sup>(a),(g)</sup>  | CIM Trust<sup>(a),(g)</sup>  | CIM Trust<sup>(a),(g)</sup>  | CIM Trust<sup>(a),(g)</sup>  |
| CMO Series 2020-R3 Class A1B | CMO Series 2020-R3 Class A1B | CMO Series 2020-R3 Class A1B | CMO Series 2020-R3 Class A1B |
| 01/26/2060 | &nbsp;&nbsp; 4.000% | 8500000 | &nbsp;&nbsp; 8131255 |
| Citigroup Mortgage Loan Trust, Inc.<sup>(a),(g)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(g)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(g)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a),(g)</sup>  |
| CMO Series 2009-11 Class 1A2 | CMO Series 2009-11 Class 1A2 | CMO Series 2009-11 Class 1A2 | CMO Series 2009-11 Class 1A2 |
| 02/25/2037 | &nbsp;&nbsp; 6.915% | 136467 | &nbsp;&nbsp; 135296 |
| CMO Series 2014-A Class B2 | CMO Series 2014-A Class B2 | CMO Series 2014-A Class B2 | CMO Series 2014-A Class B2 |
| 01/25/2035 | &nbsp;&nbsp; 5.484% | 282657 | &nbsp;&nbsp; 281452 |
| Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  | Citigroup Mortgage Loan Trust, Inc.<sup>(a)</sup>  |
| CMO Series 2015-RP2 Class B2 | CMO Series 2015-RP2 Class B2 | CMO Series 2015-RP2 Class B2 | CMO Series 2015-RP2 Class B2 |
| 01/25/2053 | &nbsp;&nbsp; 4.250% | 2009330 | &nbsp;&nbsp; 1982822 |
| CSMC Trust<sup>(a),(g)</sup>  | CSMC Trust<sup>(a),(g)</sup>  | CSMC Trust<sup>(a),(g)</sup>  | CSMC Trust<sup>(a),(g)</sup>  |
| CMO Series 2022-NQM1 Class A3 | CMO Series 2022-NQM1 Class A3 | CMO Series 2022-NQM1 Class A3 | CMO Series 2022-NQM1 Class A3 |
| 11/25/2066 | &nbsp;&nbsp; 2.675% | 4364535 | &nbsp;&nbsp; 3858308 |
| EASY<sup>(a),(l)</sup>  | EASY<sup>(a),(l)</sup>  | EASY<sup>(a),(l)</sup>  | EASY<sup>(a),(l)</sup>  |
| CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 | CMO Series 2025-RTL1 Class A1 |
| 05/25/2040 | &nbsp;&nbsp; 6.456% | 4350000 | &nbsp;&nbsp; 4407608 |
| Easy Street Mortgage Loan Trust<sup>(a),(l)</sup>  | Easy Street Mortgage Loan Trust<sup>(a),(l)</sup>  | Easy Street Mortgage Loan Trust<sup>(a),(l)</sup>  | Easy Street Mortgage Loan Trust<sup>(a),(l)</sup>  |
| CMO Series 2025-RTL2 Class A1 | CMO Series 2025-RTL2 Class A1 | CMO Series 2025-RTL2 Class A1 | CMO Series 2025-RTL2 Class A1 |
| 10/25/2040 | &nbsp;&nbsp; 5.606% | 8300000 | &nbsp;&nbsp; 8322385 |
| FIGRE Trust<sup>(a),(g)</sup>  | FIGRE Trust<sup>(a),(g)</sup>  | FIGRE Trust<sup>(a),(g)</sup>  | FIGRE Trust<sup>(a),(g)</sup>  |
| CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A | CMO Series 2025-PF2 Class A |
| 10/25/2055 | &nbsp;&nbsp; 5.017% | 2894349 | &nbsp;&nbsp; 2879865 |
| Subordinated CMO Series 2023-HE3 Class C | Subordinated CMO Series 2023-HE3 Class C | Subordinated CMO Series 2023-HE3 Class C | Subordinated CMO Series 2023-HE3 Class C |
| 01/25/2042 | &nbsp;&nbsp; 7.310% | 1608190 | &nbsp;&nbsp; 1671643 |
| Freddie Mac STACR REMIC Trust<sup>(a),(e)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(e)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(e)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(e)</sup>  |
| Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 |
| 30-day Average SOFR + 4.750% <br>01/25/2051<br>| &nbsp;&nbsp; 8.822% | 4000000 | &nbsp;&nbsp; 4437166 |
| Subordinated CMO Series 2021-DNA5 Class B2 | Subordinated CMO Series 2021-DNA5 Class B2 | Subordinated CMO Series 2021-DNA5 Class B2 | Subordinated CMO Series 2021-DNA5 Class B2 |
| 30-day Average SOFR + 5.500% <br>01/25/2034<br>| &nbsp;&nbsp; 9.572% | 7000000 | &nbsp;&nbsp; 8380989 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(e)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(e)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(e)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(e)</sup>  |
| Subordinated CMO Series 2022-DNA2 Class B1 | Subordinated CMO Series 2022-DNA2 Class B1 | Subordinated CMO Series 2022-DNA2 Class B1 | Subordinated CMO Series 2022-DNA2 Class B1 |
| 30-day Average SOFR + 4.750% <br>02/25/2042<br>| &nbsp;&nbsp; 8.822% | 4500000 | &nbsp;&nbsp; 4692913 |
| GCAT Trust<sup>(a),(g)</sup>  | GCAT Trust<sup>(a),(g)</sup>  | GCAT Trust<sup>(a),(g)</sup>  | GCAT Trust<sup>(a),(g)</sup>  |
| CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 | CMO Series 2021-CM1 Class A1 |
| 04/25/2065 | &nbsp;&nbsp; 2.469% | 1179747 | &nbsp;&nbsp; 1139618 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2023-NQM4 Class A1 | CMO Series 2023-NQM4 Class A1 | CMO Series 2023-NQM4 Class A1 | CMO Series 2023-NQM4 Class A1 |
| 05/25/2067 | &nbsp;&nbsp; 4.250% | 5279918 | &nbsp;&nbsp; 5128197 |
| HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  |
| CMO Series 2024-2 Class A | CMO Series 2024-2 Class A | CMO Series 2024-2 Class A | CMO Series 2024-2 Class A |
| 04/25/2042 | &nbsp;&nbsp; 6.500% | 6264762 | &nbsp;&nbsp; 6271456 |
| Imperial Fund Mortgage Trust<sup>(a),(g)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(g)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(g)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2021-NQM4 Class A3 | CMO Series 2021-NQM4 Class A3 | CMO Series 2021-NQM4 Class A3 | CMO Series 2021-NQM4 Class A3 |
| 01/25/2057 | &nbsp;&nbsp; 2.450% | 6177415 | &nbsp;&nbsp; 5589674 |
| Legacy Mortgage Asset Trust<sup>(a),(l)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(l)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(l)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(l)</sup>  |
| CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 |
| 10/25/2066 | &nbsp;&nbsp; 5.892% | 3321068 | &nbsp;&nbsp; 3322785 |
| LHOME Mortgage Trust<sup>(a),(l)</sup>  | LHOME Mortgage Trust<sup>(a),(l)</sup>  | LHOME Mortgage Trust<sup>(a),(l)</sup>  | LHOME Mortgage Trust<sup>(a),(l)</sup>  |
| CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 | CMO Series 2024-RTL1 Class A1 |
| 01/25/2029 | &nbsp;&nbsp; 7.017% | 10000000 | &nbsp;&nbsp; 10034482 |
| Mello Mortgage Capital Acceptance<sup>(a),(l)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(l)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(l)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(l)</sup>  |
| CMO Series 2024-SD1 Class M1 | CMO Series 2024-SD1 Class M1 | CMO Series 2024-SD1 Class M1 | CMO Series 2024-SD1 Class M1 |
| 04/25/2054 | &nbsp;&nbsp; 4.000% | 2789000 | &nbsp;&nbsp; 2669967 |
| MFA Trust<sup>(a),(g)</sup>  | MFA Trust<sup>(a),(g)</sup>  | MFA Trust<sup>(a),(g)</sup>  | MFA Trust<sup>(a),(g)</sup>  |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 08/25/2070 | &nbsp;&nbsp; 5.229% | 6064877 | &nbsp;&nbsp; 6095050 |
| New Residential Mortgage Loan Trust<sup>(a),(g),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g),(h)</sup>  |
| CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO | CMO Series 2014-1A Class AIO |
| 01/25/2054 | &nbsp;&nbsp; 2.047% | 5832152 | &nbsp;&nbsp; 248895 |
| New Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(g)</sup>  |
| CMO Series 2022-NQM2 Class A2 | CMO Series 2022-NQM2 Class A2 | CMO Series 2022-NQM2 Class A2 | CMO Series 2022-NQM2 Class A2 |
| 03/27/2062 | &nbsp;&nbsp; 3.699% | 4420000 | &nbsp;&nbsp; 3637743 |
| Subordinated CMO Series 2019-RPL3 Class B3 | Subordinated CMO Series 2019-RPL3 Class B3 | Subordinated CMO Series 2019-RPL3 Class B3 | Subordinated CMO Series 2019-RPL3 Class B3 |
| 07/25/2059 | &nbsp;&nbsp; 3.982% | 12000000 | &nbsp;&nbsp; 10120121 |
| NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  | NRZ Excess Spread-Collateralized Notes<sup>(a)</sup>  |
| CMO Series 2021-GNT1 Class A | CMO Series 2021-GNT1 Class A | CMO Series 2021-GNT1 Class A | CMO Series 2021-GNT1 Class A |
| 11/25/2026 | &nbsp;&nbsp; 3.474% | 1498010 | &nbsp;&nbsp; 1462853 |
| OBX Trust<sup>(a),(g)</sup>  | OBX Trust<sup>(a),(g)</sup>  | OBX Trust<sup>(a),(g)</sup>  | OBX Trust<sup>(a),(g)</sup>  |
| CMO Series 2022-NQM3 Class A2 | CMO Series 2022-NQM3 Class A2 | CMO Series 2022-NQM3 Class A2 | CMO Series 2022-NQM3 Class A2 |
| 01/25/2062 | &nbsp;&nbsp; 3.833% | 5264000 | &nbsp;&nbsp; 4421787 |
| Preston Ridge Partners Mortgage Trust<sup>(a),(g)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(g)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(g)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 |
| 08/25/2067 | &nbsp;&nbsp; 5.397% | 6000000 | &nbsp;&nbsp; 5966982 |
| Preston Ridge Partners Mortgage Trust<sup>(a),(l)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(l)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(l)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(l)</sup>  |
| CMO Series 2023-RCF2 Class A3 | CMO Series 2023-RCF2 Class A3 | CMO Series 2023-RCF2 Class A3 | CMO Series 2023-RCF2 Class A3 |
| 11/25/2053 | &nbsp;&nbsp; 4.000% | 5000000 | &nbsp;&nbsp; 4833745 |
| PRKCM Trust<sup>(a),(g)</sup>  | PRKCM Trust<sup>(a),(g)</sup>  | PRKCM Trust<sup>(a),(g)</sup>  | PRKCM Trust<sup>(a),(g)</sup>  |
| CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 |
| 04/25/2057 | &nbsp;&nbsp; 4.100% | 3507860 | &nbsp;&nbsp; 3362421 |
| PRPM LLC<sup>(a),(l)</sup>  | PRPM LLC<sup>(a),(l)</sup>  | PRPM LLC<sup>(a),(l)</sup>  | PRPM LLC<sup>(a),(l)</sup>  |
| CMO Series 2024-RCF1 Class A2 | CMO Series 2024-RCF1 Class A2 | CMO Series 2024-RCF1 Class A2 | CMO Series 2024-RCF1 Class A2 |
| 01/25/2054 | &nbsp;&nbsp; 4.000% | 3600000 | &nbsp;&nbsp; 3506016 |
| CMO Series 2024-RCF1 Class A3 | CMO Series 2024-RCF1 Class A3 | CMO Series 2024-RCF1 Class A3 | CMO Series 2024-RCF1 Class A3 |
| 01/25/2054 | &nbsp;&nbsp; 4.000% | 4200000 | &nbsp;&nbsp; 4049534 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 |
| 05/25/2030 | &nbsp;&nbsp; 9.560% | 3000000 | &nbsp;&nbsp; 3013429 |
| CMO Series 2025-RCF3 Class A2 | CMO Series 2025-RCF3 Class A2 | CMO Series 2025-RCF3 Class A2 | CMO Series 2025-RCF3 Class A2 |
| 07/25/2055 | &nbsp;&nbsp; 5.250% | 2750000 | &nbsp;&nbsp; 2752842 |
| CMO Series 2025-RCF3 Class A3 | CMO Series 2025-RCF3 Class A3 | CMO Series 2025-RCF3 Class A3 | CMO Series 2025-RCF3 Class A3 |
| 07/25/2055 | &nbsp;&nbsp; 5.250% | 2000000 | &nbsp;&nbsp; 1995693 |
| CMO Series 2025-RCF4 Class M1A | CMO Series 2025-RCF4 Class M1A | CMO Series 2025-RCF4 Class M1A | CMO Series 2025-RCF4 Class M1A |
| 08/25/2055 | &nbsp;&nbsp; 4.500% | 2200000 | &nbsp;&nbsp; 2114968 |
| PRPM Trust<sup>(a),(l)</sup>  | PRPM Trust<sup>(a),(l)</sup>  | PRPM Trust<sup>(a),(l)</sup>  | PRPM Trust<sup>(a),(l)</sup>  |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 07/25/2070 | &nbsp;&nbsp; 4.980% | 2910752 | &nbsp;&nbsp; 2910101 |
| RCO IX Mortgage LLC<sup>(a),(l)</sup>  | RCO IX Mortgage LLC<sup>(a),(l)</sup>  | RCO IX Mortgage LLC<sup>(a),(l)</sup>  | RCO IX Mortgage LLC<sup>(a),(l)</sup>  |
| CMO Series 2025-4 Class A1 | CMO Series 2025-4 Class A1 | CMO Series 2025-4 Class A1 | CMO Series 2025-4 Class A1 |
| 10/25/2030 | &nbsp;&nbsp; 5.285% | 7748385 | &nbsp;&nbsp; 7717649 |
| RCO Trust<sup>(a),(l)</sup>  | RCO Trust<sup>(a),(l)</sup>  | RCO Trust<sup>(a),(l)</sup>  | RCO Trust<sup>(a),(l)</sup>  |
| CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A |
| 02/25/2055 | &nbsp;&nbsp; 6.250% | 4631380 | &nbsp;&nbsp; 4609057 |
| RUN Trust<sup>(a),(g)</sup>  | RUN Trust<sup>(a),(g)</sup>  | RUN Trust<sup>(a),(g)</sup>  | RUN Trust<sup>(a),(g)</sup>  |
| CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 |
| 03/25/2067 | &nbsp;&nbsp; 4.033% | 5000000 | &nbsp;&nbsp; 4116079 |
| SAIF Securitization Trust<sup>(a),(l)</sup>  | SAIF Securitization Trust<sup>(a),(l)</sup>  | SAIF Securitization Trust<sup>(a),(l)</sup>  | SAIF Securitization Trust<sup>(a),(l)</sup>  |
| CMO Series 2025-CES1 Class A3 | CMO Series 2025-CES1 Class A3 | CMO Series 2025-CES1 Class A3 | CMO Series 2025-CES1 Class A3 |
| 06/25/2065 | &nbsp;&nbsp; 5.991% | 2250000 | &nbsp;&nbsp; 2255742 |
| Saluda Grade Alternative Mortgage Trust<sup>(a),(g)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(g)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(g)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(g)</sup>  |
| Subordinated CMO Series 2023-FIG4 Class CE | Subordinated CMO Series 2023-FIG4 Class CE | Subordinated CMO Series 2023-FIG4 Class CE | Subordinated CMO Series 2023-FIG4 Class CE |
| 11/25/2053 | &nbsp;&nbsp; 49.381% | 2834370 | &nbsp;&nbsp; 4905047 |
| SG Residential Mortgage Trust<sup>(a),(g)</sup>  | SG Residential Mortgage Trust<sup>(a),(g)</sup>  | SG Residential Mortgage Trust<sup>(a),(g)</sup>  | SG Residential Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 | CMO Series 2019-3 Class M1 |
| 09/25/2059 | &nbsp;&nbsp; 3.526% | 3976763 | &nbsp;&nbsp; 3923397 |
| Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 12/25/2055 | &nbsp;&nbsp; 5.750% | 4300000 | &nbsp;&nbsp; 4272622 |
| Toorak Mortgage Trust<sup>(a),(g)</sup>  | Toorak Mortgage Trust<sup>(a),(g)</sup>  | Toorak Mortgage Trust<sup>(a),(g)</sup>  | Toorak Mortgage Trust<sup>(a),(g)</sup>  |
| CMO Series 2024-RRTL1 Class M1 | CMO Series 2024-RRTL1 Class M1 | CMO Series 2024-RRTL1 Class M1 | CMO Series 2024-RRTL1 Class M1 |
| 02/25/2039 | &nbsp;&nbsp; 9.162% | 4000000 | &nbsp;&nbsp; 4021932 |
| Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  | Unlock HEA Trust<sup>(a)</sup>  |
| CMO Series 2023-1 Class A | CMO Series 2023-1 Class A | CMO Series 2023-1 Class A | CMO Series 2023-1 Class A |
| 10/25/2038 | &nbsp;&nbsp; 7.000% | 3129106 | &nbsp;&nbsp; 3131789 |
| Vendee Mortgage Trust<sup>(g),(h)</sup>  | Vendee Mortgage Trust<sup>(g),(h)</sup>  | Vendee Mortgage Trust<sup>(g),(h)</sup>  | Vendee Mortgage Trust<sup>(g),(h)</sup>  |
| CMO Series 1998-1 Class 2IO | CMO Series 1998-1 Class 2IO | CMO Series 1998-1 Class 2IO | CMO Series 1998-1 Class 2IO |
| 03/15/2028 | &nbsp;&nbsp; 0.000% | 141316 | &nbsp;&nbsp; 0 |
| CMO Series 1998-3 Class IO | CMO Series 1998-3 Class IO | CMO Series 1998-3 Class IO | CMO Series 1998-3 Class IO |
| 03/15/2029 | &nbsp;&nbsp; 0.000% | 165725 | &nbsp;&nbsp; 0 |
| Verus Securitization Trust<sup>(a),(g)</sup>  | Verus Securitization Trust<sup>(a),(g)</sup>  | Verus Securitization Trust<sup>(a),(g)</sup>  | Verus Securitization Trust<sup>(a),(g)</sup>  |
| CMO Series 2023-INV1 Class M1 | CMO Series 2023-INV1 Class M1 | CMO Series 2023-INV1 Class M1 | CMO Series 2023-INV1 Class M1 |
| 02/25/2068 | &nbsp;&nbsp; 7.451% | 4200000 | &nbsp;&nbsp; 4194230 |
| Visio Trust<sup>(a)</sup>  | Visio Trust<sup>(a)</sup>  | Visio Trust<sup>(a)</sup>  | Visio Trust<sup>(a)</sup>  |
| CMO Series 2021-1R Class A3 | CMO Series 2021-1R Class A3 | CMO Series 2021-1R Class A3 | CMO Series 2021-1R Class A3 |
| 05/25/2056 | &nbsp;&nbsp; 1.688% | 1301366 | &nbsp;&nbsp; 1222397 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Vista Point Securitization Trust<sup>(a),(l)</sup>  | Vista Point Securitization Trust<sup>(a),(l)</sup>  | Vista Point Securitization Trust<sup>(a),(l)</sup>  | Vista Point Securitization Trust<sup>(a),(l)</sup>  |
| CMO Series 2024-CES3 Class A3 | CMO Series 2024-CES3 Class A3 | CMO Series 2024-CES3 Class A3 | CMO Series 2024-CES3 Class A3 |
| 01/25/2055 | &nbsp;&nbsp; 6.194% | 5000000 | &nbsp;&nbsp; 5053544 |
| CMO Series 2025-CES2 Class A2 | CMO Series 2025-CES2 Class A2 | CMO Series 2025-CES2 Class A2 | CMO Series 2025-CES2 Class A2 |
| 08/25/2055 | &nbsp;&nbsp; 5.768% | 3050000 | &nbsp;&nbsp; 3079255 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $219,086,791) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $219,086,791) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $219,086,791) | &nbsp;&nbsp; **229708902** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.9%** | **Call Option Contracts Purchased 0.9%** |
|  | **Value ($)** |
| (Cost $12,602,485) | &nbsp;&nbsp; **10604973** |

---

---

| | |
|:---|:---|
| **Put Option Contracts Purchased 0.4%** | **Put Option Contracts Purchased 0.4%** |
|  | **Value ($)** |
| (Cost $9,970,222) | &nbsp;&nbsp; **5426066** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(m),(n)</sup> <br>| &nbsp;&nbsp; 40856766 | &nbsp;&nbsp; 40844509 |
| Total Money Market Funds <br>(Cost $40,843,755) | Total Money Market Funds <br>(Cost $40,843,755) | &nbsp;&nbsp; **40844509** |
| **Total Investments in Securities** <br>**(Cost: $1,585,488,165)** | **Total Investments in Securities** <br>**(Cost: $1,585,488,165)** | &nbsp;&nbsp; **1518359826** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(316428511)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1201931315** |

---

At November 30, 2025, securities and/or cash totaling $13,071,965 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| 3-Month SOFR | 680 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 163025750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81488)<br>|
| U.S. Treasury 5-Year Note | 2664 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 292415625 | &nbsp;&nbsp;&nbsp;&nbsp; 785861 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra Bond | 95 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 11489063 | &nbsp;&nbsp;&nbsp;&nbsp; 91462 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 877323 | &nbsp;&nbsp;&nbsp;&nbsp; (81488)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| 3-Month SOFR | (676) | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (163000500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26329 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Long Bond | (419) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (49206313)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (254766)<br>|
| U.S. Treasury 10-Year Note | (1469) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (166501969)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (196734)<br>|
| U.S. Treasury 2-Year Note | (577) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (120511860)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64149)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26329 | &nbsp;&nbsp;&nbsp;&nbsp; (515649)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| 10-Year OTC interest rate swap with Citi to <br> receive exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 129000000 | &nbsp;&nbsp; 129000000 | 3.50 | &nbsp;&nbsp; 07/09/2026 | &nbsp;&nbsp; 2257500 | &nbsp;&nbsp; 1901086 |
| 10-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay <br> SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 168500000 | &nbsp;&nbsp; 168500000 | 3.40 | &nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp; 2325300 | &nbsp;&nbsp; 1101484 |
| 10-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay <br> SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 100000000 | 3.50 | &nbsp;&nbsp; 06/05/2026 | &nbsp;&nbsp; 1839000 | &nbsp;&nbsp; 1345570 |
| 10-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay <br> SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 74126000 | &nbsp;&nbsp; 74126000 | 3.50 | &nbsp;&nbsp; 06/11/2026 | &nbsp;&nbsp; 1223079 | &nbsp;&nbsp; 1015919 |
| 30-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay <br> SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 30503000 | &nbsp;&nbsp; 30503000 | 3.50 | &nbsp;&nbsp; 10/29/2026 | &nbsp;&nbsp; 825106 | &nbsp;&nbsp; 603301 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** | **Call option contracts purchased (continued)** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Number of**<br> **contracts**<br>| **Exercise**<br> **price/Rate**<br>| **Expiration**<br> **date**<br>| **Cost ($)** | **Value ($)** |
| 5-Year OTC interest rate swap with Citi to <br> receive exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 130000000 | &nbsp;&nbsp; 130000000 | 3.30 | &nbsp;&nbsp; 03/30/2026 | &nbsp;&nbsp; 1267500 | &nbsp;&nbsp; 1100073 |
| 5-Year OTC interest rate swap with Morgan <br> Stanley to receive exercise rate and pay <br> SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 150000000 | 3.75 | &nbsp;&nbsp; 05/14/2026 | &nbsp;&nbsp; 2865000 | &nbsp;&nbsp; 3537540 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 12602485 | &nbsp;&nbsp; 10604973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| 10-Year OTC interest rate swap with <br> Citi to receive SOFR and pay <br> exercise rate<br>| Citi | USD | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 50000000 | 3.75 | &nbsp;&nbsp; 12/04/2025 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 9320 |
| 5-Year OTC interest rate swap with <br> Citi to receive SOFR and pay <br> exercise rate<br>| Citi | USD | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 50000000 | 3.75 | &nbsp;&nbsp; 12/23/2025 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 3950 |
| 5-Year OTC interest rate swap with <br> Citi to receive SOFR and pay <br> exercise rate<br>| Citi | USD | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp; 300000000 | 3.35 | &nbsp;&nbsp; 03/18/2026 | &nbsp;&nbsp; 2640000 | &nbsp;&nbsp; 2001570 |
| 5-Year OTC interest rate swap with <br> Goldman Sachs International to <br> receive SOFR and pay exercise <br> rate<br>| Goldman Sachs International | USD | &nbsp;&nbsp; 109751209 | &nbsp;&nbsp; 109751209 | 3.50 | &nbsp;&nbsp; 02/27/2026 | &nbsp;&nbsp; 713383 | &nbsp;&nbsp; 369148 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive SOFR <br> and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 100000000 | 3.55 | &nbsp;&nbsp; 12/29/2025 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp; 62580 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive SOFR <br> and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 149164518 | &nbsp;&nbsp; 149164518 | 3.50 | &nbsp;&nbsp; 02/27/2026 | &nbsp;&nbsp; 1055339 | &nbsp;&nbsp; 501715 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive SOFR <br> and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 225000000 | &nbsp;&nbsp; 225000000 | 3.60 | &nbsp;&nbsp; 05/06/2026 | &nbsp;&nbsp; 1327500 | &nbsp;&nbsp; 963068 |
| 5-Year OTC interest rate swap with <br> Morgan Stanley to receive SOFR <br> and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 150000000 | 3.40 | &nbsp;&nbsp; 08/05/2026 | &nbsp;&nbsp; 2394000 | &nbsp;&nbsp; 1514715 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 9970222 | &nbsp;&nbsp; 5426066 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| 2-Year OTC interest rate swap with Citi to receive <br> SOFR and pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; (420000000)<br>| &nbsp;&nbsp; (420000000)<br>| 3.20 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; (504000)<br>| &nbsp;&nbsp; (402066)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** | **Credit default swap contracts - buy protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Pay** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North America Index, <br> Series 11 BBB-<br>| Citi | 11/18/2054 | 3.000 | Monthly | USD | 5000000 | 642008 | (1666)<br>| 647107 |  |  | (6765)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| Citi | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 4999297 | (1065382)<br>| 1667 |  | (972279)<br>|  | (91436)<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| Citi | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 4999297 | (1065382)<br>| 1666 |  | (551187)<br>|  | (512529)<br>|
| CMBX North <br> America Index, <br> Series 16 BBB-<br>| Goldman Sachs <br> International<br>| 04/17/2065 | 3.000 | Monthly | 7.307 | USD | 5000000 | (868746)<br>| 1666 |  | (636330)<br>|  | (230750)<br>|
| CMBX North <br> America Index, <br> Series 17 BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 6.109 | USD | 18000000 | (2551502)<br>| 6000 |  | (2678787)<br>| 133285 |  |
| CMBX North <br> America Index, <br> Series 17 BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 6.109 | USD | 3000000 | (425250)<br>| 999 |  | (288470)<br>|  | (135781)<br>|
| CMBX North <br> America Index, <br> Series 10 BBB-<br>| Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 9998594 | (2130763)<br>| 3332 |  | (1434216)<br>|  | (693215)<br>|
| CMBX North <br> America Index, <br> Series 7 BBB-<br>| Morgan Stanley | 01/17/2047 | 3.000 | Monthly | 20.036 | USD | 2008924 | (301834)<br>| 671 |  | (94379)<br>|  | (206784)<br>|
| Total |  |  |  |  |  |  |  | (8408859)<br>| 16001 |  | (6655648)<br>| 133285 | (1870495)<br>|

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(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 November 30, 2025, the total value of these securities amounted to $339,660,851, which represents 28.26% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal amount represents ownership shares of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security represents a pool of loans that generate cash payments generally over fixed periods of time. Such securities entitle the security holders to receive distributions (i.e. principal and interest, net of fees and expenses) that are tied to the payments made by the borrower on the underlying loans. Due to the structure of the security the cash payments received are not known until the time of payment. The interest rate shown is the stated coupon rate as of November 30, 2025 and is not reflective of the cash flow payments. The security is represented in shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable rate security. The interest rate shown was the current rate as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2025, the total value of these securities amounted to $11,163,062, which represents 0.93% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(j) This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents a security purchased on a when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;(l) 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 November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(m) The rate shown is the seven-day current annualized yield at November 30, 2025.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(n) Under the Investment Company Act of 1940, 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 period ended November 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 36516188 | &nbsp;&nbsp; 318820000 | &nbsp;&nbsp; (314493374)<br>| &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 40844509 | &nbsp;&nbsp; (4357)<br>| &nbsp;&nbsp; 1157157 | &nbsp;&nbsp; 40856766 |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CMO | Collateralized Mortgage Obligation |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| TBA | To Be Announced |

---

**Currency Legend** 

USD US Dollar

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

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, if any, 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 accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 52200072 | &nbsp;&nbsp;&nbsp;&nbsp; 18763062 | &nbsp;&nbsp;&nbsp;&nbsp; 70963134 |
| Commercial Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 5595058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5595058 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 38988815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38988815 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1112920869 | &nbsp;&nbsp;&nbsp;&nbsp; 3307500 | &nbsp;&nbsp;&nbsp;&nbsp; 1116228369 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 229708902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 229708902 |
| Call Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 10604973 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10604973 |
| Put Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 5426066 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5426066 |
| Money Market Funds | 40844509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40844509 |
| Total Investments in Securities | 40844509 | &nbsp;&nbsp;&nbsp;&nbsp; 1455444755 | &nbsp;&nbsp;&nbsp;&nbsp; 22070562 | &nbsp;&nbsp;&nbsp;&nbsp; 1518359826 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 903652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 903652 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 133285 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133285 |
| Liability |  |  |  |  |
| Futures Contracts | (597137)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (597137)<br>|
| Call Option Contracts Written |  | &nbsp;&nbsp;&nbsp;&nbsp; (402066)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (402066)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (1877260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1877260)<br>|
| Total | 41151024 | &nbsp;&nbsp;&nbsp;&nbsp; 1453298714 | &nbsp;&nbsp;&nbsp;&nbsp; 22070562 | &nbsp;&nbsp;&nbsp;&nbsp; 1516520300 |

---

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.

Futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance** <br>**as of** <br>**05/31/2025** <br>**($)**<br>| **Increase** <br>**(decrease)** <br>**in accrued** <br>**discounts/** <br>**premiums** <br>**($)**<br>| **Realized** <br>**gain (loss)** <br>**($)**<br>| **Change** <br>**in unrealized** <br>**appreciation** <br>**(depreciation)**<sup>(a)</sup> <br>**($)**<br>| **Purchases** <br>**($)**<br>| **Sales** <br>**($)**<br>| **Transfers** <br>**into** <br>**Level 3** <br>**($)**<br>| **Transfers** <br>**out of** <br>**Level 3** <br>**($)**<br>| **Balance** <br>**as of** <br>**11/30/2025** <br>**($)**<br>|
| Asset-Backed Securities — <br> Non-Agency<br>| 17308435<br>| &nbsp;&nbsp; (994270)<br>| &nbsp;&nbsp; (36875)<br>| &nbsp;&nbsp; (88407)<br>| &nbsp;&nbsp; 9000000<br>| &nbsp;&nbsp; (3425971)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (2999850)<br>| &nbsp;&nbsp; 18763062<br>|
| Residential Mortgage-Backed <br> Securities — Agency<br>| 15699645<br>| &nbsp;&nbsp; (1459)<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (32291)<br>| &nbsp;&nbsp; 3341250<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; (15699645)<br>| &nbsp;&nbsp; 3307500<br>|
| **Total** | **33008080**<br>| &nbsp;&nbsp; **(995729)**<br>| &nbsp;&nbsp; **(36875)**<br>| &nbsp;&nbsp; **(120698)**<br>| &nbsp;&nbsp; **12341250**<br>| &nbsp;&nbsp; **(3425971)**<br>| &nbsp;&nbsp; **-**<br>| &nbsp;&nbsp; **(18699495)**<br>| &nbsp;&nbsp; **22070562**<br>|

---

(a) Change in unrealized appreciation (depreciation) relating to securities held at November 30, 2025 was $(120,698), which is comprised of Asset-Backed Securities — Non-Agency of $(88,407), and Residential Mortgage-Backed Securities — Agency of $(32,291).

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. The following table is a summary of valuation technique(s) used to value the Fund's investments at November 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Valuation Technique** | **Value ($)** |
| Asset-Backed Securities - Non-Agency | Single Market Quotes from Broker | &nbsp;&nbsp; 18763062 |
| Residential Mortgage-Backed Securities - Agency | Single Market Quotes from Broker | &nbsp;&nbsp; 3307500 |
| Total |  | &nbsp;&nbsp; 22070562 |

---

The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,522,071,703) | $1461484278 |
| Affiliated issuers (cost $40,843,755) | 40844509 |
| Option contracts purchased (cost $22,572,707) | 16031039 |
| Cash | 17626 |
| Cash collateral held at broker for: |  |
| Swap contracts | 4903000 |
| Unrealized appreciation on swap contracts | 133285 |
| Upfront payments on swap contracts | 647107 |
| Receivable for: |  |
| Capital shares sold | 4444498 |
| Dividends | 126409 |
| Interest | 4334436 |
| Variation margin for futures contracts | 563536 |
| Expense reimbursement due from Investment Manager | 3363 |
| Prepaid expenses | 7483 |
| Other assets | 16338 |
| Total assets | 1533556907 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $504,000) | 402066 |
| Unrealized depreciation on swap contracts | 1877260 |
| Upfront receipts on swap contracts | 6655648 |
| Payable for: |  |
| Investments purchased on a delayed delivery basis | 316202240 |
| Capital shares redeemed | 1206203 |
| Distributions to shareholders | 4497909 |
| Variation margin for futures contracts | 365626 |
| Management services fees | 32570 |
| Distribution and/or service fees | 2639 |
| Transfer agent fees | 69843 |
| Compensation of chief compliance officer | 107 |
| Compensation of board members | 2869 |
| Other expenses | 51754 |
| Deferred compensation of board members | 258858 |
| Total liabilities | 331625592 |
| **Net assets applicable to outstanding capital stock** | **$1201931315** |
| **Represented by** |  |
| Paid in capital | 1573933688 |
| Total distributable earnings (loss) | (372002373)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$1201931315** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Statement of Assets and Liabilities (continued)

November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $178064973 |
| Shares outstanding | 9611850 |
| Net asset value per share | $18.53 |
| Maximum sales charge  | 3.00% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $19.10 |
| **Class C** |  |
| Net assets | $3418290 |
| Shares outstanding | 184205 |
| Net asset value per share | $18.56 |
| **Institutional Class** |  |
| Net assets | $392415201 |
| Shares outstanding | 21197433 |
| Net asset value per share | $18.51 |
| **Institutional 2 Class** |  |
| Net assets | $13151854 |
| Shares outstanding | 710499 |
| Net asset value per share | $18.51 |
| **Institutional 3 Class** |  |
| Net assets | $614880997 |
| Shares outstanding | 33346308 |
| Net asset value per share | $18.44 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $1157157 |
| Interest | 27972464 |
| Interfund lending | 123 |
| Total income | 29129744 |
| Expenses: |  |
| Management services fees | 3071310 |
| Distribution and/or service fees |  |
| Class A | 223483 |
| Class C | 17092 |
| Transfer agent fees |  |
| Class A | 123972 |
| Class C | 2371 |
| Institutional Class | 278851 |
| Institutional 2 Class | 3576 |
| Institutional 3 Class | 13327 |
| Custodian fees | 17428 |
| Printing and postage fees | 20646 |
| Registration fees | 49517 |
| Accounting services fees | 27032 |
| Legal fees | 18204 |
| Interest on collateral | 235212 |
| Compensation of chief compliance officer | 107 |
| Compensation of board members | 11810 |
| Deferred compensation of board members | 48861 |
| Other | 13705 |
| Total expenses | 4176504 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (399783)<br>|
| Expense reduction | (2667)<br>|
| Total net expenses | 3774054 |
| **Net investment income** | 25355690 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 2535810 |
| Investments — affiliated issuers | (4357)<br>|
| Foreign currency translations | (50)<br>|
| Futures contracts | (9431658)<br>|
| Option contracts purchased | (6749489)<br>|
| Option contracts written | 5791591 |
| Swap contracts | 669263 |
| Net realized loss | (7188890)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 53858629 |
| Investments — affiliated issuers | 1695 |
| Futures contracts | 2963391 |
| Option contracts purchased | (3481952)<br>|
| Option contracts written | (1470149)<br>|
| Swap contracts | (674186)<br>|
| Net change in unrealized appreciation (depreciation) | 51197428 |
| Net realized and unrealized gain | 44008538 |
| **Net increase in net assets resulting from operations** | **$69364228** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $25355690 | &nbsp;&nbsp; $56610893 |
| Net realized gain (loss) | (7188890)<br>| &nbsp;&nbsp; 18640979 |
| Net change in unrealized appreciation (depreciation) | 51197428 | &nbsp;&nbsp; 44510296 |
| Net increase in net assets resulting from operations | 69364228 | &nbsp;&nbsp; 119762168 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (3902656)<br>| &nbsp;&nbsp; (7332930)<br>|
| Advisor Class |  | &nbsp;&nbsp; (386929)<br>|
| Class C | (61660)<br>| &nbsp;&nbsp; (103289)<br>|
| Institutional Class | (9282720)<br>| &nbsp;&nbsp; (15474042)<br>|
| Institutional 2 Class | (302166)<br>| &nbsp;&nbsp; (574534)<br>|
| Institutional 3 Class | (15329462)<br>| &nbsp;&nbsp; (30436040)<br>|
| Total distributions to shareholders | (28878664)<br>| &nbsp;&nbsp; (54307764)<br>|
| Decrease in net assets from capital stock activity | (112622868)<br>| &nbsp;&nbsp; (145257071)<br>|
| Total decrease in net assets | (72137304)<br>| &nbsp;&nbsp; (79802667)<br>|
| Net assets at beginning of period | 1274068619 | &nbsp;&nbsp; 1353871286 |
| **Net assets at end of period** | **$1201931315** | &nbsp;&nbsp; **$1274068619** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 248172 | &nbsp;&nbsp;&nbsp;&nbsp; 4539814 | &nbsp;&nbsp;&nbsp;&nbsp; 723270 | &nbsp;&nbsp;&nbsp;&nbsp; 12939415 |
| Distributions reinvested | 182808 | &nbsp;&nbsp;&nbsp;&nbsp; 3348027 | &nbsp;&nbsp;&nbsp;&nbsp; 333672 | &nbsp;&nbsp;&nbsp;&nbsp; 5975233 |
| Shares redeemed | (783025)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14327566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3216494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57130752)<br>|
| Net decrease | (352045)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6439725)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2159552)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38216104)<br>|
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36602 | &nbsp;&nbsp;&nbsp;&nbsp; 655403 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18955 | &nbsp;&nbsp;&nbsp;&nbsp; 339629 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1347226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23741339)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1291669)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22746307)<br>|
| Class C |  |  |  |  |
| Shares sold | 9183 | &nbsp;&nbsp;&nbsp;&nbsp; 167811 | &nbsp;&nbsp;&nbsp;&nbsp; 64478 | &nbsp;&nbsp;&nbsp;&nbsp; 1156301 |
| Distributions reinvested | 3322 | &nbsp;&nbsp;&nbsp;&nbsp; 60948 | &nbsp;&nbsp;&nbsp;&nbsp; 5423 | &nbsp;&nbsp;&nbsp;&nbsp; 97271 |
| Shares redeemed | (29298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (531569)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77133)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1381637)<br>|
| Net decrease | (16793)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (302810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (128065)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 2469153 | &nbsp;&nbsp;&nbsp;&nbsp; 45061220 | &nbsp;&nbsp;&nbsp;&nbsp; 4798538 | &nbsp;&nbsp;&nbsp;&nbsp; 85772110 |
| Distributions reinvested | 483544 | &nbsp;&nbsp;&nbsp;&nbsp; 8848555 | &nbsp;&nbsp;&nbsp;&nbsp; 825619 | &nbsp;&nbsp;&nbsp;&nbsp; 14773231 |
| Shares redeemed | (4026355)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (73779729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5608908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100607875)<br>|
| Net increase (decrease) | (1073658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19869954)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15249 | &nbsp;&nbsp;&nbsp;&nbsp; (62534)<br>|
| Institutional 2 Class |  |  |  |  |
| Shares sold | 122809 | &nbsp;&nbsp;&nbsp;&nbsp; 2250333 | &nbsp;&nbsp;&nbsp;&nbsp; 435277 | &nbsp;&nbsp;&nbsp;&nbsp; 7865242 |
| Distributions reinvested | 16506 | &nbsp;&nbsp;&nbsp;&nbsp; 302071 | &nbsp;&nbsp;&nbsp;&nbsp; 32030 | &nbsp;&nbsp;&nbsp;&nbsp; 573642 |
| Shares redeemed | (134625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2472942)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (729989)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12858775)<br>|
| Net increase (decrease) | 4690 | &nbsp;&nbsp;&nbsp;&nbsp; 79462 | &nbsp;&nbsp;&nbsp;&nbsp; (262682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4419891)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 3870918 | &nbsp;&nbsp;&nbsp;&nbsp; 70073672 | &nbsp;&nbsp;&nbsp;&nbsp; 6729582 | &nbsp;&nbsp;&nbsp;&nbsp; 120073325 |
| Distributions reinvested | 820827 | &nbsp;&nbsp;&nbsp;&nbsp; 14955702 | &nbsp;&nbsp;&nbsp;&nbsp; 1661793 | &nbsp;&nbsp;&nbsp;&nbsp; 29613307 |
| Shares redeemed | (9451850)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171119215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12836301)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (229370802)<br>|
| Net decrease | (4760105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86089841)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4444926)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79684170)<br>|
| **Total net decrease** | **(6197911)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(112622868)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(8150812)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(145257071)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $17.93<br>| 0.35<br>| 0.65<br>| 1.00<br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.40) <br>|
| Year Ended 5/31/2025 | $17.10<br>| 0.69<br>| 0.80<br>| 1.49<br>| &nbsp;&nbsp; (0.66) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.66) <br>|
| Year Ended 5/31/2024 | $17.89<br>| 0.67<br>| &nbsp;&nbsp; (0.77) <br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.69) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.69) <br>|
| Year Ended 5/31/2023 | $20.05<br>| 0.58<br>| &nbsp;&nbsp; (2.14) <br>| &nbsp;&nbsp; (1.56) <br>| &nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.60) <br>|
| Year Ended 5/31/2022 | $22.86<br>| 0.46<br>| &nbsp;&nbsp; (2.89) <br>| &nbsp;&nbsp; (2.43) <br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.38) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $22.20<br>| 0.61<br>| 1.00<br>| 1.61<br>| &nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (0.95) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | $17.96<br>| 0.28<br>| 0.65<br>| 0.93<br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.33) <br>|
| Year Ended 5/31/2025 | $17.13<br>| 0.57<br>| 0.79<br>| 1.36<br>| &nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.53) <br>|
| Year Ended 5/31/2024 | $17.92<br>| 0.54<br>| &nbsp;&nbsp; (0.77) <br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.56) <br>|
| Year Ended 5/31/2023 | $20.08<br>| 0.44<br>| &nbsp;&nbsp; (2.13) <br>| &nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.47) <br>|
| Year Ended 5/31/2022 | $22.90<br>| 0.29<br>| &nbsp;&nbsp; (2.89) <br>| &nbsp;&nbsp; (2.60) <br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.22) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $22.24<br>| 0.44<br>| 1.00<br>| 1.44<br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (0.78) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $17.92<br>| 0.37<br>| 0.64<br>| 1.01<br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.42) <br>|
| Year Ended 5/31/2025 | $17.09<br>| 0.74<br>| 0.80<br>| 1.54<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.71) <br>|
| Year Ended 5/31/2024 | $17.88<br>| 0.72<br>| &nbsp;&nbsp; (0.78) <br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.73) <br>|
| Year Ended 5/31/2023 | $20.04<br>| 0.63<br>| &nbsp;&nbsp; (2.14) <br>| &nbsp;&nbsp; (1.51) <br>| &nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.65) <br>|
| Year Ended 5/31/2022 | $22.84<br>| 0.51<br>| &nbsp;&nbsp; (2.87) <br>| &nbsp;&nbsp; (2.36) <br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.44) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $22.19<br>| 0.66<br>| 1.00<br>| 1.66<br>| &nbsp;&nbsp; (0.74) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (1.01) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $17.92<br>| 0.38<br>| 0.64<br>| 1.02<br>| &nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.43) <br>|
| Year Ended 5/31/2025 | $17.09<br>| 0.75<br>| 0.80<br>| 1.55<br>| &nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.72) <br>|
| Year Ended 5/31/2024 | $17.88<br>| 0.73<br>| &nbsp;&nbsp; (0.77) <br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.75) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.75) <br>|
| Year Ended 5/31/2023 | $20.04<br>| 0.64<br>| &nbsp;&nbsp; (2.13) <br>| &nbsp;&nbsp; (1.49) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.67) <br>|
| Year Ended 5/31/2022 | $22.84<br>| 0.53<br>| &nbsp;&nbsp; (2.88) <br>| &nbsp;&nbsp; (2.35) <br>| &nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.45) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $22.19<br>| 0.68<br>| 1.00<br>| 1.68<br>| &nbsp;&nbsp; (0.76) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (1.03) <br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $18.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $178065<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.81%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $178656<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $17.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $207275<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.78%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.93% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 341%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $252442<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $20.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.74%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $323845<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.36%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $429196<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $18.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3418<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.99%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3610<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $17.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.26%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3566<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.45%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.69% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.68% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 341%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6737<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $20.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.44%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.64% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12902<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.54%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.66% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17854<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $18.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.69%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $392415<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.08%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $399048<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $17.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $380248<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.56%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.70% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 341%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $291134<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $20.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.49%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $332225<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.53%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $519577<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $18.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.62% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13152<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.18%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.62% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12645<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $17.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.60% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16547<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.47%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.60% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.59% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 341%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18400<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $20.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.41%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.56% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24711<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.62%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.57% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.56% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41073<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $17.85<br>| 0.38<br>| 0.64<br>| 1.02<br>| &nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.43) <br>|
| Year Ended 5/31/2025 | $17.02<br>| 0.76<br>| 0.80<br>| 1.56<br>| &nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.73) <br>|
| Year Ended 5/31/2024 | $17.81<br>| 0.74<br>| &nbsp;&nbsp; (0.77) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.76) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.76) <br>|
| Year Ended 5/31/2023 | $19.96<br>| 0.65<br>| &nbsp;&nbsp; (2.13) <br>| &nbsp;&nbsp; (1.48) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.67) <br>|
| Year Ended 5/31/2022 | $22.75<br>| 0.54<br>| &nbsp;&nbsp; (2.87) <br>| &nbsp;&nbsp; (2.33) <br>| &nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.46) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $22.10<br>| 0.69<br>| 0.99<br>| 1.68<br>| &nbsp;&nbsp; (0.76) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (1.03) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **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) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **11/30/2025** | **5/31/2025** | **5/31/2024** | **5/31/2023** | **5/31/2022** | **5/31/2021** |
| Class A | 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 0.01% |
| Class C | 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 0.01% |
| Institutional Class | 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 0.01% |
| Institutional 2 Class | 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 0.01% |
| Institutional 3 Class | 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.02% | less than 0.01% | less than 0.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The benefits derived from expense reductions had an impact of less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $18.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.77%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.57% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.51% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 180%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $614881<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $17.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.56% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 330%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $680110<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $17.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 375%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $724162<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.42%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 341%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $813449<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $19.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.38%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.51% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $987973<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.64%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.52% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1197807<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Quality Income Fund \| 2025

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Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Quality Income Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business 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. 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.

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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

Columbia Quality Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

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.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**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 exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in

Columbia Quality Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. 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 expected to be 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 in respect of over-the-counter derivatives, 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 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.

Columbia Quality Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

**Options contracts**

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to manage exposure to fluctuations in interest rates and to manage convexity risk. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

Columbia Quality Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Interest rate swaption contracts** 

Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

**Credit default swap contracts**

The Fund entered into credit default swap contracts to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

Columbia Quality Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to other risks including counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

**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.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2025:

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| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 133,285<br> \*<br>|
| Credit risk | Upfront payments on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 647107 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 903,652<br> \*<br>|
| Interest rate risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 16031039 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 17715083 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Columbia Quality Income Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,877,260<br> \*<br>|
| Credit risk | Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 6655648 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 597,137<br> \*<br>|
| Interest rate risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 402066 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 9532111 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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 six months ended November 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 669263 | &nbsp;&nbsp;&nbsp;&nbsp; 669263 |
| Interest rate risk | &nbsp;&nbsp; (9431658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6749489)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5791591 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10389556)<br>|
| Total | &nbsp;&nbsp; (9431658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6749489)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5791591 | &nbsp;&nbsp;&nbsp;&nbsp; 669263 | &nbsp;&nbsp;&nbsp;&nbsp; (9720293)<br>|
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (674186)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (674186)<br>|
| Interest rate risk | &nbsp;&nbsp; 2963391 | &nbsp;&nbsp;&nbsp;&nbsp; (3481952)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1470149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1988710)<br>|
| Total | &nbsp;&nbsp; 2963391 | &nbsp;&nbsp;&nbsp;&nbsp; (3481952)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1470149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (674186)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2662896)<br>|

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The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended November 30, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 474230347 |
| Futures contracts — short | 604011346 |
| Credit default swap contracts — buy protection | 5000000 |
| Credit default swap contracts — sell protection | 47395138 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 15410043 |
| Option contracts written | (419562)<br>|

---

**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.

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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.

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.

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Offsetting of assets and liabilities** 

The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements with counterparties as well as any related collateral received or pledged by the Fund as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Citi** <sup>(a)</sup> <br>| **Citi** <sup>(a)</sup> <br>| &nbsp;&nbsp; **Goldman** <br>**Sachs** <br>**International**<br>| &nbsp;&nbsp; **Morgan** <br>**Stanley**<br>| **Total** |
| **Assets** |  |  |  |  |  |
| Call option contracts purchased | $&nbsp;&nbsp;&nbsp; 3001159<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 7603814<br>| &nbsp;&nbsp;&nbsp; 10604973<br>|
| Put option contracts purchased | &nbsp;&nbsp;&nbsp; 2014840<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 369148<br>| &nbsp;&nbsp;&nbsp; 3042078<br>| &nbsp;&nbsp;&nbsp; 5426066<br>|
| OTC credit default swap contracts <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 647107<br>| &nbsp;&nbsp;&nbsp; 133285<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 780392<br>|
| Total assets | &nbsp;&nbsp;&nbsp; 5015999<br>| &nbsp;&nbsp;&nbsp; 647107<br>| &nbsp;&nbsp;&nbsp; 502433<br>| &nbsp;&nbsp;&nbsp; 10645892<br>| &nbsp;&nbsp;&nbsp; 16811431<br>|
| **Liabilities** |  |  |  |  |  |
| Call option contracts written | &nbsp;&nbsp;&nbsp; 402066<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 402066<br>|
| OTC credit default swap contracts <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; -<br>| &nbsp;&nbsp;&nbsp; 2134196<br>| &nbsp;&nbsp;&nbsp; 3970118<br>| &nbsp;&nbsp;&nbsp; 2428594<br>| &nbsp;&nbsp;&nbsp; 8532908<br>|
| Total liabilities | &nbsp;&nbsp;&nbsp; 402066<br>| &nbsp;&nbsp;&nbsp; 2134196<br>| &nbsp;&nbsp;&nbsp; 3970118<br>| &nbsp;&nbsp;&nbsp; 2428594<br>| &nbsp;&nbsp;&nbsp; 8934974<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp;&nbsp; **4613933**<br>| &nbsp;&nbsp;&nbsp; **(1487089)**<br>| &nbsp;&nbsp;&nbsp; **(3467685)**<br>| &nbsp;&nbsp;&nbsp; **8217298**<br>| &nbsp;&nbsp;&nbsp; **7876457**<br>|
| Total collateral received (pledged) <sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp; 4580800<br>| &nbsp;&nbsp;&nbsp; (1313000)<br>| &nbsp;&nbsp;&nbsp; (3467685)<br>| &nbsp;&nbsp;&nbsp; 8217298<br>| &nbsp;&nbsp;&nbsp; 8017413<br>|
| **Net amount** <sup>(d)</sup> <br>| $&nbsp;&nbsp;&nbsp; **33133**<br>| &nbsp;&nbsp;&nbsp; **(174089)**<br>| &nbsp;&nbsp;&nbsp; **-**<br>| &nbsp;&nbsp;&nbsp; **-**<br>| &nbsp;&nbsp;&nbsp; **(140956)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the net amount due from/(to) counterparties in the event of default.

**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.

**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.

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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.

**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.

**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**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

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 and is responsible for 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 0.50% to 0.34% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.49% of the Fund's average daily net assets.

**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

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.14 |
| Class C | 0.14 |
| Institutional Class | 0.14 |
| Institutional 2 Class | 0.06 |
| Institutional 3 Class | 0.00 |

---

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 six months ended November 30, 2025, these minimum account balance fees reduced total expenses of the Fund by $2,667.

**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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25% and 1.00% of the Fund's average daily net assets attributable to Class A and Class C shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses.

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $368,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2025, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

**Sales charges** 

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 3.00<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10973 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 1, 2025** <br>**through** <br>**September 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**October 1, 2025 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |

---

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. 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.

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

At November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 1578976000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49668000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118133000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68465000)<br>|

---

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 May 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** |
| (152506106)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123885724)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (276391830)<br>|

---

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 $2,836,805,860 and $3,094,800,414, respectively, for the six months ended November 30, 2025, of which $2,746,278,475 and $2,972,469,323, 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 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.

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.

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The Fund's activity in the Interfund Program during the six months ended November 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at November 30, 2025.

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 23, 2025 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 $750 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 1.00% in each case. 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 23, 2025 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 $900 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 1.00% in each case.

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At November 30, 2025, affiliated shareholders of record owned 72.6% 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

Columbia Quality Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 and noted 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 that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Quality Income Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Quality Income Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia Quality Income Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Columbia Quality Income Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

Columbia Quality Income Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Quality Income Fund \| 2025

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**Columbia Quality Income Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59746imgac5468b72.jpg)

**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.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR236_05_T01_(01/26)

------

![](g59746imgbf3dd58a1.jpg)

Columbia Select Large Cap Value Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_fc6f035d-5683-4c64-9f01-41f1683a29f5_POI-CommonContent-Date-123_1) | 3 |
| [Statement of Assets and Liabilities](#xx_fc6f035d-5683-4c64-9f01-41f1683a29f5_FS-CommonContent-Date-123_1) | 6 |
| [Statement of Operations](#xx_fc6f035d-5683-4c64-9f01-41f1683a29f5_FS-CommonContent-Date-123_3) | 8 |
| [Statement of Changes in Net Assets](#xx_fc6f035d-5683-4c64-9f01-41f1683a29f5_FS-CommonContent-Date-123_4) | 9 |
| [Financial Highlights](#xx_fc6f035d-5683-4c64-9f01-41f1683a29f5_FIHI-CommonContent-Date-123_2) | 12 |
| [Notes to Financial Statements](#xx_fc6f035d-5683-4c64-9f01-41f1683a29f5_NTF-CommonContent-Date-123_1) | 16 |
| [Approval of Management Agreement](#xx_fc6f035d-5683-4c64-9f01-41f1683a29f5_CCH-CommonContent-Date-123_1) | 24 |

---

Columbia Select Large Cap Value Fund \| 2025

------

Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 95.8%** | **Common Stocks 95.8%** | **Common Stocks 95.8%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 5.6%** | **Communication Services 5.6%** | **Communication Services 5.6%** |
| **Diversified Telecommunication Services 3.4%** | **Diversified Telecommunication Services 3.4%** | **Diversified Telecommunication Services 3.4%** |
| Verizon Communications, Inc. | &nbsp;&nbsp; 2295933 | &nbsp;&nbsp; 94385806 |
| **Interactive Media & Services 2.2%** | **Interactive Media & Services 2.2%** | **Interactive Media & Services 2.2%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 184757 | &nbsp;&nbsp; 59155496 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **153541302** |
| **Consumer Discretionary 2.9%** | **Consumer Discretionary 2.9%** | **Consumer Discretionary 2.9%** |
| **Specialty Retail 2.9%** | **Specialty Retail 2.9%** | **Specialty Retail 2.9%** |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 325660 | &nbsp;&nbsp; 78966037 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **78966037** |
| **Consumer Staples 4.4%** | **Consumer Staples 4.4%** | **Consumer Staples 4.4%** |
| **Beverages 1.7%** | **Beverages 1.7%** | **Beverages 1.7%** |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 344646 | &nbsp;&nbsp; 47002822 |
| **Tobacco 2.7%** | **Tobacco 2.7%** | **Tobacco 2.7%** |
| Philip Morris International, Inc. | &nbsp;&nbsp; 465428 | &nbsp;&nbsp; 73295601 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **120298423** |
| **Energy 10.0%** | **Energy 10.0%** | **Energy 10.0%** |
| **Energy Equipment & Services 3.0%** | **Energy Equipment & Services 3.0%** | **Energy Equipment & Services 3.0%** |
| TechnipFMC PLC | &nbsp;&nbsp; 1815273 | &nbsp;&nbsp; 82159256 |
| **Oil, Gas & Consumable Fuels 7.0%** | **Oil, Gas & Consumable Fuels 7.0%** | **Oil, Gas & Consumable Fuels 7.0%** |
| Chevron Corp. | &nbsp;&nbsp; 367382 | &nbsp;&nbsp; 55522442 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 274615 | &nbsp;&nbsp; 53201164 |
| Williams Companies, Inc. (The) | &nbsp;&nbsp; 1376434 | &nbsp;&nbsp; 83866123 |
| Total |  | &nbsp;&nbsp; 192589729 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **274748985** |
| **Financials 17.9%** | **Financials 17.9%** | **Financials 17.9%** |
| **Banks 10.8%** | **Banks 10.8%** | **Banks 10.8%** |
| Bank of America Corp. | &nbsp;&nbsp; 1426052 | &nbsp;&nbsp; 76507690 |
| Citigroup, Inc. | &nbsp;&nbsp; 715934 | &nbsp;&nbsp; 74170763 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 224580 | &nbsp;&nbsp; 70311506 |
| Wells Fargo & Co. | &nbsp;&nbsp; 866433 | &nbsp;&nbsp; 74383273 |
| Total |  | &nbsp;&nbsp; 295373232 |
| **Capital Markets 2.9%** | **Capital Markets 2.9%** | **Capital Markets 2.9%** |
| Morgan Stanley | &nbsp;&nbsp; 478678 | &nbsp;&nbsp; 81212509 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Insurance 4.2%** | **Insurance 4.2%** | **Insurance 4.2%** |
| American International Group, Inc. | &nbsp;&nbsp; 835247 | &nbsp;&nbsp; 63612412 |
| MetLife, Inc. | &nbsp;&nbsp; 662891 | &nbsp;&nbsp; 50750935 |
| Total |  | &nbsp;&nbsp; 114363347 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **490949088** |
| **Health Care 13.2%** | **Health Care 13.2%** | **Health Care 13.2%** |
| **Health Care Providers & Services 10.5%** | **Health Care Providers & Services 10.5%** | **Health Care Providers & Services 10.5%** |
| Centene Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1034538 | &nbsp;&nbsp; 40698725 |
| Cigna Group (The) | &nbsp;&nbsp; 291616 | &nbsp;&nbsp; 80859284 |
| CVS Health Corp. | &nbsp;&nbsp; 1094186 | &nbsp;&nbsp; 87928787 |
| Tenet Healthcare Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 349826 | &nbsp;&nbsp; 75856270 |
| Total |  | &nbsp;&nbsp; 285343066 |
| **Pharmaceuticals 2.7%** | **Pharmaceuticals 2.7%** | **Pharmaceuticals 2.7%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 1513187 | &nbsp;&nbsp; 74448801 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **359791867** |
| **Industrials 12.8%** | **Industrials 12.8%** | **Industrials 12.8%** |
| **Aerospace & Defense 5.8%** | **Aerospace & Defense 5.8%** | **Aerospace & Defense 5.8%** |
| Boeing Co. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 445032 | &nbsp;&nbsp; 84111048 |
| RTX Corp. | &nbsp;&nbsp; 429687 | &nbsp;&nbsp; 75156553 |
| Total |  | &nbsp;&nbsp; 159267601 |
| **Ground Transportation 2.0%** | **Ground Transportation 2.0%** | **Ground Transportation 2.0%** |
| CSX Corp. | &nbsp;&nbsp; 1545295 | &nbsp;&nbsp; 54641631 |
| **Machinery 2.0%** | **Machinery 2.0%** | **Machinery 2.0%** |
| Caterpillar, Inc. | &nbsp;&nbsp; 92752 | &nbsp;&nbsp; 53402892 |
| **Passenger Airlines 3.0%** | **Passenger Airlines 3.0%** | **Passenger Airlines 3.0%** |
| Southwest Airlines Co. | &nbsp;&nbsp; 2352745 | &nbsp;&nbsp; 81899053 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **349211177** |
| **Information Technology 14.2%** | **Information Technology 14.2%** | **Information Technology 14.2%** |
| **Electronic Equipment, Instruments & Components 2.5%** | **Electronic Equipment, Instruments & Components 2.5%** | **Electronic Equipment, Instruments & Components 2.5%** |
| Corning, Inc. | &nbsp;&nbsp; 822848 | &nbsp;&nbsp; 69283802 |
| **IT Services 3.9%** | **IT Services 3.9%** | **IT Services 3.9%** |
| EPAM Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 573646 | &nbsp;&nbsp; 107271802 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Semiconductors & Semiconductor Equipment 4.5%** | **Semiconductors & Semiconductor Equipment 4.5%** | **Semiconductors & Semiconductor Equipment 4.5%** |
| Applied Materials, Inc. | &nbsp;&nbsp; 274230 | &nbsp;&nbsp; 69174517 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 313054 | &nbsp;&nbsp; 52621247 |
| Total |  | &nbsp;&nbsp; 121795764 |
| **Software 3.3%** | **Software 3.3%** | **Software 3.3%** |
| Salesforce, Inc. | &nbsp;&nbsp; 324277 | &nbsp;&nbsp; 74758820 |
| Teradata Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 516374 | &nbsp;&nbsp; 14788951 |
| Total |  | &nbsp;&nbsp; 89547771 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **387899139** |
| **Materials 5.8%** | **Materials 5.8%** | **Materials 5.8%** |
| **Metals & Mining 5.8%** | **Metals & Mining 5.8%** | **Metals & Mining 5.8%** |
| Barrick Mining Corp. | &nbsp;&nbsp; 1638014 | &nbsp;&nbsp; 67715499 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 2088484 | &nbsp;&nbsp; 89763042 |
| Total |  | &nbsp;&nbsp; 157478541 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **157478541** |
| **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** |
| **Specialized REITs 2.8%** | **Specialized REITs 2.8%** | **Specialized REITs 2.8%** |
| American Tower Corp. | &nbsp;&nbsp; 428603 | &nbsp;&nbsp; 77692866 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **77692866** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Utilities 6.2%** | **Utilities 6.2%** | **Utilities 6.2%** |
| **Electric Utilities 2.9%** | **Electric Utilities 2.9%** | **Electric Utilities 2.9%** |
| PG&E Corp. | &nbsp;&nbsp; 5006799 | &nbsp;&nbsp; 80709600 |
| **Independent Power and Renewable Electricity Producers 3.3%** | **Independent Power and Renewable Electricity Producers 3.3%** | **Independent Power and Renewable Electricity Producers 3.3%** |
| AES Corp. (The) | &nbsp;&nbsp; 6328058 | &nbsp;&nbsp; 88972495 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **169682095** |
| Total Common Stocks <br>(Cost $1,524,326,767) | Total Common Stocks <br>(Cost $1,524,326,767) | &nbsp;&nbsp; **2620259520** |
| **Money Market Funds 4.1%** | **Money Market Funds 4.1%** | **Money Market Funds 4.1%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(b),(c)</sup> <br>| &nbsp;&nbsp; 111189373 | &nbsp;&nbsp; 111156016 |
| Total Money Market Funds <br>(Cost $111,149,363) | Total Money Market Funds <br>(Cost $111,149,363) | &nbsp;&nbsp; **111156016** |
| **Total Investments in Securities** <br>**(Cost: $1,635,476,130)** | **Total Investments in Securities** <br>**(Cost: $1,635,476,130)** | &nbsp;&nbsp; **2731415536** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **3346783** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2734762319** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the seven-day current annualized yield at November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the Investment Company Act of 1940, 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 period ended November 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 61208635 | &nbsp;&nbsp; 403744272 | &nbsp;&nbsp; (353802025)<br>| &nbsp;&nbsp; 5134 | &nbsp;&nbsp; 111156016 | &nbsp;&nbsp; (2661)<br>| &nbsp;&nbsp; 1424062 | &nbsp;&nbsp; 111189373 |

---

**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.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

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Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

■

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, if any, 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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 153541302 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153541302 |
| Consumer Discretionary | 78966037 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78966037 |
| Consumer Staples | 120298423 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120298423 |
| Energy | 274748985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274748985 |
| Financials | 490949088 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 490949088 |
| Health Care | 359791867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 359791867 |
| Industrials | 349211177 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 349211177 |
| Information Technology | 387899139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 387899139 |
| Materials | 157478541 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157478541 |
| Real Estate | 77692866 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77692866 |
| Utilities | 169682095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169682095 |
| Total Common Stocks | 2620259520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2620259520 |
| Money Market Funds | 111156016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111156016 |
| Total Investments in Securities | 2731415536 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2731415536 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

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Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,524,326,767) | $2620259520 |
| Affiliated issuers (cost $111,149,363) | 111156016 |
| Receivable for: |  |
| Capital shares sold | 2017287 |
| Dividends | 3003430 |
| Foreign tax reclaims | 8190 |
| Expense reimbursement due from Investment Manager | 30938 |
| Prepaid expenses | 8780 |
| Other assets | 20934 |
| Total assets | 2736505095 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 1096109 |
| Management services fees | 98451 |
| Distribution and/or service fees | 7872 |
| Transfer agent fees | 318714 |
| Compensation of chief compliance officer | 204 |
| Compensation of board members | 3910 |
| Other expenses | 52880 |
| Deferred compensation of board members | 164636 |
| Total liabilities | 1742776 |
| **Net assets applicable to outstanding capital stock** | **$2734762319** |
| **Represented by** |  |
| Paid in capital | 1408822456 |
| Total distributable earnings (loss) | 1325939863 |
| **Total - representing net assets applicable to outstanding capital stock** | **$2734762319** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

------

Statement of Assets and Liabilities (continued)

November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $335109941 |
| Shares outstanding | 8262351 |
| Net asset value per share | $40.56 |
| Maximum sales charge  | 5.75% |
| 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) | $43.03 |
| **Class C** |  |
| Net assets | $39576652 |
| Shares outstanding | 1101478 |
| Net asset value per share | $35.93 |
| **Institutional Class** |  |
| Net assets | $1934979971 |
| Shares outstanding | 45234354 |
| Net asset value per share | $42.78 |
| **Institutional 2 Class** |  |
| Net assets | $131388548 |
| Shares outstanding | 3068581 |
| Net asset value per share | $42.82 |
| **Institutional 3 Class** |  |
| Net assets | $232516839 |
| Shares outstanding | 5313829 |
| Net asset value per share | $43.76 |
| **Class R** |  |
| Net assets | $43038360 |
| Shares outstanding | 1086343 |
| Net asset value per share | $39.62 |
| **Class S** |  |
| Net assets | $18152008 |
| Shares outstanding | 424323 |
| Net asset value per share | $42.78 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $26619719 |
| Dividends — affiliated issuers | 1424062 |
| Interfund lending | 159 |
| Foreign taxes withheld | (61983)<br>|
| Total income | 27981957 |
| Expenses: |  |
| Management services fees | 8258882 |
| Distribution and/or service fees |  |
| Class A | 395098 |
| Class C | 189765 |
| Class R | 95284 |
| Transfer agent fees |  |
| Class A | 190993 |
| Class C | 22934 |
| Institutional Class | 1042573 |
| Institutional 2 Class | 31717 |
| Institutional 3 Class | 4773 |
| Class R | 23018 |
| Class S | 11815 |
| Custodian fees | 6249 |
| Printing and postage fees | 47893 |
| Registration fees | 68879 |
| Accounting services fees | 16211 |
| Legal fees | 27074 |
| Compensation of chief compliance officer | 204 |
| Compensation of board members | 17632 |
| Deferred compensation of board members | 34569 |
| Other | 25785 |
| Total expenses | 10511348 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (3168082)<br>|
| Fees waived by transfer agent |  |
| Institutional 2 Class | (1705)<br>|
| Expense reduction | (280)<br>|
| Total net expenses | 7341281 |
| **Net investment income** | 20640676 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 122152668 |
| Investments — affiliated issuers | (2661)<br>|
| Net realized gain | 122150007 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 257269685 |
| Investments — affiliated issuers | 5134 |
| Net change in unrealized appreciation (depreciation) | 257274819 |
| Net realized and unrealized gain | 379424826 |
| **Net increase in net assets resulting from operations** | **$400065502** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $20640676 | &nbsp;&nbsp; $44651957 |
| Net realized gain | 122150007 | &nbsp;&nbsp; 141743299 |
| Net change in unrealized appreciation (depreciation) | 257274819 | &nbsp;&nbsp; (12028110)<br>|
| Net increase in net assets resulting from operations | 400065502 | &nbsp;&nbsp; 174367146 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A |  | &nbsp;&nbsp; (12140067)<br>|
| Class C |  | &nbsp;&nbsp; (1181464)<br>|
| Institutional Class |  | &nbsp;&nbsp; (55914449)<br>|
| Institutional 2 Class |  | &nbsp;&nbsp; (4185015)<br>|
| Institutional 3 Class |  | &nbsp;&nbsp; (6971953)<br>|
| Class R |  | &nbsp;&nbsp; (1264493)<br>|
| Class S |  | &nbsp;&nbsp; (812339)<br>|
| Total distributions to shareholders |  | &nbsp;&nbsp; (82469780)<br>|
| Decrease in net assets from capital stock activity | (10963529)<br>| &nbsp;&nbsp; (135397163)<br>|
| Total increase (decrease) in net assets | 389101973 | &nbsp;&nbsp; (43499797)<br>|
| Net assets at beginning of period | 2345660346 | &nbsp;&nbsp; 2389160143 |
| **Net assets at end of period** | **$2734762319** | &nbsp;&nbsp; **$2345660346** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 458759 | &nbsp;&nbsp;&nbsp;&nbsp; 17217090 | &nbsp;&nbsp;&nbsp;&nbsp; 1555519 | &nbsp;&nbsp;&nbsp;&nbsp; 52892021 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 221015 | &nbsp;&nbsp;&nbsp;&nbsp; 7563140 |
| Shares redeemed | (965234)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36039659)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3776767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126867011)<br>|
| Net decrease | (506475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18822569)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2000233)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66411850)<br>|
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 676336 | &nbsp;&nbsp;&nbsp;&nbsp; 24501111 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11961520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (456765658)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11285184)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (432264547)<br>|
| Class C |  |  |  |  |
| Shares sold | 41620 | &nbsp;&nbsp;&nbsp;&nbsp; 1395411 | &nbsp;&nbsp;&nbsp;&nbsp; 90031 | &nbsp;&nbsp;&nbsp;&nbsp; 2705411 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31618 | &nbsp;&nbsp;&nbsp;&nbsp; 965295 |
| Shares redeemed | (144182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4759410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (368831)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11122062)<br>|
| Net decrease | (102562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3363999)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (247182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7451356)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 6498663 | &nbsp;&nbsp;&nbsp;&nbsp; 259075890 | &nbsp;&nbsp;&nbsp;&nbsp; 20931803 | &nbsp;&nbsp;&nbsp;&nbsp; 766403103 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1233988 | &nbsp;&nbsp;&nbsp;&nbsp; 44423571 |
| Shares redeemed | (5986278)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (233041128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13184873)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (472264136)<br>|
| Net increase | 512385 | &nbsp;&nbsp;&nbsp;&nbsp; 26034762 | &nbsp;&nbsp;&nbsp;&nbsp; 8980918 | &nbsp;&nbsp;&nbsp;&nbsp; 338562538 |
| Institutional 2 Class |  |  |  |  |
| Shares sold | 380863 | &nbsp;&nbsp;&nbsp;&nbsp; 15501011 | &nbsp;&nbsp;&nbsp;&nbsp; 798663 | &nbsp;&nbsp;&nbsp;&nbsp; 28388583 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116055 | &nbsp;&nbsp;&nbsp;&nbsp; 4179133 |
| Shares redeemed | (294786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11723550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1195500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43072203)<br>|
| Net increase (decrease) | 86077 | &nbsp;&nbsp;&nbsp;&nbsp; 3777461 | &nbsp;&nbsp;&nbsp;&nbsp; (280782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10504487)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 552927 | &nbsp;&nbsp;&nbsp;&nbsp; 22417187 | &nbsp;&nbsp;&nbsp;&nbsp; 1918478 | &nbsp;&nbsp;&nbsp;&nbsp; 68522140 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124827 | &nbsp;&nbsp;&nbsp;&nbsp; 4591135 |
| Shares redeemed | (927701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37943160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1242257)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45255600)<br>|
| Net increase (decrease) | (374774)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15525973)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 801048 | &nbsp;&nbsp;&nbsp;&nbsp; 27857675 |
| Class R |  |  |  |  |
| Shares sold | 117164 | &nbsp;&nbsp;&nbsp;&nbsp; 4381625 | &nbsp;&nbsp;&nbsp;&nbsp; 258972 | &nbsp;&nbsp;&nbsp;&nbsp; 8498174 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37694 | &nbsp;&nbsp;&nbsp;&nbsp; 1262730 |
| Shares redeemed | (76614)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2773481)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (459143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15131939)<br>|
| Net increase (decrease) | 40550 | &nbsp;&nbsp;&nbsp;&nbsp; 1608144 | &nbsp;&nbsp;&nbsp;&nbsp; (162477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5371035)<br>|
| Class S |  |  |  |  |
| Shares sold | 81 | &nbsp;&nbsp;&nbsp;&nbsp; 3149 | &nbsp;&nbsp;&nbsp;&nbsp; 688487 | &nbsp;&nbsp;&nbsp;&nbsp; 25457268 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22565 | &nbsp;&nbsp;&nbsp;&nbsp; 812339 |
| Shares redeemed | (116284)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4674504)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (170526)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6083708)<br>|
| Net increase (decrease) | (116203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4671355)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 540526 | &nbsp;&nbsp;&nbsp;&nbsp; 20185899 |
| **Total net decrease** | **(461002)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(10963529)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(3653366)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(135397163)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Select Large Cap Value Fund \| 2025

------

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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $34.59<br>| 0.27<br>| 5.70<br>| 5.97<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $33.38<br>| 0.56<br>| 1.79<br>| 2.35<br>| &nbsp;&nbsp; (0.58) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (1.14) <br>|
| Year Ended 5/31/2024 | $28.23<br>| 0.56<br>| 5.68<br>| 6.24<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp; (1.09) <br>|
| Year Ended 5/31/2023 | $30.44<br>| 0.49<br>| &nbsp;&nbsp; (2.29) <br>| &nbsp;&nbsp; (1.80) <br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.41) <br>|
| Year Ended 5/31/2022 | $31.85<br>| 0.45<br>| &nbsp;&nbsp; (0.05) <br>| 0.40<br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (1.25) <br>| &nbsp;&nbsp; (1.81) <br>|
| Year Ended 5/31/2021 | $21.50<br>| 0.71 <br><sup>(e)</sup><br>| 11.57<br>| 12.28<br>| &nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp; (1.33) <br>| &nbsp;&nbsp; (1.93) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | $30.76<br>| 0.12<br>| 5.05<br>| 5.17<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $29.78<br>| 0.27<br>| 1.59<br>| 1.86<br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (0.88) <br>|
| Year Ended 5/31/2024 | $25.26<br>| 0.29<br>| 5.09<br>| 5.38<br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp; (0.86) <br>|
| Year Ended 5/31/2023 | $27.25<br>| 0.24<br>| &nbsp;&nbsp; (2.05) <br>| &nbsp;&nbsp; (1.81) <br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.18) <br>|
| Year Ended 5/31/2022 | $28.68<br>| 0.19<br>| &nbsp;&nbsp; (0.05) <br>| 0.14<br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (1.25) <br>| &nbsp;&nbsp; (1.57) <br>|
| Year Ended 5/31/2021 | $19.52<br>| 0.46 <br><sup>(e)</sup><br>| 10.45<br>| 10.91<br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; (1.33) <br>| &nbsp;&nbsp; (1.75) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $36.44<br>| 0.33<br>| 6.01<br>| 6.34<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $35.10<br>| 0.67<br>| 1.90<br>| 2.57<br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (1.23) <br>|
| Year Ended 5/31/2024 | $29.63<br>| 0.66<br>| 5.98<br>| 6.64<br>| &nbsp;&nbsp; (0.69) <br>| &nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp; (1.17) <br>|
| Year Ended 5/31/2023 | $31.92<br>| 0.59<br>| &nbsp;&nbsp; (2.39) <br>| &nbsp;&nbsp; (1.80) <br>| &nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.49) <br>|
| Year Ended 5/31/2022 | $33.31<br>| 0.55<br>| &nbsp;&nbsp; (0.06) <br>| 0.49<br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (1.25) <br>| &nbsp;&nbsp; (1.88) <br>|
| Year Ended 5/31/2021 | $22.41<br>| 0.84 <br><sup>(e)</sup><br>| 12.04<br>| 12.88<br>| &nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp; (1.33) <br>| &nbsp;&nbsp; (1.98) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $36.46<br>| 0.35<br>| 6.01<br>| 6.36<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $35.11<br>| 0.71<br>| 1.90<br>| 2.61<br>| &nbsp;&nbsp; (0.70) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (1.26) <br>|
| Year Ended 5/31/2024 | $29.64<br>| 0.68<br>| 5.98<br>| 6.66<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp; (1.19) <br>|
| Year Ended 5/31/2023 | $31.93<br>| 0.61<br>| &nbsp;&nbsp; (2.39) <br>| &nbsp;&nbsp; (1.78) <br>| &nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.51) <br>|
| Year Ended 5/31/2022 | $33.32<br>| 0.56<br>| &nbsp;&nbsp; (0.05) <br>| 0.51<br>| &nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp; (1.25) <br>| &nbsp;&nbsp; (1.90) <br>|
| Year Ended 5/31/2021 | $22.42<br>| 0.91 <br><sup>(e)</sup><br>| 11.99<br>| 12.90<br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (1.33) <br>| &nbsp;&nbsp; (2.00) <br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $37.25<br>| 0.37<br>| 6.14<br>| 6.51<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $35.85<br>| 0.74<br>| 1.93<br>| 2.67<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (1.27) <br>|
| Year Ended 5/31/2024 | $30.24<br>| 0.72<br>| 6.10<br>| 6.82<br>| &nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp; (1.21) <br>|
| Year Ended 5/31/2023 | $32.56<br>| 0.64<br>| &nbsp;&nbsp; (2.44) <br>| &nbsp;&nbsp; (1.80) <br>| &nbsp;&nbsp; (0.49) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.52) <br>|
| Year Ended 5/31/2022 | $33.94<br>| 0.60<br>| &nbsp;&nbsp; (0.06) <br>| 0.54<br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (1.25) <br>| &nbsp;&nbsp; (1.92) <br>|
| Year Ended 5/31/2021 | $22.81<br>| 0.88 <br><sup>(e)</sup><br>| 12.26<br>| 13.14<br>| &nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp; (1.33) <br>| &nbsp;&nbsp; (2.01) <br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $40.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $335110<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $34.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $303327<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $33.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $359427<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $28.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.98%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $316269<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $30.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $341762<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $31.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $275301<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $35.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39577<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $30.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37035<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $29.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43211<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $25.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.68%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $47988<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $27.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $56553<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $28.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41236<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $42.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1934980<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $36.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1629572<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $35.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1254354<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $29.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.73%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1270104<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $31.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1321063<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $33.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $917729<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $42.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $131389<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $36.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $108742<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $35.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $114583<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $29.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.67%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $218820<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $31.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $177246<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $33.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $134430<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $43.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $232517<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $37.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $211908<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $35.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $175200<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $30.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.61%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $142580<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $32.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123025<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $33.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $132235<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six Months Ended 11/30/2025 (Unaudited) | $33.83<br>| 0.22<br>| 5.57<br>| 5.79<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $32.66<br>| 0.46<br>| 1.77<br>| 2.23<br>| &nbsp;&nbsp; (0.50) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (1.06) <br>|
| Year Ended 5/31/2024 | $27.64<br>| 0.47<br>| 5.56<br>| 6.03<br>| &nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp; (1.01) <br>|
| Year Ended 5/31/2023 | $29.81<br>| 0.40<br>| &nbsp;&nbsp; (2.24) <br>| &nbsp;&nbsp; (1.84) <br>| &nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; (0.33) <br>|
| Year Ended 5/31/2022 | $31.24<br>| 0.37<br>| &nbsp;&nbsp; (0.05) <br>| 0.32<br>| &nbsp;&nbsp; (0.50) <br>| &nbsp;&nbsp; (1.25) <br>| &nbsp;&nbsp; (1.75) <br>|
| Year Ended 5/31/2021 | $21.12<br>| 0.67 <br><sup>(e)</sup><br>| 11.33<br>| 12.00<br>| &nbsp;&nbsp; (0.55) <br>| &nbsp;&nbsp; (1.33) <br>| &nbsp;&nbsp; (1.88) <br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | $36.44<br>| 0.33<br>| 6.01<br>| 6.34<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025<sup>(f)</sup> <br>| $36.75<br>| 0.45<br>| 0.47<br>| 0.92<br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (1.23) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **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 line of credit interest expense which is less than 0.01%.  |
| (e) | Net investment income per share includes special dividends. The per share effect of these dividends amounted to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended**  | **Class A** | **Class C** | **Institutional** <br>**Class**<br>| **Institutional 2** <br>**Class** <br>| **Institutional 3** <br>**Class**<br>| **Class R** |
| 05/31/2021 | $0.19 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $39.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.05% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43038<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $33.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32% <br><sup>(d)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.05% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35380<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $32.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.05% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39466<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $27.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.22%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.05% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $36646<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $29.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.02% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $39107<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $31.24<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.99% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $25393<br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $42.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18152<br>|
|  Year Ended 5/31/2025 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $36.44<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(d)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19696<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Select Large Cap Value Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business 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. Institutional Class, Institutional 2 Class, Institutional 3 Class, Class R and Class S 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.

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Columbia Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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.

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.

**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**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

Columbia Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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.

**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 and paid annually. 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**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

Columbia Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 and is responsible for 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 0.77% to 0.57% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.67% of the Fund's average daily net assets.

**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, prior to October 1, 2025, Institutional 2 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.05% of the average daily net assets attributable to that share class.

Columbia Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.12 |
| Class C | 0.12 |
| Institutional Class | 0.12 |
| Institutional 2 Class | 0.05 |
| Institutional 3 Class | 0.00 |
| Class R | 0.12 |
| Class S | 0.12 |

---

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 six months ended November 30, 2025, these minimum account balance fees reduced total expenses of the Fund by $280.

**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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund's average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $2,333,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2025, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

**Sales charges** 

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 5.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 66477 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 218 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Columbia Select Large Cap Value Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 1, 2025** <br>**through** <br>**September 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**October 1, 2025 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |

---

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. Reflected in the contractual cap commitment, prior to October 1, 2025, 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 of the average daily net assets attributable to that share class. 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 November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 1635476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1124357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28417000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095940000 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

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.

Columbia Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $420,161,105 and $464,141,211, respectively, for the six months ended November 30, 2025. 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 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.

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 six months ended November 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at November 30, 2025.

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 23, 2025 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 $750 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 1.00% in each case. 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 23, 2025 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 $900 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 1.00% in each case.

Columbia Select Large Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted 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 that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Select Large Cap Value Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Select Large Cap Value Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia Select Large Cap Value Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses

Columbia Select Large Cap Value Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager, including vehicles subadvised by the Investment Manager, and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Select Large Cap Value Fund \| 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**Columbia Select Large Cap Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59746imgdea5a59f2.jpg)

**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.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR216_05_T01_(01/26)

------

![](g59746img7b6055261.jpg)

Columbia Select Small Cap Value Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_1d3c0c1d-a4a9-43fb-8eaf-368d5f90f0f6_POI-CommonContent-Date-124_1) | 3 |
| [Statement of Assets and Liabilities](#xx_1d3c0c1d-a4a9-43fb-8eaf-368d5f90f0f6_FS-CommonContent-Date-124_1) | 7 |
| [Statement of Operations](#xx_1d3c0c1d-a4a9-43fb-8eaf-368d5f90f0f6_FS-CommonContent-Date-124_2) | 8 |
| [Statement of Changes in Net Assets](#xx_1d3c0c1d-a4a9-43fb-8eaf-368d5f90f0f6_FS-CommonContent-Date-124_3) | 9 |
| [Financial Highlights](#xx_1d3c0c1d-a4a9-43fb-8eaf-368d5f90f0f6_FIHI-CommonContent-Date-124_2) | 12 |
| [Notes to Financial Statements](#xx_1d3c0c1d-a4a9-43fb-8eaf-368d5f90f0f6_NTF-CommonContent-Date-124_1) | 14 |
| [Approval of Management Agreement](#xx_1d3c0c1d-a4a9-43fb-8eaf-368d5f90f0f6_CCH-CommonContent-Date-124_1) | 22 |

---

Columbia Select Small Cap Value Fund \| 2025

------

Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 99.4%** | **Common Stocks 99.4%** | **Common Stocks 99.4%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Discretionary 9.3%** | **Consumer Discretionary 9.3%** | **Consumer Discretionary 9.3%** |
| **Automobile Components 1.9%** | **Automobile Components 1.9%** | **Automobile Components 1.9%** |
| Visteon Corp. | &nbsp;&nbsp; 68830 | &nbsp;&nbsp; 7106698 |
| **Hotels, Restaurants & Leisure 2.4%** | **Hotels, Restaurants & Leisure 2.4%** | **Hotels, Restaurants & Leisure 2.4%** |
| Six Flags Entertainment Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 100460 | &nbsp;&nbsp; 1524983 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp; 43226 | &nbsp;&nbsp; 7575356 |
| Total |  | &nbsp;&nbsp; 9100339 |
| **Household Durables 2.4%** | **Household Durables 2.4%** | **Household Durables 2.4%** |
| KB Home | &nbsp;&nbsp; 138666 | &nbsp;&nbsp; 8920384 |
| **Textiles, Apparel & Luxury Goods 2.6%** | **Textiles, Apparel & Luxury Goods 2.6%** | **Textiles, Apparel & Luxury Goods 2.6%** |
| Kontoor Brands, Inc. | &nbsp;&nbsp; 132684 | &nbsp;&nbsp; 9865055 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **34992476** |
| **Consumer Staples 2.5%** | **Consumer Staples 2.5%** | **Consumer Staples 2.5%** |
| **Food Products 2.5%** | **Food Products 2.5%** | **Food Products 2.5%** |
| Nomad Foods Ltd. | &nbsp;&nbsp; 484744 | &nbsp;&nbsp; 5928419 |
| Utz Brands, Inc. | &nbsp;&nbsp; 378446 | &nbsp;&nbsp; 3667142 |
| Total |  | &nbsp;&nbsp; 9595561 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **9595561** |
| **Energy 5.7%** | **Energy 5.7%** | **Energy 5.7%** |
| **Energy Equipment & Services 1.3%** | **Energy Equipment & Services 1.3%** | **Energy Equipment & Services 1.3%** |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp; 821053 | &nbsp;&nbsp; 4770318 |
| **Oil, Gas & Consumable Fuels 4.4%** | **Oil, Gas & Consumable Fuels 4.4%** | **Oil, Gas & Consumable Fuels 4.4%** |
| Murphy Oil Corp. | &nbsp;&nbsp; 175479 | &nbsp;&nbsp; 5627611 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp; 219647 | &nbsp;&nbsp; 7573429 |
| SM Energy Co. | &nbsp;&nbsp; 185228 | &nbsp;&nbsp; 3528593 |
| Total |  | &nbsp;&nbsp; 16729633 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **21499951** |
| **Financials 27.1%** | **Financials 27.1%** | **Financials 27.1%** |
| **Banks 17.0%** | **Banks 17.0%** | **Banks 17.0%** |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 276625 | &nbsp;&nbsp; 9358224 |
| Axos Financial, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 133760 | &nbsp;&nbsp; 10992397 |
| Columbia Banking System, Inc. | &nbsp;&nbsp; 344573 | &nbsp;&nbsp; 9551564 |
| OceanFirst Financial Corp. | &nbsp;&nbsp; 395364 | &nbsp;&nbsp; 7452611 |
| Popular, Inc. | &nbsp;&nbsp; 83784 | &nbsp;&nbsp; 9610863 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp; 240650 | &nbsp;&nbsp; 7594914 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp; 145856 | &nbsp;&nbsp; 9651291 |
| Total |  | &nbsp;&nbsp; 64211864 |
| **Capital Markets 1.9%** | **Capital Markets 1.9%** | **Capital Markets 1.9%** |
| Lazard, Inc. | &nbsp;&nbsp; 146648 | &nbsp;&nbsp; 7405724 |
| **Financial Services 1.7%** | **Financial Services 1.7%** | **Financial Services 1.7%** |
| Radian Group, Inc. | &nbsp;&nbsp; 177792 | &nbsp;&nbsp; 6320505 |
| **Insurance 6.5%** | **Insurance 6.5%** | **Insurance 6.5%** |
| CNO Financial Group, Inc. | &nbsp;&nbsp; 196716 | &nbsp;&nbsp; 8051586 |
| Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp; 34848 | &nbsp;&nbsp; 6466046 |
| Kemper Corp. | &nbsp;&nbsp; 94505 | &nbsp;&nbsp; 3848244 |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 124203 | &nbsp;&nbsp; 6080979 |
| Total |  | &nbsp;&nbsp; 24446855 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **102384948** |
| **Health Care 10.2%** | **Health Care 10.2%** | **Health Care 10.2%** |
| **Biotechnology 2.4%** | **Biotechnology 2.4%** | **Biotechnology 2.4%** |
| Cytokinetics, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 74187 | &nbsp;&nbsp; 5054361 |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 196238 | &nbsp;&nbsp; 3889437 |
| Total |  | &nbsp;&nbsp; 8943798 |
| **Health Care Equipment & Supplies 4.1%** | **Health Care Equipment & Supplies 4.1%** | **Health Care Equipment & Supplies 4.1%** |
| CONMED Corp. | &nbsp;&nbsp; 88851 | &nbsp;&nbsp; 3857911 |
| Integer Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 35095 | &nbsp;&nbsp; 2533157 |
| LivaNova PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 145285 | &nbsp;&nbsp; 9270636 |
| Total |  | &nbsp;&nbsp; 15661704 |
| **Health Care Providers & Services 2.5%** | **Health Care Providers & Services 2.5%** | **Health Care Providers & Services 2.5%** |
| Tenet Healthcare Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 43886 | &nbsp;&nbsp; 9516240 |
| **Pharmaceuticals 1.2%** | **Pharmaceuticals 1.2%** | **Pharmaceuticals 1.2%** |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 21363 | &nbsp;&nbsp; 4340534 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **38462276** |
| **Industrials 17.1%** | **Industrials 17.1%** | **Industrials 17.1%** |
| **Aerospace & Defense 5.0%** | **Aerospace & Defense 5.0%** | **Aerospace & Defense 5.0%** |
| ATI, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 85178 | &nbsp;&nbsp; 8585942 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 135897 | &nbsp;&nbsp; 10341762 |
| Total |  | &nbsp;&nbsp; 18927704 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Building Products 2.3%** | **Building Products 2.3%** | **Building Products 2.3%** |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp; 184128 | &nbsp;&nbsp; 8782906 |
| **Construction & Engineering 2.6%** | **Construction & Engineering 2.6%** | **Construction & Engineering 2.6%** |
| Primoris Services Corp. | &nbsp;&nbsp; 78615 | &nbsp;&nbsp; 9949515 |
| **Electrical Equipment 1.9%** | **Electrical Equipment 1.9%** | **Electrical Equipment 1.9%** |
| Regal Rexnord Corp. | &nbsp;&nbsp; 47879 | &nbsp;&nbsp; 6989855 |
| **Ground Transportation 1.9%** | **Ground Transportation 1.9%** | **Ground Transportation 1.9%** |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 158535 | &nbsp;&nbsp; 7260903 |
| **Machinery 2.7%** | **Machinery 2.7%** | **Machinery 2.7%** |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp; 201964 | &nbsp;&nbsp; 10221398 |
| **Professional Services 0.7%** | **Professional Services 0.7%** | **Professional Services 0.7%** |
| Alight, Inc., Class A | &nbsp;&nbsp; 1101620 | &nbsp;&nbsp; 2544742 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **64677023** |
| **Information Technology 11.0%** | **Information Technology 11.0%** | **Information Technology 11.0%** |
| **Communications Equipment 4.9%** | **Communications Equipment 4.9%** | **Communications Equipment 4.9%** |
| Extreme Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 467507 | &nbsp;&nbsp; 8181373 |
| Viavi Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 581381 | &nbsp;&nbsp; 10429975 |
| Total |  | &nbsp;&nbsp; 18611348 |
| **Electronic Equipment, Instruments & Components 1.4%** | **Electronic Equipment, Instruments & Components 1.4%** | **Electronic Equipment, Instruments & Components 1.4%** |
| Crane NXT Co. | &nbsp;&nbsp; 96031 | &nbsp;&nbsp; 5406545 |
| **Semiconductors & Semiconductor Equipment 4.7%** | **Semiconductors & Semiconductor Equipment 4.7%** | **Semiconductors & Semiconductor Equipment 4.7%** |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp; 124486 | &nbsp;&nbsp; 5615563 |
| MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 69433 | &nbsp;&nbsp; 12150081 |
| Total |  | &nbsp;&nbsp; 17765644 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **41783537** |
| **Materials 4.8%** | **Materials 4.8%** | **Materials 4.8%** |
| **Chemicals 3.1%** | **Chemicals 3.1%** | **Chemicals 3.1%** |
| Chemours Co. LLC (The) | &nbsp;&nbsp; 455159 | &nbsp;&nbsp; 5821483 |
| Minerals Technologies, Inc. | &nbsp;&nbsp; 99569 | &nbsp;&nbsp; 5839722 |
| Total |  | &nbsp;&nbsp; 11661205 |
| **Containers & Packaging 1.7%** | **Containers & Packaging 1.7%** | **Containers & Packaging 1.7%** |
| O-I Glass, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 471360 | &nbsp;&nbsp; 6353933 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **18015138** |
| **Real Estate 8.6%** | **Real Estate 8.6%** | **Real Estate 8.6%** |
| **Health Care REITs 2.0%** | **Health Care REITs 2.0%** | **Health Care REITs 2.0%** |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp; 389954 | &nbsp;&nbsp; 7608003 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Hotel & Resort REITs 1.5%** | **Hotel & Resort REITs 1.5%** | **Hotel & Resort REITs 1.5%** |
| Apple Hospitality REIT, Inc. | &nbsp;&nbsp; 483223 | &nbsp;&nbsp; 5745521 |
| **Industrial REITs 1.3%** | **Industrial REITs 1.3%** | **Industrial REITs 1.3%** |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp; 81389 | &nbsp;&nbsp; 4658706 |
| **Specialized REITs 3.8%** | **Specialized REITs 3.8%** | **Specialized REITs 3.8%** |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 93785 | &nbsp;&nbsp; 4082461 |
| Outfront Media, Inc. | &nbsp;&nbsp; 437686 | &nbsp;&nbsp; 10298752 |
| Total |  | &nbsp;&nbsp; 14381213 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **32393443** |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| **Electric Utilities 3.1%** | **Electric Utilities 3.1%** | **Electric Utilities 3.1%** |
| Portland General Electric Co. | &nbsp;&nbsp; 234518 | &nbsp;&nbsp; 11918205 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **11918205** |
| Total Common Stocks <br>(Cost $264,294,208) | Total Common Stocks <br>(Cost $264,294,208) | &nbsp;&nbsp; **375722558** |
| **Rights —%** | **Rights —%** | **Rights —%** |
| **Health Care —%** | **Health Care —%** | **Health Care —%** |
| **Life Sciences Tools & Services —%** | **Life Sciences Tools & Services —%** | **Life Sciences Tools & Services —%** |
| OmniAb Operations, Inc.<sup>(a),(b),(c),(d)</sup> <br>| &nbsp;&nbsp; 9220 | &nbsp;&nbsp; 0 |
| OmniAb, Inc.<sup>(a),(b),(c),(d)</sup> <br>| &nbsp;&nbsp; 9220 | &nbsp;&nbsp; 0 |
| Total |  | &nbsp;&nbsp; 0 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **0** |
| Total Rights <br>(Cost $—) | Total Rights <br>(Cost $—) | &nbsp;&nbsp; **0** |
| **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(e),(f)</sup> <br>| &nbsp;&nbsp; 2366877 | &nbsp;&nbsp; 2366167 |
| Total Money Market Funds <br>(Cost $2,366,018) | Total Money Market Funds <br>(Cost $2,366,018) | &nbsp;&nbsp; **2366167** |
| **Total Investments in Securities** <br>**(Cost: $266,660,226)** | **Total Investments in Securities** <br>**(Cost: $266,660,226)** | &nbsp;&nbsp; **378088725** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **65281** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **378154006** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2025, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At November 30, 2025, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| OmniAb Operations, Inc. | 02/13/2015-02/27/2015 | &nbsp;&nbsp; 9220 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| OmniAb, Inc. | 02/13/2015-02/27/2015 | &nbsp;&nbsp; 9220 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the seven-day current annualized yield at November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Under the Investment Company Act of 1940, 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 period ended November 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 3760867 | &nbsp;&nbsp; 32185570 | &nbsp;&nbsp; (33580043)<br>| &nbsp;&nbsp; (227)<br>| &nbsp;&nbsp; 2366167 | &nbsp;&nbsp; 946 | &nbsp;&nbsp; 60813 | &nbsp;&nbsp; 2366877 |

---

**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, if any, 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 accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Small Cap Value Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Consumer Discretionary | 34992476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34992476 |
| Consumer Staples | 9595561 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9595561 |
| Energy | 21499951 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21499951 |
| Financials | 102384948 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102384948 |
| Health Care | 38462276 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38462276 |
| Industrials | 64677023 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64677023 |
| Information Technology | 41783537 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41783537 |
| Materials | 18015138 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18015138 |
| Real Estate | 32393443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32393443 |
| Utilities | 11918205 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11918205 |
| Total Common Stocks | 375722558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 375722558 |
| Rights |  |  |  |  |
| Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Total Rights |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Money Market Funds | 2366167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2366167 |
| Total Investments in Securities | 378088725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 378088725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

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 Select Small Cap Value Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $264,294,208) | $375722558 |
| Affiliated issuers (cost $2,366,018) | 2366167 |
| Receivable for: |  |
| Capital shares sold | 7039 |
| Dividends | 433363 |
| Expense reimbursement due from Investment Manager | 1614 |
| Prepaid expenses | 4219 |
| Total assets | 378534960 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 126613 |
| Management services fees | 18008 |
| Distribution and/or service fees | 4010 |
| Transfer agent fees | 31616 |
| Compensation of chief compliance officer | 32 |
| Compensation of board members | 1636 |
| Other expenses | 35974 |
| Deferred compensation of board members | 163065 |
| Total liabilities | 380954 |
| **Net assets applicable to outstanding capital stock** | **$378154006** |
| **Represented by** |  |
| Paid in capital | 230978175 |
| Total distributable earnings (loss) | 147175831 |
| **Total - representing net assets applicable to outstanding capital stock** | **$378154006** |
| **Class A** |  |
| Net assets | $293209639 |
| Shares outstanding | 15659415 |
| Net asset value per share | $18.72 |
| Maximum sales charge  | 5.75% |
| 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) | $19.86 |
| **Institutional Class** |  |
| Net assets | $31427066 |
| Shares outstanding | 1351404 |
| Net asset value per share | $23.26 |
| **Institutional 2 Class** |  |
| Net assets | $2009945 |
| Shares outstanding | 84582 |
| Net asset value per share | $23.76 |
| **Institutional 3 Class** |  |
| Net assets | $51507356 |
| Shares outstanding | 2061450 |
| Net asset value per share | $24.99 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Small Cap Value Fund \| 2025

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Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $4035875 |
| Dividends — affiliated issuers | 60813 |
| Foreign taxes withheld | (9426)<br>|
| Total income | 4087262 |
| Expenses: |  |
| Management services fees | 1637357 |
| Distribution and/or service fees |  |
| Class A | 361778 |
| Transfer agent fees |  |
| Class A | 165384 |
| Institutional Class | 17848 |
| Institutional 2 Class | 550 |
| Institutional 3 Class | 1159 |
| Custodian fees | 1771 |
| Printing and postage fees | 18898 |
| Registration fees | 46907 |
| Accounting services fees | 16211 |
| Legal fees | 11112 |
| Compensation of chief compliance officer | 32 |
| Compensation of board members | 7213 |
| Deferred compensation of board members | 33970 |
| Other | 6952 |
| Total expenses | 2327142 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (180708)<br>|
| Expense reduction | (300)<br>|
| Total net expenses | 2146134 |
| **Net investment income** | 1941128 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 21246701 |
| Investments — affiliated issuers | 946 |
| Net realized gain | 21247647 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 30839687 |
| Investments — affiliated issuers | (227)<br>|
| Net change in unrealized appreciation (depreciation) | 30839460 |
| Net realized and unrealized gain | 52087107 |
| **Net increase in net assets resulting from operations** | **$54028235** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Small Cap Value Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $1941128 | &nbsp;&nbsp; $3127871 |
| Net realized gain | 21247647 | &nbsp;&nbsp; 65214598 |
| Net change in unrealized appreciation (depreciation) | 30839460 | &nbsp;&nbsp; (68825101)<br>|
| Net increase (decrease) in net assets resulting from operations | 54028235 | &nbsp;&nbsp; (482632)<br>|
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A |  | &nbsp;&nbsp; (55312169)<br>|
| Institutional Class |  | &nbsp;&nbsp; (5508299)<br>|
| Institutional 2 Class |  | &nbsp;&nbsp; (343798)<br>|
| Institutional 3 Class |  | &nbsp;&nbsp; (8533756)<br>|
| Total distributions to shareholders |  | &nbsp;&nbsp; (69698022)<br>|
| Increase (decrease) in net assets from capital stock activity | (40125004)<br>| &nbsp;&nbsp; 11759796 |
| Total increase (decrease) in net assets | 13903231 | &nbsp;&nbsp; (58420858)<br>|
| Net assets at beginning of period | 364250775 | &nbsp;&nbsp; 422671633 |
| **Net assets at end of period** | **$378154006** | &nbsp;&nbsp; **$364250775** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Small Cap Value Fund \| 2025

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 76806 | &nbsp;&nbsp;&nbsp;&nbsp; 1351949 | &nbsp;&nbsp;&nbsp;&nbsp; 274054 | &nbsp;&nbsp;&nbsp;&nbsp; 5040780 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2917344 | &nbsp;&nbsp;&nbsp;&nbsp; 54320951 |
| Shares redeemed | (1469992)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26055246)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2479169)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45522632)<br>|
| Net increase (decrease) | (1393186)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24703297)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 712229 | &nbsp;&nbsp;&nbsp;&nbsp; 13839099 |
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8312 | &nbsp;&nbsp;&nbsp;&nbsp; 211172 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (84986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2336332)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2125160)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 197197 | &nbsp;&nbsp;&nbsp;&nbsp; 4306574 | &nbsp;&nbsp;&nbsp;&nbsp; 557807 | &nbsp;&nbsp;&nbsp;&nbsp; 12443771 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236806 | &nbsp;&nbsp;&nbsp;&nbsp; 5463103 |
| Shares redeemed | (321033)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7053211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (831328)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17992960)<br>|
| Net decrease | (123836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2746637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36715)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86086)<br>|
| Institutional 2 Class |  |  |  |  |
| Shares sold | 3420 | &nbsp;&nbsp;&nbsp;&nbsp; 77311 | &nbsp;&nbsp;&nbsp;&nbsp; 23702 | &nbsp;&nbsp;&nbsp;&nbsp; 545654 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14575 | &nbsp;&nbsp;&nbsp;&nbsp; 343389 |
| Shares redeemed | (10407)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (232679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1097930)<br>|
| Net decrease | (6987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (155368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9690)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (208887)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 40752 | &nbsp;&nbsp;&nbsp;&nbsp; 941965 | &nbsp;&nbsp;&nbsp;&nbsp; 41385 | &nbsp;&nbsp;&nbsp;&nbsp; 973280 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323438 | &nbsp;&nbsp;&nbsp;&nbsp; 8008328 |
| Shares redeemed | (569591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13461667)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (336035)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8640778)<br>|
| Net increase (decrease) | (528839)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12519702)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28788 | &nbsp;&nbsp;&nbsp;&nbsp; 340830 |
| **Total net increase (decrease)** | **(2052848)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(40125004)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **617938** | &nbsp;&nbsp;&nbsp;&nbsp; **11759796** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Small Cap Value Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Select Small Cap Value Fund \| 2025

------

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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $16.23<br>| 0.08<br>| 2.41<br>| 2.49<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $19.53<br>| 0.13<br>| 0.15 <br><sup>(d)</sup><br>| 0.28<br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; (3.47) <br>| &nbsp;&nbsp; (3.58) <br>|
| Year Ended 5/31/2024 | $17.32<br>| 0.10<br>| 3.33<br>| 3.43<br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; (1.08) <br>| &nbsp;&nbsp; (1.22) <br>|
| Year Ended 5/31/2023 | $19.47<br>| 0.16<br>| &nbsp;&nbsp; (1.49) <br>| &nbsp;&nbsp; (1.33) <br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (0.82) <br>|
| Year Ended 5/31/2022 | $22.67<br>| 0.03<br>| &nbsp;&nbsp; (1.78) <br>| &nbsp;&nbsp; (1.75) <br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (1.44) <br>| &nbsp;&nbsp; (1.45) <br>|
| Year Ended 5/31/2021 | $13.83<br>| 0.01<br>| 9.98<br>| 9.99<br>| &nbsp;&nbsp; (0.01) <br>| &nbsp;&nbsp; (1.14) <br>| &nbsp;&nbsp; (1.15) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $20.13<br>| 0.13<br>| 3.00<br>| 3.13<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $23.45<br>| 0.21<br>| 0.10 <br><sup>(d)</sup><br>| 0.31<br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (3.47) <br>| &nbsp;&nbsp; (3.63) <br>|
| Year Ended 5/31/2024 | $20.58<br>| 0.17<br>| 3.97<br>| 4.14<br>| &nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp; (1.08) <br>| &nbsp;&nbsp; (1.27) <br>|
| Year Ended 5/31/2023 | $22.96<br>| 0.24<br>| &nbsp;&nbsp; (1.75) <br>| &nbsp;&nbsp; (1.51) <br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (0.87) <br>|
| Year Ended 5/31/2022 | $26.47<br>| 0.09<br>| &nbsp;&nbsp; (2.10) <br>| &nbsp;&nbsp; (2.01) <br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (1.44) <br>| &nbsp;&nbsp; (1.50) <br>|
| Year Ended 5/31/2021 | $16.00<br>| 0.07<br>| 11.59<br>| 11.66<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; (1.14) <br>| &nbsp;&nbsp; (1.19) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $20.56<br>| 0.14<br>| 3.06<br>| 3.20<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $23.89<br>| 0.23<br>| 0.09 <br><sup>(d)</sup><br>| 0.32<br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; (3.47) <br>| &nbsp;&nbsp; (3.65) <br>|
| Year Ended 5/31/2024 | $20.93<br>| 0.19<br>| 4.05<br>| 4.24<br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; (1.08) <br>| &nbsp;&nbsp; (1.28) <br>|
| Year Ended 5/31/2023 | $23.35<br>| 0.27<br>| &nbsp;&nbsp; (1.81) <br>| &nbsp;&nbsp; (1.54) <br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (0.88) <br>|
| Year Ended 5/31/2022 | $26.89<br>| 0.12<br>| &nbsp;&nbsp; (2.15) <br>| &nbsp;&nbsp; (2.03) <br>| &nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp; (1.44) <br>| &nbsp;&nbsp; (1.51) <br>|
| Year Ended 5/31/2021 | $16.24<br>| 0.08<br>| 11.77<br>| 11.85<br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (1.14) <br>| &nbsp;&nbsp; (1.20) <br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $21.61<br>| 0.15<br>| 3.23<br>| 3.38<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $24.94<br>| 0.25<br>| 0.08 <br><sup>(d)</sup><br>| 0.33<br>| &nbsp;&nbsp; (0.19) <br>| &nbsp;&nbsp; (3.47) <br>| &nbsp;&nbsp; (3.66) <br>|
| Year Ended 5/31/2024 | $21.80<br>| 0.21<br>| 4.22<br>| 4.43<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; (1.08) <br>| &nbsp;&nbsp; (1.29) <br>|
| Year Ended 5/31/2023 | $24.28<br>| 0.29<br>| &nbsp;&nbsp; (1.88) <br>| &nbsp;&nbsp; (1.59) <br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (0.89) <br>|
| Year Ended 5/31/2022 | $27.90<br>| 0.13<br>| &nbsp;&nbsp; (2.23) <br>| &nbsp;&nbsp; (2.10) <br>| &nbsp;&nbsp; (0.08) <br>| &nbsp;&nbsp; (1.44) <br>| &nbsp;&nbsp; (1.52) <br>|
| Year Ended 5/31/2021 | $16.81<br>| 0.10<br>| 12.20<br>| 12.30<br>| &nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp; (1.14) <br>| &nbsp;&nbsp; (1.21) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **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) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Small Cap Value Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $18.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $293210<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $16.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $276691<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $19.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $319061<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $17.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.04%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $299209<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $19.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.35%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $356657<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $22.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 74.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $420471<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $23.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31427<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $20.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $29692<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $23.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $35461<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $20.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.75%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46062<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $22.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.15%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49338<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $26.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44918<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $23.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2010<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $20.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1883<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $23.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2419<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $20.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.75%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2398<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $23.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.10%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2729<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $26.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4265<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $24.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51507<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $21.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55985<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $24.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63895<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $21.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.69%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84978<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $24.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.05%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $106349<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $27.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $118636<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Select Small Cap Value Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business 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 shares are offered to the general public for investment. 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.

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Columbia Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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.

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.

**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**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

Columbia Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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.

**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 and paid annually. 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**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

Columbia Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 and is responsible for 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 0.87% to 0.75% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.87% of the Fund's average daily net assets.

**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.

Columbia Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.11 |
| Institutional Class | 0.11 |
| Institutional 2 Class | 0.06 |
| Institutional 3 Class | 0.00 |

---

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 six months ended November 30, 2025, these minimum account balance fees reduced total expenses of the Fund by $300.

**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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class A shares.

**Sales charges** 

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 5.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**September 30, 2026 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |

---

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

Columbia Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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. 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 November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 266660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144706000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33277000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111429000 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

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 $22,346,330 and $59,152,152, respectively, for the six months ended November 30, 2025. 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 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 Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 did not borrow or lend money under the Interfund Program during the six months ended November 30, 2025.

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 23, 2025 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 $750 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 1.00% in each case. 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 23, 2025 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 $900 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 1.00% in each case.

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At November 30, 2025, affiliated shareholders of record owned 74.1% 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

Columbia Select Small Cap Value Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 and noted 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 that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Select Small Cap Value Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Select Small Cap Value Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia Select Small Cap Value Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses

Columbia Select Small Cap Value Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Select Small Cap Value Fund \| 2025

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**Columbia Select Small Cap Value Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59746imgdaea09182.jpg)

**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.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR218_05_T01_(01/26)

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![](g59746img0a8f2e971.jpg)

Columbia Seligman Technology and Information Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_8fb255a0-4feb-4297-b5a2-9671b977998f_POI-CommonContent-Date-125_1) | 3 |
| [Statement of Assets and Liabilities](#xx_8fb255a0-4feb-4297-b5a2-9671b977998f_FS-CommonContent-Date-125_1) | 8 |
| [Statement of Operations](#xx_8fb255a0-4feb-4297-b5a2-9671b977998f_FS-CommonContent-Date-125_3) | 10 |
| [Statement of Changes in Net Assets](#xx_8fb255a0-4feb-4297-b5a2-9671b977998f_FS-CommonContent-Date-125_4) | 11 |
| [Financial Highlights](#xx_8fb255a0-4feb-4297-b5a2-9671b977998f_FIHI-CommonContent-Date-125_2) | 14 |
| [Notes to Financial Statements](#xx_8fb255a0-4feb-4297-b5a2-9671b977998f_NTF-CommonContent-Date-125_1) | 18 |
| [Approval of Management Agreement](#xx_8fb255a0-4feb-4297-b5a2-9671b977998f_CCH-CommonContent-Date-125_1) | 30 |

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Columbia Seligman Technology and Information Fund \| 2025

------

Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 98.2%** | **Common Stocks 98.2%** | **Common Stocks 98.2%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 12.0%** | **Communication Services 12.0%** | **Communication Services 12.0%** |
| **Advertising 0.0%** | **Advertising 0.0%** | **Advertising 0.0%** |
| NIQ Global Intelligence PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 225401 | &nbsp;&nbsp; 3543304 |
| **Interactive Home Entertainment 0.6%** | **Interactive Home Entertainment 0.6%** | **Interactive Home Entertainment 0.6%** |
| Electronic Arts, Inc. | &nbsp;&nbsp; 548500 | &nbsp;&nbsp; 110813455 |
| **Interactive Media & Services 11.4%** | **Interactive Media & Services 11.4%** | **Interactive Media & Services 11.4%** |
| Alphabet, Inc., Class A<sup>(b)</sup> <br>| &nbsp;&nbsp; 2921929 | &nbsp;&nbsp; 935543227 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 1423460 | &nbsp;&nbsp; 455678015 |
| Match Group, Inc. | &nbsp;&nbsp; 6697966 | &nbsp;&nbsp; 223109247 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 421050 | &nbsp;&nbsp; 272819348 |
| Pinterest, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 7771851 | &nbsp;&nbsp; 203000748 |
| TripAdvisor, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3589192 | &nbsp;&nbsp; 53371285 |
| **Total** | **Total** | &nbsp;&nbsp; **2143521870** |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2257878629** |
| **Consumer Discretionary 2.3%** | **Consumer Discretionary 2.3%** | **Consumer Discretionary 2.3%** |
| **Broadline Retail 1.8%** | **Broadline Retail 1.8%** | **Broadline Retail 1.8%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 901200 | &nbsp;&nbsp; 210177864 |
| eBay, Inc. | &nbsp;&nbsp; 1583386 | &nbsp;&nbsp; 131088527 |
| **Total** | **Total** | &nbsp;&nbsp; **341266391** |
| **Hotels, Resorts & Cruise Lines 0.5%** | **Hotels, Resorts & Cruise Lines 0.5%** | **Hotels, Resorts & Cruise Lines 0.5%** |
| Airbnb, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 719700 | &nbsp;&nbsp; 84197703 |
| Navan, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 392012 | &nbsp;&nbsp; 6542680 |
| **Total** | **Total** | &nbsp;&nbsp; **90740383** |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **432006774** |
| **Financials 4.5%** | **Financials 4.5%** | **Financials 4.5%** |
| **Transaction & Payment Processing Services 4.5%** | **Transaction & Payment Processing Services 4.5%** | **Transaction & Payment Processing Services 4.5%** |
| Block, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 2013051 | &nbsp;&nbsp; 134471807 |
| Global Payments, Inc. | &nbsp;&nbsp; 4345748 | &nbsp;&nbsp; 329233868 |
| Visa, Inc., Class A | &nbsp;&nbsp; 1161145 | &nbsp;&nbsp; 388333334 |
| **Total** | **Total** | &nbsp;&nbsp; **852039009** |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **852039009** |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| **Biotechnology 0.2%** | **Biotechnology 0.2%** | **Biotechnology 0.2%** |
| Apnimed, Inc.<sup>(a),(c),(d),(e)</sup> <br>| &nbsp;&nbsp; 1127586 | &nbsp;&nbsp; 13767825 |
| Apnimed, Inc., Tranche 1<sup>(a),(c),(d),(e)</sup> <br>| &nbsp;&nbsp; 675613 | &nbsp;&nbsp; 8249235 |
| Apnimed, Inc., Tranche 2<sup>(a),(c),(d),(e)</sup> <br>| &nbsp;&nbsp; 360327 | &nbsp;&nbsp; 4399593 |
| Apnimed, Inc., Tranche 3<sup>(a),(c),(d),(e)</sup> <br>| &nbsp;&nbsp; 450409 | &nbsp;&nbsp; 5499494 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Apnimed, Inc., Tranche 4<sup>(a),(c),(d),(e)</sup> <br>| &nbsp;&nbsp; 518016 | &nbsp;&nbsp; 6324975 |
| **Total** | **Total** | &nbsp;&nbsp; **38241122** |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **38241122** |
| **Industrials 12.0%** | **Industrials 12.0%** | **Industrials 12.0%** |
| **Heavy Electrical Equipment 9.9%** | **Heavy Electrical Equipment 9.9%** | **Heavy Electrical Equipment 9.9%** |
| Bloom Energy Corp., Class A<sup>(a),(f)</sup> <br>| &nbsp;&nbsp; 17181226 | &nbsp;&nbsp; 1876877128 |
| **Passenger Ground Transportation 2.1%** | **Passenger Ground Transportation 2.1%** | **Passenger Ground Transportation 2.1%** |
| Lyft, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 18575259 | &nbsp;&nbsp; 390637697 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **2267514825** |
| **Information Technology 66.8%** | **Information Technology 66.8%** | **Information Technology 66.8%** |
| **Application Software 3.2%** | **Application Software 3.2%** | **Application Software 3.2%** |
| BILL Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1540039 | &nbsp;&nbsp; 77232956 |
| DocuSign, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 732167 | &nbsp;&nbsp; 50775781 |
| Five9, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1024900 | &nbsp;&nbsp; 20077791 |
| Intuit, Inc. | &nbsp;&nbsp; 128900 | &nbsp;&nbsp; 81732912 |
| RingCentral, Inc., Class A<sup>(a),(f)</sup> <br>| &nbsp;&nbsp; 3780728 | &nbsp;&nbsp; 106767759 |
| Salesforce, Inc. | &nbsp;&nbsp; 526239 | &nbsp;&nbsp; 121319139 |
| Synopsys, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 351992 | &nbsp;&nbsp; 147136176 |
| **Total** | **Total** | &nbsp;&nbsp; **605042514** |
| **Communications Equipment 3.1%** | **Communications Equipment 3.1%** | **Communications Equipment 3.1%** |
| Arista Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2223806 | &nbsp;&nbsp; 290606968 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 3740425 | &nbsp;&nbsp; 287788299 |
| **Total** | **Total** | &nbsp;&nbsp; **578395267** |
| **Electronic Components 0.1%** | **Electronic Components 0.1%** | **Electronic Components 0.1%** |
| Coherent Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 148100 | &nbsp;&nbsp; 24326906 |
| **Electronic Equipment & Instruments 1.0%** | **Electronic Equipment & Instruments 1.0%** | **Electronic Equipment & Instruments 1.0%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp; 855019 | &nbsp;&nbsp; 180571463 |
| **Internet Services & Infrastructure 3.4%** | **Internet Services & Infrastructure 3.4%** | **Internet Services & Infrastructure 3.4%** |
| GoDaddy, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 2640087 | &nbsp;&nbsp; 337561524 |
| Wix.com Ltd.<sup>(a),(f)</sup> <br>| &nbsp;&nbsp; 3181692 | &nbsp;&nbsp; 304519741 |
| **Total** | **Total** | &nbsp;&nbsp; **642081265** |
| **IT Consulting & Other Services 0.1%** | **IT Consulting & Other Services 0.1%** | **IT Consulting & Other Services 0.1%** |
| EPAM Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 20570000 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Semiconductor Materials & Equipment 13.7%** | **Semiconductor Materials & Equipment 13.7%** | **Semiconductor Materials & Equipment 13.7%** |
| Applied Materials, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 3223561 | &nbsp;&nbsp; 813143262 |
| Lam Research Corp. | &nbsp;&nbsp; 8191338 | &nbsp;&nbsp; 1277848728 |
| Teradyne, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 2707658 | &nbsp;&nbsp; 492495914 |
| **Total** | **Total** | &nbsp;&nbsp; **2583487904** |
| **Semiconductors 22.0%** | **Semiconductors 22.0%** | **Semiconductors 22.0%** |
| Broadcom, Inc. | &nbsp;&nbsp; 2728690 | &nbsp;&nbsp; 1099552923 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 8198272 | &nbsp;&nbsp; 732925517 |
| NVIDIA Corp. | &nbsp;&nbsp; 5274188 | &nbsp;&nbsp; 933531276 |
| NXP Semiconductors NV | &nbsp;&nbsp; 907100 | &nbsp;&nbsp; 176830074 |
| ON Semiconductor Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2937700 | &nbsp;&nbsp; 147590048 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 1052658 | &nbsp;&nbsp; 176941283 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 12256100 | &nbsp;&nbsp; 144530850 |
| Semtech Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3623446 | &nbsp;&nbsp; 268714755 |
| Synaptics, Inc.<sup>(a),(f)</sup> <br>| &nbsp;&nbsp; 4229028 | &nbsp;&nbsp; 289730708 |
| Taiwan Semiconductor Manufacturing Co., Ltd., <br> ADR<br>| &nbsp;&nbsp; 597200 | &nbsp;&nbsp; 174089772 |
| **Total** | **Total** | &nbsp;&nbsp; **4144437206** |
| **Systems Software 9.5%** | **Systems Software 9.5%** | **Systems Software 9.5%** |
| Adeia, Inc.<sup>(f)</sup> <br>| &nbsp;&nbsp; 8436999 | &nbsp;&nbsp; 104365678 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 438440 | &nbsp;&nbsp; 81887439 |
| CyberArk Software Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 107100 | &nbsp;&nbsp; 49114989 |
| Gen Digital, Inc. | &nbsp;&nbsp; 11804733 | &nbsp;&nbsp; 311290809 |
| Microsoft Corp. | &nbsp;&nbsp; 1569650 | &nbsp;&nbsp; 772283496 |
| Oracle Corp. | &nbsp;&nbsp; 1210695 | &nbsp;&nbsp; 244499855 |
| Palo Alto Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 649420 | &nbsp;&nbsp; 123474225 |
| Tenable Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3827027 | &nbsp;&nbsp; 101492756 |
| **Total** | **Total** | &nbsp;&nbsp; **1788409247** |
| **Technology Hardware, Storage & Peripherals 10.7%** | **Technology Hardware, Storage & Peripherals 10.7%** | **Technology Hardware, Storage & Peripherals 10.7%** |
| Apple, Inc. | &nbsp;&nbsp; 2285100 | &nbsp;&nbsp; 637200135 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 12235500 | &nbsp;&nbsp; 267590385 |
| NetApp, Inc. | &nbsp;&nbsp; 2845195 | &nbsp;&nbsp; 317409954 |
| Western Digital Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 4776227 | &nbsp;&nbsp; 780101156 |
| **Total** | **Total** | &nbsp;&nbsp; **2002301630** |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **12569623402** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| **Telecom Tower REITs 0.4%** | **Telecom Tower REITs 0.4%** | **Telecom Tower REITs 0.4%** |
| SBA Communications Corp. | &nbsp;&nbsp; 354800 | &nbsp;&nbsp; 68926996 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **68926996** |
| Total Common Stocks <br>(Cost: $8,064,809,219) | Total Common Stocks <br>(Cost: $8,064,809,219) | &nbsp;&nbsp; **18486230757** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 0.0%** | **Convertible Bonds 0.0%** | **Convertible Bonds 0.0%** | **Convertible Bonds 0.0%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount**<br>| **Value ($)** |
| **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** | **Pharmaceuticals 0.0%** |
| Apnimed, Inc.<sup>(e)</sup>  | Apnimed, Inc.<sup>(e)</sup>  | Apnimed, Inc.<sup>(e)</sup>  | Apnimed, Inc.<sup>(e)</sup>  |
| 09/17/2027 | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 5850000 | &nbsp;&nbsp; 5993325 |
| Total Convertible Bonds <br>(Cost: $5,850,000) | Total Convertible Bonds <br>(Cost: $5,850,000) | Total Convertible Bonds <br>(Cost: $5,850,000) | &nbsp;&nbsp; **5993325** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Funds 1.9%** | **Money Market Funds 1.9%** | **Money Market Funds 1.9%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(f),(g)</sup> <br>| &nbsp;&nbsp; 350046956 | &nbsp;&nbsp; 349941942 |
| Total Money Market Funds <br>(Cost: $349,922,248) | Total Money Market Funds <br>(Cost: $349,922,248) | &nbsp;&nbsp; **349941942** |
| **Total Investments in Securities** <br>**(Cost $8,420,581,467)** | **Total Investments in Securities** <br>**(Cost $8,420,581,467)** | &nbsp;&nbsp; **18842166024** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(19189331)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$18822976693** |

---

At November 30, 2025, securities and/or cash totaling $391,110,875 were pledged as collateral.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Investments in derivatives** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| Alphabet, Inc. | Morgan Stanley | USD | &nbsp;&nbsp; (97911044)<br>| &nbsp;&nbsp; (3058)<br>| 350.00 | &nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp; (1126903)<br>| &nbsp;&nbsp; (1827155)<br>|
| Applied Materials, Inc. | Morgan Stanley | USD | &nbsp;&nbsp; (98074800)<br>| &nbsp;&nbsp; (3888)<br>| 245.00 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; (1987551)<br>| &nbsp;&nbsp; (5064120)<br>|
| Teradyne, Inc. | Morgan Stanley | USD | &nbsp;&nbsp; (49274001)<br>| &nbsp;&nbsp; (2709)<br>| 185.00 | &nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp; (1443855)<br>| &nbsp;&nbsp; (2939265)<br>|
| Teradyne, Inc. | Morgan Stanley | USD | &nbsp;&nbsp; (49274001)<br>| &nbsp;&nbsp; (2709)<br>| 180.00 | &nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp; (1763382)<br>| &nbsp;&nbsp; (3630060)<br>|
| Western Digital Corp. | Morgan Stanley | USD | &nbsp;&nbsp; (96577029)<br>| &nbsp;&nbsp; (5913)<br>| 175.00 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; (2606103)<br>| &nbsp;&nbsp; (3473888)<br>|
| Total |  |  |  |  |  |  | &nbsp;&nbsp; (8927794)<br>| &nbsp;&nbsp; (16934488)<br>|

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2025, the total value of these securities amounted to $38,241,122, which represents 0.20% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At November 30, 2025, the total market value of these securities amounted to $38,241,122, which represents 0.20% of total net assets. Additional information on these securities is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| Apnimed, Inc. | 03/12/2021 | &nbsp;&nbsp; 1127586 | &nbsp;&nbsp; 9999997 | &nbsp;&nbsp; 13767825 |
| Apnimed, Inc., Tranche 1 | 04/28/2022 | &nbsp;&nbsp; 675613 | &nbsp;&nbsp; 5999993 | &nbsp;&nbsp; 8249235 |
| Apnimed, Inc., Tranche 2 | 04/28/2022 | &nbsp;&nbsp; 360327 | &nbsp;&nbsp; 4002965 | &nbsp;&nbsp; 4399593 |
| Apnimed, Inc., Tranche 3 | 12/22/2022 | &nbsp;&nbsp; 450409 | &nbsp;&nbsp; 5005765 | &nbsp;&nbsp; 5499494 |
| Apnimed, Inc., Tranche 4 | 04/23/2025 | &nbsp;&nbsp; 518016 | &nbsp;&nbsp; 4999994 | &nbsp;&nbsp; 6324975 |
|  |  |  | &nbsp;&nbsp; 30008714 | &nbsp;&nbsp; 38241122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Under the Investment Company Act of 1940, 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 period ended November 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Adeia, Inc.  | Adeia, Inc.  | Adeia, Inc.  | Adeia, Inc.  | Adeia, Inc.  | Adeia, Inc.  | Adeia, Inc.  | Adeia, Inc.  | Adeia, Inc.  | Adeia, Inc.  |
|  | 102359273 | 7524364 | (1793170)<br>| (3724789)<br>| 104365678 |  | (559216)<br>| 825525 | 8436999 |
| Bloom Energy Corp., Class A  | Bloom Energy Corp., Class A  | Bloom Energy Corp., Class A  | Bloom Energy Corp., Class A  | Bloom Energy Corp., Class A  | Bloom Energy Corp., Class A  | Bloom Energy Corp., Class A  | Bloom Energy Corp., Class A  | Bloom Energy Corp., Class A  | Bloom Energy Corp., Class A  |
|  | 508706244 | 26692558 | (176994459)<br>| 1518472785 | 1876877128 |  | 449089405 |  | 17181226 |
| Columbia Select Technology ETF  | Columbia Select Technology ETF  | Columbia Select Technology ETF  | Columbia Select Technology ETF  | Columbia Select Technology ETF  | Columbia Select Technology ETF  | Columbia Select Technology ETF  | Columbia Select Technology ETF  | Columbia Select Technology ETF  | Columbia Select Technology ETF  |
|  | 13637824 |  | (8811780)<br>| (4826044)<br>|  |  | 5200572 |  |  |
| Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  |
|  | 275925415 | 1573833267 | (1499825979)<br>| 9239 | 349941942 |  | (19290)<br>| 5436070 | 350046956 |
| RingCentral, Inc., Class A <sup>†</sup>  | RingCentral, Inc., Class A <sup>†</sup>  | RingCentral, Inc., Class A <sup>†</sup>  | RingCentral, Inc., Class A <sup>†</sup>  | RingCentral, Inc., Class A <sup>†</sup>  | RingCentral, Inc., Class A <sup>†</sup>  | RingCentral, Inc., Class A <sup>†</sup>  | RingCentral, Inc., Class A <sup>†</sup>  | RingCentral, Inc., Class A <sup>†</sup>  | RingCentral, Inc., Class A <sup>†</sup>  |
|  | 112895538 |  | (21960907)<br>| 29297284 |  |  | (5505671)<br>|  |  |
| Synaptics, Inc.  | Synaptics, Inc.  | Synaptics, Inc.  | Synaptics, Inc.  | Synaptics, Inc.  | Synaptics, Inc.  | Synaptics, Inc.  | Synaptics, Inc.  | Synaptics, Inc.  | Synaptics, Inc.  |
|  | 209548443 | 44355171 |  | 35827094 | 289730708 |  |  |  | 4229028 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Notes to Portfolio of Investments (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning**<br> **of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br> **unrealized** <br> **appreciation** <br> **(depreciation)($)**<br>| **End of** <br> **period($)**<br>| **Capital gain**<br> **distributions($)**<br>| **Realized gain**<br> **(loss)($)**<br>| **Dividends —**<br> **affiliated**<br> **issuers ($)**<br>| **End of**<br> **period shares**<br>|
| Wix.com Ltd. <sup>‡</sup>  | Wix.com Ltd. <sup>‡</sup>  | Wix.com Ltd. <sup>‡</sup>  | Wix.com Ltd. <sup>‡</sup>  | Wix.com Ltd. <sup>‡</sup>  | Wix.com Ltd. <sup>‡</sup>  | Wix.com Ltd. <sup>‡</sup>  | Wix.com Ltd. <sup>‡</sup>  | Wix.com Ltd. <sup>‡</sup>  | Wix.com Ltd. <sup>‡</sup>  |
|  |  | 347842451 |  | (162038515)<br>| 304519741 |  |  |  | 3181692 |
| Total | 1223072737 |  |  | 1413017054 | 2925435197 |  | 448205800 | 6261595 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;† Issuer was not an affiliate at the end of period.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Issuer was not an affiliate at the beginning of period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the seven-day current annualized yield at November 30, 2025.

**Abbreviation Legend** 

ADR American Depositary Receipt

**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.

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

Investments falling into the Level 3 category, if any, 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

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 2257878629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2257878629 |
| Consumer Discretionary | 432006774 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 432006774 |
| Financials | 852039009 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 852039009 |
| Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38241122 | &nbsp;&nbsp;&nbsp;&nbsp; 38241122 |
| Industrials | 2267514825 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2267514825 |
| Information Technology | 12425092552 | &nbsp;&nbsp;&nbsp;&nbsp; 144530850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12569623402 |
| Real Estate | 68926996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68926996 |
| Total Common Stocks | 18303458785 | &nbsp;&nbsp;&nbsp;&nbsp; 144530850 | &nbsp;&nbsp;&nbsp;&nbsp; 38241122 | &nbsp;&nbsp;&nbsp;&nbsp; 18486230757 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5993325 | &nbsp;&nbsp;&nbsp;&nbsp; 5993325 |
| Money Market Funds | 349941942 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 349941942 |
| Total Investments in Securities | 18653400727 | &nbsp;&nbsp;&nbsp;&nbsp; 144530850 | &nbsp;&nbsp;&nbsp;&nbsp; 44234447 | &nbsp;&nbsp;&nbsp;&nbsp; 18842166024 |
| **Investments in Derivatives** |  |  |  |  |
| Liability |  |  |  |  |
| Call Option Contracts Written | (16934488)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16934488)<br>|
| Total | 18636466239 | &nbsp;&nbsp;&nbsp;&nbsp; 144530850 | &nbsp;&nbsp;&nbsp;&nbsp; 44234447 | &nbsp;&nbsp;&nbsp;&nbsp; 18825231536 |

---

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. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

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 Seligman Technology and Information Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $7,036,401,172) | $15916730827 |
| Affiliated issuers (cost $1,384,180,295) | 2925435197 |
| Receivable for: |  |
| Capital shares sold | 6524432 |
| Dividends | 7790775 |
| Interest | 94882 |
| Foreign tax reclaims | 144434 |
| Prepaid expenses | 40526 |
| Other assets | 32855 |
| Total assets | 18856793928 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $8,927,794) | 16934488 |
| Due to custodian | 157565 |
| Payable for: |  |
| Investments purchased | 9382396 |
| Capital shares redeemed | 4160000 |
| Management services fees | 807142 |
| Distribution and/or service fees | 171675 |
| Transfer agent fees | 1424223 |
| Compensation of chief compliance officer | 1248 |
| Compensation of board members | 13983 |
| Other expenses | 150310 |
| Deferred compensation of board members | 614205 |
| Total liabilities | 33817235 |
| **Net assets applicable to outstanding capital stock** | **$18822976693** |
| **Represented by** |  |
| Paid in capital | 6509312668 |
| Total distributable earnings (loss) | 12313664025 |
| **Total - representing net assets applicable to outstanding capital stock** | **$18822976693** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

------

Statement of Assets and Liabilities (continued)

November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $10636766026 |
| Shares outstanding | 61665032 |
| Net asset value per share | $172.49 |
| Maximum sales charge  | 5.75% |
| 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) | $183.01 |
| **Class C** |  |
| Net assets | $467555777 |
| Shares outstanding | 7396400 |
| Net asset value per share | $63.21 |
| **Institutional Class** |  |
| Net assets | $5649460042 |
| Shares outstanding | 27414943 |
| Net asset value per share | $206.07 |
| **Institutional 2 Class** |  |
| Net assets | $1205561570 |
| Shares outstanding | 5794398 |
| Net asset value per share | $208.06 |
| **Institutional 3 Class** |  |
| Net assets | $623261239 |
| Shares outstanding | 3034634 |
| Net asset value per share | $205.38 |
| **Class R** |  |
| Net assets | $112320651 |
| Shares outstanding | 730117 |
| Net asset value per share | $153.84 |
| **Class S** |  |
| Net assets | $128051388 |
| Shares outstanding | 621392 |
| Net asset value per share | $206.07 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $45041023 |
| Dividends — affiliated issuers | 6261595 |
| Interest | 94882 |
| Foreign taxes withheld | (509642)<br>|
| Total income | 50887858 |
| Expenses: |  |
| Management services fees | 64892721 |
| Distribution and/or service fees |  |
| Class A | 11558578 |
| Class C | 2048359 |
| Class R | 238672 |
| Transfer agent fees |  |
| Class A | 4114374 |
| Class C | 182302 |
| Institutional Class | 2146992 |
| Institutional 2 Class | 267334 |
| Institutional 3 Class | 10421 |
| Class R | 42491 |
| Class S | 51996 |
| Custodian fees | 37916 |
| Printing and postage fees | 161415 |
| Registration fees | 155390 |
| Accounting services fees | 16211 |
| Legal fees | 169454 |
| Compensation of chief compliance officer | 1248 |
| Compensation of board members | 80108 |
| Deferred compensation of board members | 131993 |
| Other | 94759 |
| Total expenses | 86402734 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (1698)<br>|
| Expense reduction | (1683)<br>|
| Total net expenses | 86399353 |
| **Net investment loss** | (35511495)<br>|
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 1013628211 |
| Investments — affiliated issuers | 448205800 |
| Foreign currency translations | (28665)<br>|
| Option contracts written | 11124370 |
| Net realized gain | 1472929716 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 3296844889 |
| Investments — affiliated issuers | 1413017054 |
| Foreign currency translations | 3099 |
| Option contracts written | (6888887)<br>|
| Net change in unrealized appreciation (depreciation) | 4702976155 |
| Net realized and unrealized gain | 6175905871 |
| **Net increase in net assets resulting from operations** | **$6140394376** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment loss | $(35511495)<br>| &nbsp;&nbsp; $(36161601)<br>|
| Net realized gain | 1472929716 | &nbsp;&nbsp; 1031317737 |
| Net change in unrealized appreciation (depreciation) | 4702976155 | &nbsp;&nbsp; (156335891)<br>|
| Net increase in net assets resulting from operations | 6140394376 | &nbsp;&nbsp; 838820245 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A |  | &nbsp;&nbsp; (1051179370)<br>|
| Class C |  | &nbsp;&nbsp; (108940408)<br>|
| Institutional Class |  | &nbsp;&nbsp; (454623543)<br>|
| Institutional 2 Class |  | &nbsp;&nbsp; (88688677)<br>|
| Institutional 3 Class |  | &nbsp;&nbsp; (44812841)<br>|
| Class R |  | &nbsp;&nbsp; (12082625)<br>|
| Class S |  | &nbsp;&nbsp; (13082979)<br>|
| Total distributions to shareholders |  | &nbsp;&nbsp; (1773410443)<br>|
| Increase (decrease) in net assets from capital stock activity | (292510668)<br>| &nbsp;&nbsp; 913972805 |
| Total increase (decrease) in net assets | 5847883708 | &nbsp;&nbsp; (20617393)<br>|
| Net assets at beginning of period | 12975092985 | &nbsp;&nbsp; 12995710378 |
| **Net assets at end of period** | **$18822976693** | &nbsp;&nbsp; **$12975092985** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 1025073 | &nbsp;&nbsp;&nbsp;&nbsp; 154450378 | &nbsp;&nbsp;&nbsp;&nbsp; 2915923 | &nbsp;&nbsp;&nbsp;&nbsp; 363294879 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7525791 | &nbsp;&nbsp;&nbsp;&nbsp; 958936257 |
| Shares redeemed | (3202316)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (480482382)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7715920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (954413425)<br>|
| Net increase (decrease) | (2177243)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (326032004)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2725794 | &nbsp;&nbsp;&nbsp;&nbsp; 367817711 |
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 773156 | &nbsp;&nbsp;&nbsp;&nbsp; 95804009 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5575822)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (737450880)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4802666)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (641646871)<br>|
| Class C |  |  |  |  |
| Shares sold | 603504 | &nbsp;&nbsp;&nbsp;&nbsp; 32987857 | &nbsp;&nbsp;&nbsp;&nbsp; 1363411 | &nbsp;&nbsp;&nbsp;&nbsp; 66750486 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2242234 | &nbsp;&nbsp;&nbsp;&nbsp; 105474711 |
| Shares redeemed | (1051396)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56412844)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2678323)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130920736)<br>|
| Net increase (decrease) | (447892)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23424987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 927322 | &nbsp;&nbsp;&nbsp;&nbsp; 41304461 |
| Institutional Class |  |  |  |  |
| Shares sold | 2809838 | &nbsp;&nbsp;&nbsp;&nbsp; 509095106 | &nbsp;&nbsp;&nbsp;&nbsp; 9946483 | &nbsp;&nbsp;&nbsp;&nbsp; 1516148961 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2588971 | &nbsp;&nbsp;&nbsp;&nbsp; 393161194 |
| Shares redeemed | (2905703)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (523389325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7097279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1032702384)<br>|
| Net increase (decrease) | (95865)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14294219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5438175 | &nbsp;&nbsp;&nbsp;&nbsp; 876607771 |
| Institutional 2 Class |  |  |  |  |
| Shares sold | 729713 | &nbsp;&nbsp;&nbsp;&nbsp; 137895468 | &nbsp;&nbsp;&nbsp;&nbsp; 1723193 | &nbsp;&nbsp;&nbsp;&nbsp; 253238446 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 572385 | &nbsp;&nbsp;&nbsp;&nbsp; 87723794 |
| Shares redeemed | (503039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93516408)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1817078)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (266849497)<br>|
| Net increase | 226674 | &nbsp;&nbsp;&nbsp;&nbsp; 44379060 | &nbsp;&nbsp;&nbsp;&nbsp; 478500 | &nbsp;&nbsp;&nbsp;&nbsp; 74112743 |
| Institutional 3 Class |  |  |  |  |
| Shares sold | 499485 | &nbsp;&nbsp;&nbsp;&nbsp; 93319321 | &nbsp;&nbsp;&nbsp;&nbsp; 1052478 | &nbsp;&nbsp;&nbsp;&nbsp; 155572787 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 265653 | &nbsp;&nbsp;&nbsp;&nbsp; 40172010 |
| Shares redeemed | (293329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52316942)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (734683)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106068313)<br>|
| Net increase | 206156 | &nbsp;&nbsp;&nbsp;&nbsp; 41002379 | &nbsp;&nbsp;&nbsp;&nbsp; 583448 | &nbsp;&nbsp;&nbsp;&nbsp; 89676484 |
| Class R |  |  |  |  |
| Shares sold | 74569 | &nbsp;&nbsp;&nbsp;&nbsp; 10252684 | &nbsp;&nbsp;&nbsp;&nbsp; 121325 | &nbsp;&nbsp;&nbsp;&nbsp; 13400298 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105539 | &nbsp;&nbsp;&nbsp;&nbsp; 12022986 |
| Shares redeemed | (86521)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11356932)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (236118)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26666999)<br>|
| Net decrease | (11952)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1104248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1243715)<br>|
| Class S |  |  |  |  |
| Shares sold | 3537 | &nbsp;&nbsp;&nbsp;&nbsp; 589829 | &nbsp;&nbsp;&nbsp;&nbsp; 753528 | &nbsp;&nbsp;&nbsp;&nbsp; 115750899 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86152 | &nbsp;&nbsp;&nbsp;&nbsp; 13082979 |
| Shares redeemed | (73625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13626478)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (148200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21489657)<br>|
| Net increase (decrease) | (70088)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13036649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 691480 | &nbsp;&nbsp;&nbsp;&nbsp; 107344221 |
| **Total net increase (decrease)** | **(2370210)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(292510668)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6032799** | &nbsp;&nbsp;&nbsp;&nbsp; **913972805** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

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Columbia Seligman Technology and Information Fund \| 2025

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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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $116.78<br>| &nbsp;&nbsp; (0.38) <br>| 56.09<br>| 55.71<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $125.14<br>| &nbsp;&nbsp; (0.43) <br>| 9.83<br>| 9.40<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (17.76) <br>| &nbsp;&nbsp; (17.76) <br>|
| Year Ended 5/31/2024 | $99.56<br>| &nbsp;&nbsp; (0.28) <br>| 31.63<br>| 31.35<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (5.77) <br>| &nbsp;&nbsp; (5.77) <br>|
| Year Ended 5/31/2023 | $105.00<br>| &nbsp;&nbsp; (0.26) <br>| 2.52<br>| 2.26<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (7.70) <br>| &nbsp;&nbsp; (7.70) <br>|
| Year Ended 5/31/2022 | $121.58<br>| &nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp; (0.88) <br>| &nbsp;&nbsp; (1.36) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (15.22) <br>| &nbsp;&nbsp; (15.22) <br>|
| Year Ended 5/31/2021 | $79.11<br>| &nbsp;&nbsp; (0.19) <br>| 53.51<br>| 53.32<br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (10.41) <br>| &nbsp;&nbsp; (10.85) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | $42.96<br>| &nbsp;&nbsp; (0.34) <br>| 20.59<br>| 20.25<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $55.25<br>| &nbsp;&nbsp; (0.55) <br>| 5.07<br>| 4.52<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (16.81) <br>| &nbsp;&nbsp; (16.81) <br>|
| Year Ended 5/31/2024 | $47.16<br>| &nbsp;&nbsp; (0.51) <br>| 14.37<br>| 13.86<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (5.77) <br>| &nbsp;&nbsp; (5.77) <br>|
| Year Ended 5/31/2023 | $54.65<br>| &nbsp;&nbsp; (0.47) <br>| 0.68<br>| 0.21<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (7.70) <br>| &nbsp;&nbsp; (7.70) <br>|
| Year Ended 5/31/2022 | $69.20<br>| &nbsp;&nbsp; (0.76) <br>| 0.51 <br><sup>(e)</sup><br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (14.30) <br>| &nbsp;&nbsp; (14.30) <br>|
| Year Ended 5/31/2021 | $48.21<br>| &nbsp;&nbsp; (0.57) <br>| 31.78<br>| 31.21<br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; (10.02) <br>| &nbsp;&nbsp; (10.22) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $139.34<br>| &nbsp;&nbsp; (0.24) <br>| 66.97<br>| 66.73<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $146.28<br>| &nbsp;&nbsp; (0.15) <br>| 11.28<br>| 11.13<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (18.07) <br>| &nbsp;&nbsp; (18.07) <br>|
| Year Ended 5/31/2024 | $115.37<br>| 0.00<br>| 36.84<br>| 36.84<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (5.93) <br>| &nbsp;&nbsp; (5.93) <br>|
| Year Ended 5/31/2023 | $120.01<br>| &nbsp;&nbsp; (0.03) <br>| 3.09<br>| 3.06<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (7.70) <br>| &nbsp;&nbsp; (7.70) <br>|
| Year Ended 5/31/2022 | $137.04<br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; (1.31) <br>| &nbsp;&nbsp; (1.51) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (15.52) <br>| &nbsp;&nbsp; (15.52) <br>|
| Year Ended 5/31/2021 | $88.14<br>| 0.07<br>| 59.89<br>| 59.96<br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; (10.54) <br>| &nbsp;&nbsp; (11.06) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $140.65<br>| &nbsp;&nbsp; (0.21) <br>| 67.62<br>| 67.41<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $147.51<br>| &nbsp;&nbsp; (0.09) <br>| 11.36<br>| 11.27<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (18.13) <br>| &nbsp;&nbsp; (18.13) <br>|
| Year Ended 5/31/2024 | $116.27<br>| 0.05<br>| 37.14<br>| 37.19<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (5.95) <br>| &nbsp;&nbsp; (5.95) <br>|
| Year Ended 5/31/2023 | $120.85<br>| 0.01<br>| 3.11<br>| 3.12<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (7.70) <br>| &nbsp;&nbsp; (7.70) <br>|
| Year Ended 5/31/2022 | $137.89<br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (1.31) <br>| &nbsp;&nbsp; (1.47) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (15.57) <br>| &nbsp;&nbsp; (15.57) <br>|
| Year Ended 5/31/2021 | $88.63<br>| 0.11<br>| 60.24<br>| 60.35<br>| &nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp; (10.56) <br>| &nbsp;&nbsp; (11.09) <br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $138.81<br>| &nbsp;&nbsp; (0.17) <br>| 66.74<br>| 66.57<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $145.77<br>| &nbsp;&nbsp; (0.02) <br>| 11.25<br>| 11.23<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (18.19) <br>| &nbsp;&nbsp; (18.19) <br>|
| Year Ended 5/31/2024 | $114.93<br>| 0.11<br>| 36.71<br>| 36.82<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (5.98) <br>| &nbsp;&nbsp; (5.98) <br>|
| Year Ended 5/31/2023 | $119.49<br>| 0.06<br>| 3.08<br>| 3.14<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (7.70) <br>| &nbsp;&nbsp; (7.70) <br>|
| Year Ended 5/31/2022 | $136.48<br>| &nbsp;&nbsp; (0.09) <br>| &nbsp;&nbsp; (1.27) <br>| &nbsp;&nbsp; (1.36) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (15.63) <br>| &nbsp;&nbsp; (15.63) <br>|
| Year Ended 5/31/2021 | $87.79<br>| 0.19<br>| 59.63<br>| 59.82<br>| &nbsp;&nbsp; (0.54) <br>| &nbsp;&nbsp; (10.59) <br>| &nbsp;&nbsp; (11.13) <br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp; $172.49<br>| &nbsp;&nbsp;&nbsp; 47.70%<br>| &nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp; 1.15% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.52%) <br>| &nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp; $10636766<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp; $116.78<br>| &nbsp;&nbsp;&nbsp; 6.33%<br>| &nbsp;&nbsp;&nbsp; 1.16%<br>| &nbsp;&nbsp;&nbsp; 1.16% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.35%) <br>| &nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp; $7455387<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp; $125.14<br>| &nbsp;&nbsp;&nbsp; 32.55%<br>| &nbsp;&nbsp;&nbsp; 1.17%<br>| &nbsp;&nbsp;&nbsp; 1.17% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.25%) <br>| &nbsp;&nbsp;&nbsp; 39%<br>| &nbsp;&nbsp;&nbsp; $7648155<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp; $99.56<br>| &nbsp;&nbsp;&nbsp; 3.29%<br>| &nbsp;&nbsp;&nbsp; 1.20%<br>| &nbsp;&nbsp;&nbsp; 1.20% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.28%) <br>| &nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp; $6081865<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp; $105.00<br>| &nbsp;&nbsp;&nbsp; (3.34%) <br>| &nbsp;&nbsp;&nbsp; 1.17% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1.17% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.39%) <br>| &nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp; $6373137<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp; $121.58<br>| &nbsp;&nbsp;&nbsp; 70.10%<br>| &nbsp;&nbsp;&nbsp; 1.20% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1.20% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.19%) <br>| &nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp; $7078794<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp; $63.21<br>| &nbsp;&nbsp;&nbsp; 47.13%<br>| &nbsp;&nbsp;&nbsp; 1.90%<br>| &nbsp;&nbsp;&nbsp; 1.90% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (1.27%) <br>| &nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp; $467556<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp; $42.96<br>| &nbsp;&nbsp;&nbsp; 5.54%<br>| &nbsp;&nbsp;&nbsp; 1.91%<br>| &nbsp;&nbsp;&nbsp; 1.91% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (1.09%) <br>| &nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp; $336957<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp; $55.25<br>| &nbsp;&nbsp;&nbsp; 31.58%<br>| &nbsp;&nbsp;&nbsp; 1.92%<br>| &nbsp;&nbsp;&nbsp; 1.92% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (1.00%) <br>| &nbsp;&nbsp;&nbsp; 39%<br>| &nbsp;&nbsp;&nbsp; $382137<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp; $47.16<br>| &nbsp;&nbsp;&nbsp; 2.52%<br>| &nbsp;&nbsp;&nbsp; 1.95%<br>| &nbsp;&nbsp;&nbsp; 1.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (1.03%) <br>| &nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp; $312210<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp; $54.65<br>| &nbsp;&nbsp;&nbsp; (4.08%) <br>| &nbsp;&nbsp;&nbsp; 1.92% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1.92% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp; (1.14%) <br>| &nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp; $359106<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp; $69.20<br>| &nbsp;&nbsp;&nbsp; 68.85%<br>| &nbsp;&nbsp;&nbsp; 1.94% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1.94% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.96%) <br>| &nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp; $416301<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp; $206.07<br>| &nbsp;&nbsp;&nbsp; 47.90%<br>| &nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.27%) <br>| &nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp; $5649460<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp; $139.34<br>| &nbsp;&nbsp;&nbsp; 6.60%<br>| &nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp; 0.91% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.10%) <br>| &nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp; $3833269<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp; $146.28<br>| &nbsp;&nbsp;&nbsp; 32.88%<br>| &nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp; 0.92% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 0.00%<br>| &nbsp;&nbsp;&nbsp; 39%<br>| &nbsp;&nbsp;&nbsp; $3228859<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp; $115.37<br>| &nbsp;&nbsp;&nbsp; 3.57%<br>| &nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.03%) <br>| &nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp; $2139513<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp; $120.01<br>| &nbsp;&nbsp;&nbsp; (3.09%) <br>| &nbsp;&nbsp;&nbsp; 0.92% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 0.92% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.14%) <br>| &nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp; $1922182<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp; $137.04<br>| &nbsp;&nbsp;&nbsp; 70.53%<br>| &nbsp;&nbsp;&nbsp; 0.95% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 0.95% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp; 0.06%<br>| &nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp; $2027453<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp; $208.06<br>| &nbsp;&nbsp;&nbsp; 47.93%<br>| &nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp; (0.24%) <br>| &nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp; $1205562<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp; $140.65<br>| &nbsp;&nbsp;&nbsp; 6.63%<br>| &nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp; 0.87%<br>| &nbsp;&nbsp;&nbsp; (0.06%) <br>| &nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp; $783119<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp; $147.51<br>| &nbsp;&nbsp;&nbsp; 32.94%<br>| &nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp; 0.04%<br>| &nbsp;&nbsp;&nbsp; 39%<br>| &nbsp;&nbsp;&nbsp; $750719<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp; $116.27<br>| &nbsp;&nbsp;&nbsp; 3.58%<br>| &nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp; 0.01%<br>| &nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp; $453797<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp; $120.85<br>| &nbsp;&nbsp;&nbsp; (3.05%) <br>| &nbsp;&nbsp;&nbsp; 0.89% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 0.89% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.11%) <br>| &nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp; $351625<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp; $137.89<br>| &nbsp;&nbsp;&nbsp; 70.60%<br>| &nbsp;&nbsp;&nbsp; 0.91% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 0.91% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 0.09%<br>| &nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp; $320652<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp; $205.38<br>| &nbsp;&nbsp;&nbsp; 47.96%<br>| &nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp; 0.82%<br>| &nbsp;&nbsp;&nbsp; (0.19%) <br>| &nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp; $623261<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp; $138.81<br>| &nbsp;&nbsp;&nbsp; 6.68%<br>| &nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp; 0.83%<br>| &nbsp;&nbsp;&nbsp; (0.01%) <br>| &nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp; $392631<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp; $145.77<br>| &nbsp;&nbsp;&nbsp; 33.00%<br>| &nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp; 0.84%<br>| &nbsp;&nbsp;&nbsp; 0.09%<br>| &nbsp;&nbsp;&nbsp; 39%<br>| &nbsp;&nbsp;&nbsp; $327258<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp; $114.93<br>| &nbsp;&nbsp;&nbsp; 3.64%<br>| &nbsp;&nbsp;&nbsp; 0.86%<br>| &nbsp;&nbsp;&nbsp; 0.86%<br>| &nbsp;&nbsp;&nbsp; 0.06%<br>| &nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp; $178005<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp; $119.49<br>| &nbsp;&nbsp;&nbsp; (3.01%) <br>| &nbsp;&nbsp;&nbsp; 0.84% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 0.84% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.07%) <br>| &nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp; $135794<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp; $136.48<br>| &nbsp;&nbsp;&nbsp; 70.67%<br>| &nbsp;&nbsp;&nbsp; 0.86% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 0.86% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 0.17%<br>| &nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp; $115173<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six Months Ended 11/30/2025 (Unaudited) | $104.28<br>| &nbsp;&nbsp; (0.51) <br>| 50.07<br>| 49.56<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $113.37<br>| &nbsp;&nbsp; (0.67) <br>| 9.02<br>| 8.35<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (17.44) <br>| &nbsp;&nbsp; (17.44) <br>|
| Year Ended 5/31/2024 | $90.90<br>| &nbsp;&nbsp; (0.50) <br>| 28.74<br>| 28.24<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (5.77) <br>| &nbsp;&nbsp; (5.77) <br>|
| Year Ended 5/31/2023 | $96.85<br>| &nbsp;&nbsp; (0.45) <br>| 2.20<br>| 1.75<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (7.70) <br>| &nbsp;&nbsp; (7.70) <br>|
| Year Ended 5/31/2022 | $113.17<br>| &nbsp;&nbsp; (0.73) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (1.40) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (14.92) <br>| &nbsp;&nbsp; (14.92) <br>|
| Year Ended 5/31/2021 | $74.19<br>| &nbsp;&nbsp; (0.42) <br>| 50.04<br>| 49.62<br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; (10.28) <br>| &nbsp;&nbsp; (10.64) <br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | $139.34<br>| &nbsp;&nbsp; (0.24) <br>| 66.97<br>| 66.73<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025<sup>(f)</sup> <br>| $151.95<br>| &nbsp;&nbsp; (0.19) <br>| 5.65<br>| 5.46<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (18.07) <br>| &nbsp;&nbsp; (18.07) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **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 interfund lending expense which is less than 0.01%. |
| (e) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class. |
| (f) | Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $153.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $112321<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $104.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $77382<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $113.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85180<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $90.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $69138<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $96.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.59%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $74421<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $113.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.44%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $93459<br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $206.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.27%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $128051<br>|
|  Year Ended 5/31/2025 <br><sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $139.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $96348<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Seligman Technology and Information Fund \| 2025

------

Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Seligman Technology and Information Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a non-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 Massachusetts business 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. Institutional Class, Institutional 2 Class, Institutional 3 Class, Class R and Class S 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.

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Columbia Seligman Technology and Information Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

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.

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Columbia Seligman Technology and Information Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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 exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. 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 expected to be 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 in respect of over-the-counter derivatives, 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 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

Columbia Seligman Technology and Information Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

**Options contracts**

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund has written option contracts to increase return on investments and to facilitate buying and selling of securities for investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

**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.

Columbia Seligman Technology and Information Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 16934488 |

---

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 six months ended November 30, 2025:

---

| | |
|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Option** <br>**contracts** <br>**written** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 11124370 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Option** <br>**contracts** <br>**written** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; (6888887)<br>|

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended November 30, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts written | (9187174)<br>|

---

**Offsetting of assets and liabilities** 

The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements with counterparties as well as any related collateral received or pledged by the Fund as of November 30, 2025:

---

| | |
|:---|:---|
|  | **Morgan** <br>**Stanley**<br>|
| **Liabilities** |  |
| Call option contracts written | $&nbsp;&nbsp; 16934488<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **(16934488)**<br>|
| Total collateral received (pledged) <sup>(a)</sup> <br>| &nbsp;&nbsp; (16934488)<br>|
| **Net amount** <sup>(b)</sup> <br>| $&nbsp;&nbsp; **-**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the net amount due from/(to) counterparties in the event of default.

**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.

Columbia Seligman Technology and Information Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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. For convertible securities, premiums attributable to the conversion feature are not amortized.

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.

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**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.

**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.

Columbia Seligman Technology and Information Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 and paid annually. 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**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

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 and is responsible for 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 0.915% to 0.705% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.801% of the Fund's average daily net assets.

The Investment Manager has contractually agreed to implement a waiver with respect to Fund assets invested in funds that pay a management or advisory fee to the Investment Manager or its affiliate (underlying affiliated funds). Under this arrangement, the Investment Manager waives its net management fee (management fee less reimbursements/waivers) with respect to the Fund in an amount equal to the net management or advisory fee (fee less reimbursement/waivers) payable by an underlying affiliated fund on the assets invested by the Fund in the underlying affiliated fund.

**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.

Columbia Seligman Technology and Information Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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.

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.09 |
| Class C | 0.09 |
| Institutional Class | 0.09 |
| Institutional 2 Class | 0.05 |
| Institutional 3 Class | 0.00 |
| Class R | 0.09 |
| Class S | 0.09 |

---

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 six months ended November 30, 2025, these minimum account balance fees reduced total expenses of the Fund by $1,683.

**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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund's average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.

Columbia Seligman Technology and Information Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $13,172,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2025, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

**Sales charges** 

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 5.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1732618 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15770 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 1, 2025** <br>**through** <br>**September 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**October 1, 2025 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |

---

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. 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.

Columbia Seligman Technology and Information Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

At November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 8411654000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10862033000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (448455000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10413578000 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

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 $3,189,471,413 and $3,594,831,983, respectively, for the six months ended November 30, 2025. 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 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.

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 did not borrow or lend money under the Interfund Program during the six months ended November 30, 2025.

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 23, 2025 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 $750 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

Columbia Seligman Technology and Information Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. 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 23, 2025 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 $900 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 1.00% in each case.

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted 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 that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any

Columbia Seligman Technology and Information Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Seligman Technology and Information Fund \| 2025

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Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Seligman Technology and Information Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia Seligman Technology and Information Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Columbia Seligman Technology and Information Fund \| 2025

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Approval of Management Agreement (continued)

(Unaudited)

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board

took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

Columbia Seligman Technology and Information Fund \| 2025

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Approval of Management Agreement (continued)

(Unaudited)

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Seligman Technology and Information Fund \| 2025

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**Columbia Seligman Technology and Information Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59746imga9eed7152.jpg)

**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.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR219_05_T01_(01/26)

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![](g59746imgd6bc20ca1.jpg)

Multi-Manager Value Strategies Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_862d7596-0bce-40bb-ae34-82cc3104889c_POI-CommonContent-Date-17_1) | 3 |
| [Statement of Assets and Liabilities](#xx_862d7596-0bce-40bb-ae34-82cc3104889c_FS-CommonContent-Date-17_1) | 12 |
| [Statement of Operations](#xx_862d7596-0bce-40bb-ae34-82cc3104889c_FS-CommonContent-Date-17_2) | 13 |
| [Statement of Changes in Net Assets](#xx_862d7596-0bce-40bb-ae34-82cc3104889c_FS-CommonContent-Date-17_3) | 14 |
| [Financial Highlights](#xx_862d7596-0bce-40bb-ae34-82cc3104889c_FIHI-CommonContent-Date-17_1) | 15 |
| [Notes to Financial Statements](#xx_862d7596-0bce-40bb-ae34-82cc3104889c_NTF-CommonContent-Date-17_1) | 16 |
| [Approval of Management and Subadvisory Agreements](#xx_862d7596-0bce-40bb-ae34-82cc3104889c_CCH-CommonContent-Date-17_1) | 23 |

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Multi-Manager Value Strategies Fund \| 2025

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Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Common Stocks 98.3%** | **Common Stocks 98.3%** | **Common Stocks 98.3%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 6.7%** | **Communication Services 6.7%** | **Communication Services 6.7%** |
| **Diversified Telecommunication Services 1.6%** | **Diversified Telecommunication Services 1.6%** | **Diversified Telecommunication Services 1.6%** |
| AT&T, Inc. | &nbsp;&nbsp; 2235621 | &nbsp;&nbsp; 58170858 |
| GCI Liberty, Inc. Escrow<sup>(a),(b),(c)</sup> <br>| &nbsp;&nbsp; 8656 | &nbsp;&nbsp; 0 |
| GCI Liberty, Inc., Class C<sup>(b)</sup> <br>| &nbsp;&nbsp; 160 | &nbsp;&nbsp; 5331 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 779641 | &nbsp;&nbsp; 32051042 |
| Total |  | &nbsp;&nbsp; 90227231 |
| **Entertainment 1.0%** | **Entertainment 1.0%** | **Entertainment 1.0%** |
| Sphere Entertainment Co.<sup>(b)</sup> <br>| &nbsp;&nbsp; 286 | &nbsp;&nbsp; 24193 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 536117 | &nbsp;&nbsp; 56008143 |
| Total |  | &nbsp;&nbsp; 56032336 |
| **Interactive Media & Services 3.4%** | **Interactive Media & Services 3.4%** | **Interactive Media & Services 3.4%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 280199 | &nbsp;&nbsp; 89714116 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 132373 | &nbsp;&nbsp; 42375245 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 83473 | &nbsp;&nbsp; 54086330 |
| Total |  | &nbsp;&nbsp; 186175691 |
| **Media 0.4%** | **Media 0.4%** | **Media 0.4%** |
| Comcast Corp., Class A | &nbsp;&nbsp; 671440 | &nbsp;&nbsp; 17920734 |
| Fox Corp., Class A | &nbsp;&nbsp; 54037 | &nbsp;&nbsp; 3539423 |
| Fox Corp., Class B | &nbsp;&nbsp; 41183 | &nbsp;&nbsp; 2399322 |
| Total |  | &nbsp;&nbsp; 23859479 |
| **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** |
| T-Mobile US, Inc. | &nbsp;&nbsp; 78712 | &nbsp;&nbsp; 16451595 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **372746332** |
| **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** |
| **Automobile Components 0.3%** | **Automobile Components 0.3%** | **Automobile Components 0.3%** |
| Aptiv PLC<sup>(b)</sup> <br>| &nbsp;&nbsp; 71563 | &nbsp;&nbsp; 5549711 |
| Autoliv, Inc. | &nbsp;&nbsp; 37671 | &nbsp;&nbsp; 4444801 |
| BorgWarner, Inc. | &nbsp;&nbsp; 121576 | &nbsp;&nbsp; 5235062 |
| Lear Corp. | &nbsp;&nbsp; 28910 | &nbsp;&nbsp; 3103778 |
| Phinia, Inc. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 8330 |
| Total |  | &nbsp;&nbsp; 18341682 |
| **Automobiles 1.2%** | **Automobiles 1.2%** | **Automobiles 1.2%** |
| Ford Motor Co. | &nbsp;&nbsp; 1335488 | &nbsp;&nbsp; 17735281 |
| General Motors Co. | &nbsp;&nbsp; 684961 | &nbsp;&nbsp; 50358333 |
| Total |  | &nbsp;&nbsp; 68093614 |

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| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Broadline Retail 1.8%** | **Broadline Retail 1.8%** | **Broadline Retail 1.8%** |
| Amazon.com, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 366357 | &nbsp;&nbsp; 85441780 |
| Dillard's, Inc., Class A | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1008440 |
| eBay, Inc. | &nbsp;&nbsp; 131708 | &nbsp;&nbsp; 10904105 |
| Total |  | &nbsp;&nbsp; 97354325 |
| **Diversified Consumer Services 0.1%** | **Diversified Consumer Services 0.1%** | **Diversified Consumer Services 0.1%** |
| Grand Canyon Education, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 11421 | &nbsp;&nbsp; 1801549 |
| Stride, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 24580 | &nbsp;&nbsp; 1561567 |
| Total |  | &nbsp;&nbsp; 3363116 |
| **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** |
| Boyd Gaming Corp. | &nbsp;&nbsp; 30623 | &nbsp;&nbsp; 2550896 |
| Brinker International, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 6985 | &nbsp;&nbsp; 1074223 |
| Carnival Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 402660 | &nbsp;&nbsp; 10380575 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 208737 | &nbsp;&nbsp; 7205601 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 98581 | &nbsp;&nbsp; 6719281 |
| McDonald's Corp. | &nbsp;&nbsp; 84230 | &nbsp;&nbsp; 26264599 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp; 228450 | &nbsp;&nbsp; 4217187 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 72471 | &nbsp;&nbsp; 19295404 |
| Starbucks Corp. | &nbsp;&nbsp; 309140 | &nbsp;&nbsp; 26929185 |
| Super Group SGHC Ltd. | &nbsp;&nbsp; 89369 | &nbsp;&nbsp; 967866 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp; 32578 | &nbsp;&nbsp; 5709295 |
| Total |  | &nbsp;&nbsp; 111314112 |
| **Household Durables 0.9%** | **Household Durables 0.9%** | **Household Durables 0.9%** |
| Installed Building Products, Inc. | &nbsp;&nbsp; 10897 | &nbsp;&nbsp; 2920614 |
| Lennar Corp., Class A | &nbsp;&nbsp; 76067 | &nbsp;&nbsp; 9987597 |
| Lennar Corp., Class B | &nbsp;&nbsp; 6131 | &nbsp;&nbsp; 757730 |
| NVR, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 4527 | &nbsp;&nbsp; 33985502 |
| Total |  | &nbsp;&nbsp; 47651443 |
| **Leisure Products 0.0%** | **Leisure Products 0.0%** | **Leisure Products 0.0%** |
| Mattel, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 108848 | &nbsp;&nbsp; 2298870 |
| **Specialty Retail 3.4%** | **Specialty Retail 3.4%** | **Specialty Retail 3.4%** |
| AutoNation, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 17300 | &nbsp;&nbsp; 3655317 |
| Best Buy Co., Inc. | &nbsp;&nbsp; 60893 | &nbsp;&nbsp; 4827597 |
| Burlington Stores, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 27252 | &nbsp;&nbsp; 6873772 |
| CarMax, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 463024 | &nbsp;&nbsp; 17900508 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp; 28510 | &nbsp;&nbsp; 5889311 |

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The accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

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Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Five Below, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 31663 | &nbsp;&nbsp; 5220912 |
| Gap, Inc. (The) | &nbsp;&nbsp; 107085 | &nbsp;&nbsp; 2898791 |
| Home Depot, Inc. (The) | &nbsp;&nbsp; 73523 | &nbsp;&nbsp; 26241829 |
| Lithia Motors, Inc., Class A | &nbsp;&nbsp; 7709 | &nbsp;&nbsp; 2457938 |
| Murphy U.S.A., Inc. | &nbsp;&nbsp; 8435 | &nbsp;&nbsp; 3248065 |
| Ross Stores, Inc. | &nbsp;&nbsp; 109362 | &nbsp;&nbsp; 19287082 |
| TJX Companies, Inc. (The) | &nbsp;&nbsp; 353647 | &nbsp;&nbsp; 53726052 |
| Tractor Supply Co. | &nbsp;&nbsp; 206542 | &nbsp;&nbsp; 11314371 |
| Ulta Beauty, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 23687 | &nbsp;&nbsp; 12763266 |
| Urban Outfitters, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 35036 | &nbsp;&nbsp; 2595117 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp; 53241 | &nbsp;&nbsp; 9583912 |
| Total |  | &nbsp;&nbsp; 188483840 |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |
| Capri Holdings Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp; 708 | &nbsp;&nbsp; 17962 |
| Crocs, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 28691 | &nbsp;&nbsp; 2438161 |
| Deckers Outdoor Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 9040 | &nbsp;&nbsp; 795791 |
| Levi Strauss & Co., Class A | &nbsp;&nbsp; 54467 | &nbsp;&nbsp; 1199908 |
| lululemon athletica, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 36074 | &nbsp;&nbsp; 6644109 |
| Ralph Lauren Corp. | &nbsp;&nbsp; 17043 | &nbsp;&nbsp; 6260405 |
| VF Corp. | &nbsp;&nbsp; 7329 | &nbsp;&nbsp; 128258 |
| Total |  | &nbsp;&nbsp; 17484594 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **554385596** |
| **Consumer Staples 7.6%** | **Consumer Staples 7.6%** | **Consumer Staples 7.6%** |
| **Beverages 0.6%** | **Beverages 0.6%** | **Beverages 0.6%** |
| Coca-Cola Bottling Co. Consolidated | &nbsp;&nbsp; 1117 | &nbsp;&nbsp; 182015 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 281006 | &nbsp;&nbsp; 20547159 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 34445 | &nbsp;&nbsp; 4697609 |
| PepsiCo, Inc. | &nbsp;&nbsp; 62170 | &nbsp;&nbsp; 9247166 |
| Total |  | &nbsp;&nbsp; 34673949 |
| **Consumer Staples Distribution & Retail 3.5%** | **Consumer Staples Distribution & Retail 3.5%** | **Consumer Staples Distribution & Retail 3.5%** |
| Albertsons Companies, Inc., Class A | &nbsp;&nbsp; 16463 | &nbsp;&nbsp; 301767 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 59407 | &nbsp;&nbsp; 5300886 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 47736 | &nbsp;&nbsp; 43611132 |
| Dollar General Corp. | &nbsp;&nbsp; 108139 | &nbsp;&nbsp; 11840139 |
| Dollar Tree, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 114983 | &nbsp;&nbsp; 12741266 |
| Kroger Co. (The) | &nbsp;&nbsp; 245802 | &nbsp;&nbsp; 16537558 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 40443 | &nbsp;&nbsp; 3389528 |
| Sysco Corp. | &nbsp;&nbsp; 644229 | &nbsp;&nbsp; 49090250 |

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| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Target Corp. | &nbsp;&nbsp; 92472 | &nbsp;&nbsp; 8379813 |
| Walmart, Inc. | &nbsp;&nbsp; 371282 | &nbsp;&nbsp; 41030374 |
| Total |  | &nbsp;&nbsp; 192222713 |
| **Food Products 1.2%** | **Food Products 1.2%** | **Food Products 1.2%** |
| General Mills, Inc. | &nbsp;&nbsp; 778233 | &nbsp;&nbsp; 36849333 |
| Hershey Co. (The) | &nbsp;&nbsp; 40549 | &nbsp;&nbsp; 7626456 |
| Ingredion, Inc. | &nbsp;&nbsp; 14294 | &nbsp;&nbsp; 1537177 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp; 45197 | &nbsp;&nbsp; 2669335 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 263067 | &nbsp;&nbsp; 15144767 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 25437 | &nbsp;&nbsp; 967623 |
| Total |  | &nbsp;&nbsp; 64794691 |
| **Household Products 1.9%** | **Household Products 1.9%** | **Household Products 1.9%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 844261 | &nbsp;&nbsp; 67870142 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 235438 | &nbsp;&nbsp; 34882494 |
| Total |  | &nbsp;&nbsp; 102752636 |
| **Personal Care Products 0.1%** | **Personal Care Products 0.1%** | **Personal Care Products 0.1%** |
| Estee Lauder Companies, Inc. (The), Class A | &nbsp;&nbsp; 78176 | &nbsp;&nbsp; 7354016 |
| **Tobacco 0.3%** | **Tobacco 0.3%** | **Tobacco 0.3%** |
| Altria Group, Inc. | &nbsp;&nbsp; 323791 | &nbsp;&nbsp; 19106907 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **420904912** |
| **Energy 7.5%** | **Energy 7.5%** | **Energy 7.5%** |
| **Energy Equipment & Services 0.2%** | **Energy Equipment & Services 0.2%** | **Energy Equipment & Services 0.2%** |
| Halliburton Co. | &nbsp;&nbsp; 142539 | &nbsp;&nbsp; 3737373 |
| Schlumberger NV | &nbsp;&nbsp; 2748 | &nbsp;&nbsp; 99587 |
| TechnipFMC PLC | &nbsp;&nbsp; 204811 | &nbsp;&nbsp; 9269746 |
| Total |  | &nbsp;&nbsp; 13106706 |
| **Oil, Gas & Consumable Fuels 7.3%** | **Oil, Gas & Consumable Fuels 7.3%** | **Oil, Gas & Consumable Fuels 7.3%** |
| Antero Midstream Corp. | &nbsp;&nbsp; 161319 | &nbsp;&nbsp; 2905355 |
| APA Corp. | &nbsp;&nbsp; 186021 | &nbsp;&nbsp; 4644944 |
| Cheniere Energy, Inc. | &nbsp;&nbsp; 66158 | &nbsp;&nbsp; 13791297 |
| Chevron Corp. | &nbsp;&nbsp; 185831 | &nbsp;&nbsp; 28084639 |
| Chord Energy Corp. | &nbsp;&nbsp; 30220 | &nbsp;&nbsp; 2836449 |
| ConocoPhillips Co. | &nbsp;&nbsp; 963309 | &nbsp;&nbsp; 85435875 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 300275 | &nbsp;&nbsp; 8059381 |
| Devon Energy Corp. | &nbsp;&nbsp; 251544 | &nbsp;&nbsp; 9322221 |
| Diamondback Energy, Inc. | &nbsp;&nbsp; 299918 | &nbsp;&nbsp; 45764488 |
| EOG Resources, Inc. | &nbsp;&nbsp; 153626 | &nbsp;&nbsp; 16568564 |
| Expand Energy Corp. | &nbsp;&nbsp; 65402 | &nbsp;&nbsp; 7974466 |

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The accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

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Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Exxon Mobil Corp. | &nbsp;&nbsp; 839929 | &nbsp;&nbsp; 97364570 |
| Hess Midstream LP, Class A | &nbsp;&nbsp; 59641 | &nbsp;&nbsp; 2008709 |
| HF Sinclair Corp. | &nbsp;&nbsp; 103010 | &nbsp;&nbsp; 5450259 |
| Matador Resources Co. | &nbsp;&nbsp; 50994 | &nbsp;&nbsp; 2162145 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 246896 | &nbsp;&nbsp; 10369632 |
| Ovintiv, Inc. | &nbsp;&nbsp; 137787 | &nbsp;&nbsp; 5643755 |
| Permian Resources Corp. | &nbsp;&nbsp; 344347 | &nbsp;&nbsp; 4989588 |
| Range Resources Corp. | &nbsp;&nbsp; 102581 | &nbsp;&nbsp; 4050924 |
| Targa Resources Corp. | &nbsp;&nbsp; 62117 | &nbsp;&nbsp; 10889731 |
| Valero Energy Corp. | &nbsp;&nbsp; 81133 | &nbsp;&nbsp; 14341069 |
| Williams Companies, Inc. (The) | &nbsp;&nbsp; 343561 | &nbsp;&nbsp; 20933172 |
| Total |  | &nbsp;&nbsp; 403591233 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **416697939** |
| **Financials 20.6%** | **Financials 20.6%** | **Financials 20.6%** |
| **Banks 5.5%** | **Banks 5.5%** | **Banks 5.5%** |
| Bank of America Corp. | &nbsp;&nbsp; 1547943 | &nbsp;&nbsp; 83047142 |
| Bank OZK | &nbsp;&nbsp; 29331 | &nbsp;&nbsp; 1349813 |
| East West Bancorp, Inc. | &nbsp;&nbsp; 56564 | &nbsp;&nbsp; 6035379 |
| First Citizens BancShares Inc., Class A | &nbsp;&nbsp; 2271 | &nbsp;&nbsp; 4264688 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 434710 | &nbsp;&nbsp; 136099007 |
| KeyCorp | &nbsp;&nbsp; 1200981 | &nbsp;&nbsp; 22074031 |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp; 98881 | &nbsp;&nbsp; 18858584 |
| Synovus Financial Corp. | &nbsp;&nbsp; 58505 | &nbsp;&nbsp; 2819941 |
| Wells Fargo & Co. | &nbsp;&nbsp; 326718 | &nbsp;&nbsp; 28048740 |
| Zions Bancorp NA | &nbsp;&nbsp; 45920 | &nbsp;&nbsp; 2444322 |
| Total |  | &nbsp;&nbsp; 305041647 |
| **Capital Markets 2.8%** | **Capital Markets 2.8%** | **Capital Markets 2.8%** |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 268995 | &nbsp;&nbsp; 30154339 |
| Blackrock, Inc. | &nbsp;&nbsp; 19159 | &nbsp;&nbsp; 20065221 |
| Carlyle Group, Inc. (The) | &nbsp;&nbsp; 39852 | &nbsp;&nbsp; 2173130 |
| CME Group, Inc. | &nbsp;&nbsp; 81707 | &nbsp;&nbsp; 22997252 |
| Galaxy Digital, Inc., Class A<sup>(b)</sup> <br>| &nbsp;&nbsp; 80422 | &nbsp;&nbsp; 2138421 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp; 44176 | &nbsp;&nbsp; 2542770 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp; 26519 | &nbsp;&nbsp; 9441825 |
| Moelis & Co., ADR, Class A | &nbsp;&nbsp; 8216 | &nbsp;&nbsp; 527221 |
| Morgan Stanley | &nbsp;&nbsp; 299587 | &nbsp;&nbsp; 50827930 |
| Northern Trust Corp. | &nbsp;&nbsp; 75216 | &nbsp;&nbsp; 9878869 |

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| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 8279 | &nbsp;&nbsp; 1295995 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp; 16794 | &nbsp;&nbsp; 1719370 |
| Total |  | &nbsp;&nbsp; 153762343 |
| **Consumer Finance 2.4%** | **Consumer Finance 2.4%** | **Consumer Finance 2.4%** |
| Ally Financial, Inc. | &nbsp;&nbsp; 126683 | &nbsp;&nbsp; 5232008 |
| American Express Co. | &nbsp;&nbsp; 126985 | &nbsp;&nbsp; 46383811 |
| Capital One Financial Corp. | &nbsp;&nbsp; 273733 | &nbsp;&nbsp; 59966688 |
| OneMain Holdings, Inc. | &nbsp;&nbsp; 59643 | &nbsp;&nbsp; 3699655 |
| SLM Corp. | &nbsp;&nbsp; 86569 | &nbsp;&nbsp; 2536472 |
| Synchrony Financial | &nbsp;&nbsp; 146400 | &nbsp;&nbsp; 11325504 |
| Total |  | &nbsp;&nbsp; 129144138 |
| **Financial Services 2.9%** | **Financial Services 2.9%** | **Financial Services 2.9%** |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> <br>| &nbsp;&nbsp; 162350 | &nbsp;&nbsp; 83417054 |
| Corebridge Financial, Inc. | &nbsp;&nbsp; 103340 | &nbsp;&nbsp; 3102267 |
| Equitable Holdings, Inc. | &nbsp;&nbsp; 593390 | &nbsp;&nbsp; 27705379 |
| Jackson Financial, Inc., Class A | &nbsp;&nbsp; 35512 | &nbsp;&nbsp; 3480531 |
| MGIC Investment Corp. | &nbsp;&nbsp; 100923 | &nbsp;&nbsp; 2861167 |
| Visa, Inc., Class A | &nbsp;&nbsp; 124494 | &nbsp;&nbsp; 41635773 |
| Total |  | &nbsp;&nbsp; 162202171 |
| **Insurance 7.0%** | **Insurance 7.0%** | **Insurance 7.0%** |
| Allstate Corp. (The) | &nbsp;&nbsp; 74048 | &nbsp;&nbsp; 15770743 |
| American Financial Group, Inc. | &nbsp;&nbsp; 29428 | &nbsp;&nbsp; 4052824 |
| American International Group, Inc. | &nbsp;&nbsp; 1216689 | &nbsp;&nbsp; 92663034 |
| Aon PLC, Class A | &nbsp;&nbsp; 186932 | &nbsp;&nbsp; 66158973 |
| Arch Capital Group Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp; 111024 | &nbsp;&nbsp; 10427374 |
| Assurant, Inc. | &nbsp;&nbsp; 25162 | &nbsp;&nbsp; 5740962 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp; 38092 | &nbsp;&nbsp; 3894526 |
| Chubb Ltd. | &nbsp;&nbsp; 110180 | &nbsp;&nbsp; 32633112 |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp; 5189 | &nbsp;&nbsp; 167657 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 380352 |
| Globe Life, Inc. | &nbsp;&nbsp; 40958 | &nbsp;&nbsp; 5518271 |
| Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp; 108788 | &nbsp;&nbsp; 14907220 |
| Markel Group, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 2194864 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 101945 | &nbsp;&nbsp; 18701810 |
| MetLife, Inc. | &nbsp;&nbsp; 628800 | &nbsp;&nbsp; 48140928 |
| Primerica, Inc. | &nbsp;&nbsp; 9466 | &nbsp;&nbsp; 2435791 |
| Principal Financial Group, Inc. | &nbsp;&nbsp; 59369 | &nbsp;&nbsp; 5035679 |
| Progressive Corp. (The) | &nbsp;&nbsp; 103287 | &nbsp;&nbsp; 23631033 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Prudential Financial, Inc. | &nbsp;&nbsp; 59296 | &nbsp;&nbsp; 6418792 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp; 23685 | &nbsp;&nbsp; 6185812 |
| Travelers Companies, Inc. (The) | &nbsp;&nbsp; 72670 | &nbsp;&nbsp; 21282136 |
| Unum Group | &nbsp;&nbsp; 35010 | &nbsp;&nbsp; 2659710 |
| Total |  | &nbsp;&nbsp; 389001603 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1139151902** |
| **Health Care 11.0%** | **Health Care 11.0%** | **Health Care 11.0%** |
| **Biotechnology 1.5%** | **Biotechnology 1.5%** | **Biotechnology 1.5%** |
| AbbVie, Inc. | &nbsp;&nbsp; 123315 | &nbsp;&nbsp; 28078826 |
| Biogen, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 6334 | &nbsp;&nbsp; 1153358 |
| Exelixis, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 106785 | &nbsp;&nbsp; 4716693 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 400063 | &nbsp;&nbsp; 50343928 |
| Total |  | &nbsp;&nbsp; 84292805 |
| **Health Care Equipment & Supplies 3.0%** | **Health Care Equipment & Supplies 3.0%** | **Health Care Equipment & Supplies 3.0%** |
| Abbott Laboratories | &nbsp;&nbsp; 730987 | &nbsp;&nbsp; 94224224 |
| Cooper Cos, Inc. (The)<sup>(b)</sup> <br>| &nbsp;&nbsp; 308336 | &nbsp;&nbsp; 24028624 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 1652 | &nbsp;&nbsp; 1243758 |
| Lantheus Holdings, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 4949 | &nbsp;&nbsp; 291348 |
| Masimo Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 23060 | &nbsp;&nbsp; 3284436 |
| Medtronic PLC | &nbsp;&nbsp; 394555 | &nbsp;&nbsp; 41558478 |
| Solventum Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 58007 | &nbsp;&nbsp; 4945677 |
| Total |  | &nbsp;&nbsp; 169576545 |
| **Health Care Providers & Services 1.7%** | **Health Care Providers & Services 1.7%** | **Health Care Providers & Services 1.7%** |
| Centene Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 175382 | &nbsp;&nbsp; 6899528 |
| Corvel Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 6046 | &nbsp;&nbsp; 442446 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 50898 | &nbsp;&nbsp; 25870944 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp; 131945 | &nbsp;&nbsp; 35464177 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 60041 | &nbsp;&nbsp; 19799721 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp; 22129 | &nbsp;&nbsp; 5391288 |
| Total |  | &nbsp;&nbsp; 93868104 |
| **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** |
| Danaher Corp. | &nbsp;&nbsp; 37796 | &nbsp;&nbsp; 8571377 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 57392 | &nbsp;&nbsp; 33908915 |
| Total |  | &nbsp;&nbsp; 42480292 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Pharmaceuticals 4.0%** | **Pharmaceuticals 4.0%** | **Pharmaceuticals 4.0%** |
| AstraZeneca PLC, ADR | &nbsp;&nbsp; 112608 | &nbsp;&nbsp; 10441014 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 222666 | &nbsp;&nbsp; 10955167 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> <br>| &nbsp;&nbsp; 27488 | &nbsp;&nbsp; 4852457 |
| Johnson & Johnson | &nbsp;&nbsp; 279385 | &nbsp;&nbsp; 57810344 |
| Merck & Co., Inc. | &nbsp;&nbsp; 527512 | &nbsp;&nbsp; 55299083 |
| Pfizer, Inc. | &nbsp;&nbsp; 1153681 | &nbsp;&nbsp; 29695749 |
| Viatris, Inc. | &nbsp;&nbsp; 425798 | &nbsp;&nbsp; 4551781 |
| Zoetis, Inc. | &nbsp;&nbsp; 364336 | &nbsp;&nbsp; 46700588 |
| Total |  | &nbsp;&nbsp; 220306183 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **610523929** |
| **Industrials 15.4%** | **Industrials 15.4%** | **Industrials 15.4%** |
| **Aerospace & Defense 1.3%** | **Aerospace & Defense 1.3%** | **Aerospace & Defense 1.3%** |
| BWX Technologies, Inc. | &nbsp;&nbsp; 36418 | &nbsp;&nbsp; 6514452 |
| General Dynamics Corp. | &nbsp;&nbsp; 62835 | &nbsp;&nbsp; 21466321 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 106449 | &nbsp;&nbsp; 29666272 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 27475 | &nbsp;&nbsp; 15722569 |
| Total |  | &nbsp;&nbsp; 73369614 |
| **Air Freight & Logistics 1.0%** | **Air Freight & Logistics 1.0%** | **Air Freight & Logistics 1.0%** |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp; 56560 | &nbsp;&nbsp; 8308664 |
| FedEx Corp. | &nbsp;&nbsp; 129812 | &nbsp;&nbsp; 35786572 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 98190 | &nbsp;&nbsp; 9405620 |
| Total |  | &nbsp;&nbsp; 53500856 |
| **Building Products 0.9%** | **Building Products 0.9%** | **Building Products 0.9%** |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp; 33549 | &nbsp;&nbsp; 5112197 |
| AO Smith Corp. | &nbsp;&nbsp; 39273 | &nbsp;&nbsp; 2591232 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp; 22013 | &nbsp;&nbsp; 4176747 |
| Builders FirstSource, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 126708 | &nbsp;&nbsp; 14220439 |
| Lennox International, Inc. | &nbsp;&nbsp; 10657 | &nbsp;&nbsp; 5316457 |
| Owens Corning | &nbsp;&nbsp; 34783 | &nbsp;&nbsp; 3938827 |
| Trane Technologies PLC | &nbsp;&nbsp; 38637 | &nbsp;&nbsp; 16284723 |
| Total |  | &nbsp;&nbsp; 51640622 |
| **Commercial Services & Supplies 1.4%** | **Commercial Services & Supplies 1.4%** | **Commercial Services & Supplies 1.4%** |
| Waste Management, Inc. | &nbsp;&nbsp; 356919 | &nbsp;&nbsp; 77761943 |
| **Construction & Engineering 0.8%** | **Construction & Engineering 0.8%** | **Construction & Engineering 0.8%** |
| Arcosa, Inc. | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 17579 |
| Comfort Systems U.S.A., Inc. | &nbsp;&nbsp; 14642 | &nbsp;&nbsp; 14304356 |
| Dycom Industries, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 13785 | &nbsp;&nbsp; 4983691 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| EMCOR Group, Inc. | &nbsp;&nbsp; 20987 | &nbsp;&nbsp; 12908474 |
| IES Holdings, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 5599 | &nbsp;&nbsp; 2343573 |
| Primoris Services Corp. | &nbsp;&nbsp; 35331 | &nbsp;&nbsp; 4471491 |
| Valmont Industries, Inc. | &nbsp;&nbsp; 9802 | &nbsp;&nbsp; 4047932 |
| Total |  | &nbsp;&nbsp; 43077096 |
| **Electrical Equipment 0.9%** | **Electrical Equipment 0.9%** | **Electrical Equipment 0.9%** |
| Acuity, Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 12458 |
| Eaton Corp. PLC | &nbsp;&nbsp; 20705 | &nbsp;&nbsp; 7161653 |
| Emerson Electric Co. | &nbsp;&nbsp; 62543 | &nbsp;&nbsp; 8341985 |
| Nextpower, Inc., Class A<sup>(b)</sup> <br>| &nbsp;&nbsp; 86665 | &nbsp;&nbsp; 7940247 |
| Regal Rexnord Corp. | &nbsp;&nbsp; 191812 | &nbsp;&nbsp; 28002634 |
| Total |  | &nbsp;&nbsp; 51458977 |
| **Ground Transportation 2.9%** | **Ground Transportation 2.9%** | **Ground Transportation 2.9%** |
| CSX Corp. | &nbsp;&nbsp; 929590 | &nbsp;&nbsp; 32870302 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 24658 | &nbsp;&nbsp; 4289506 |
| Lyft, Inc., Class A<sup>(b)</sup> <br>| &nbsp;&nbsp; 227340 | &nbsp;&nbsp; 4780960 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 64456 | &nbsp;&nbsp; 18826953 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 14253 | &nbsp;&nbsp; 1928288 |
| Ryder System, Inc. | &nbsp;&nbsp; 20215 | &nbsp;&nbsp; 3501440 |
| U-Haul Holding Co.<sup>(b)</sup> <br>| &nbsp;&nbsp; 2418 | &nbsp;&nbsp; 127308 |
| U-Haul Holding Co. | &nbsp;&nbsp; 40740 | &nbsp;&nbsp; 1960001 |
| Union Pacific Corp. | &nbsp;&nbsp; 386815 | &nbsp;&nbsp; 89675322 |
| Total |  | &nbsp;&nbsp; 157960080 |
| **Industrial Conglomerates 0.3%** | **Industrial Conglomerates 0.3%** | **Industrial Conglomerates 0.3%** |
| Honeywell International, Inc. | &nbsp;&nbsp; 76510 | &nbsp;&nbsp; 14704457 |
| **Machinery 3.5%** | **Machinery 3.5%** | **Machinery 3.5%** |
| Caterpillar, Inc. | &nbsp;&nbsp; 75909 | &nbsp;&nbsp; 43705366 |
| CNH Industrial NV | &nbsp;&nbsp; 61126 | &nbsp;&nbsp; 576418 |
| Cummins, Inc. | &nbsp;&nbsp; 42913 | &nbsp;&nbsp; 21369816 |
| Deere & Co. | &nbsp;&nbsp; 122934 | &nbsp;&nbsp; 57101614 |
| Dover Corp. | &nbsp;&nbsp; 71750 | &nbsp;&nbsp; 13293840 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp; 57962 | &nbsp;&nbsp; 14448767 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp; 12112 | &nbsp;&nbsp; 2899976 |
| Mueller Industries, Inc. | &nbsp;&nbsp; 40393 | &nbsp;&nbsp; 4437979 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 40162 | &nbsp;&nbsp; 34607595 |
| Toro Co. (The) | &nbsp;&nbsp; 45977 | &nbsp;&nbsp; 3206436 |
| Total |  | &nbsp;&nbsp; 195647807 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Passenger Airlines 0.6%** | **Passenger Airlines 0.6%** | **Passenger Airlines 0.6%** |
| Alaska Air Group, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 64405 | &nbsp;&nbsp; 2760398 |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 233791 | &nbsp;&nbsp; 14986003 |
| United Airlines Holdings, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 135958 | &nbsp;&nbsp; 13862278 |
| Total |  | &nbsp;&nbsp; 31608679 |
| **Professional Services 0.7%** | **Professional Services 0.7%** | **Professional Services 0.7%** |
| Amentum Holdings, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 760 | &nbsp;&nbsp; 21759 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 72385 | &nbsp;&nbsp; 18479890 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 260823 | &nbsp;&nbsp; 22415129 |
| Total |  | &nbsp;&nbsp; 40916778 |
| **Trading Companies & Distributors 1.1%** | **Trading Companies & Distributors 1.1%** | **Trading Companies & Distributors 1.1%** |
| Air Lease Corp. | &nbsp;&nbsp; 29162 | &nbsp;&nbsp; 1864327 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 108708 | &nbsp;&nbsp; 27358543 |
| FTAI Aviation Ltd. | &nbsp;&nbsp; 4713 | &nbsp;&nbsp; 816480 |
| GATX Corp. | &nbsp;&nbsp; 15153 | &nbsp;&nbsp; 2423419 |
| United Rentals, Inc. | &nbsp;&nbsp; 15294 | &nbsp;&nbsp; 12467363 |
| W.W. Grainger, Inc. | &nbsp;&nbsp; 13464 | &nbsp;&nbsp; 12772354 |
| Total |  | &nbsp;&nbsp; 57702486 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **849349395** |
| **Information Technology 12.4%** | **Information Technology 12.4%** | **Information Technology 12.4%** |
| **Communications Equipment 0.7%** | **Communications Equipment 0.7%** | **Communications Equipment 0.7%** |
| Cisco Systems, Inc. | &nbsp;&nbsp; 439490 | &nbsp;&nbsp; 33814361 |
| InterDigital, Inc. | &nbsp;&nbsp; 10828 | &nbsp;&nbsp; 3873717 |
| Ubiquiti, Inc. | &nbsp;&nbsp; 1434 | &nbsp;&nbsp; 836151 |
| Total |  | &nbsp;&nbsp; 38524229 |
| **Electronic Equipment, Instruments & Components 0.8%** | **Electronic Equipment, Instruments & Components 0.8%** | **Electronic Equipment, Instruments & Components 0.8%** |
| Arrow Electronics, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 14942 | &nbsp;&nbsp; 1613885 |
| Avnet, Inc. | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 12733 |
| Flex Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp; 193466 | &nbsp;&nbsp; 11435775 |
| IPG Photonics Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 223 | &nbsp;&nbsp; 17760 |
| Jabil, Inc. | &nbsp;&nbsp; 49323 | &nbsp;&nbsp; 10392849 |
| TE Connectivity PLC | &nbsp;&nbsp; 80044 | &nbsp;&nbsp; 18101951 |
| Total |  | &nbsp;&nbsp; 41574953 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **IT Services 1.6%** | **IT Services 1.6%** | **IT Services 1.6%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 172773 | &nbsp;&nbsp; 43193250 |
| International Business Machines Corp. | &nbsp;&nbsp; 108715 | &nbsp;&nbsp; 33547275 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 120469 | &nbsp;&nbsp; 3111714 |
| Wix.com Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp; 118831 | &nbsp;&nbsp; 11373315 |
| Total |  | &nbsp;&nbsp; 91225554 |
| **Semiconductors & Semiconductor Equipment 5.7%** | **Semiconductors & Semiconductor Equipment 5.7%** | **Semiconductors & Semiconductor Equipment 5.7%** |
| Amkor Technology, Inc. | &nbsp;&nbsp; 67032 | &nbsp;&nbsp; 2439294 |
| Analog Devices, Inc. | &nbsp;&nbsp; 126144 | &nbsp;&nbsp; 33471049 |
| Applied Materials, Inc. | &nbsp;&nbsp; 88062 | &nbsp;&nbsp; 22213639 |
| Broadcom, Inc. | &nbsp;&nbsp; 98182 | &nbsp;&nbsp; 39563419 |
| KLA Corp. | &nbsp;&nbsp; 19173 | &nbsp;&nbsp; 22537286 |
| Lam Research Corp. | &nbsp;&nbsp; 385186 | &nbsp;&nbsp; 60089016 |
| Micron Technology, Inc. | &nbsp;&nbsp; 190727 | &nbsp;&nbsp; 45103121 |
| NVIDIA Corp. | &nbsp;&nbsp; 30725 | &nbsp;&nbsp; 5438325 |
| ON Semiconductor Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 131346 | &nbsp;&nbsp; 6598823 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 44319 | &nbsp;&nbsp; 7449581 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp; 19624 | &nbsp;&nbsp; 1294203 |
| Teradyne, Inc. | &nbsp;&nbsp; 9997 | &nbsp;&nbsp; 1818354 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 416236 | &nbsp;&nbsp; 70040032 |
| Total |  | &nbsp;&nbsp; 318056142 |
| **Software 2.2%** | **Software 2.2%** | **Software 2.2%** |
| Adobe, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 104577 | &nbsp;&nbsp; 33478235 |
| Fortinet, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 14187 | &nbsp;&nbsp; 1150991 |
| Microsoft Corp. | &nbsp;&nbsp; 95353 | &nbsp;&nbsp; 46914630 |
| Pegasystems, Inc. | &nbsp;&nbsp; 50809 | &nbsp;&nbsp; 2782809 |
| Salesforce, Inc. | &nbsp;&nbsp; 155011 | &nbsp;&nbsp; 35736236 |
| Total |  | &nbsp;&nbsp; 120062901 |
| **Technology Hardware, Storage & Peripherals 1.4%** | **Technology Hardware, Storage & Peripherals 1.4%** | **Technology Hardware, Storage & Peripherals 1.4%** |
| Apple, Inc. | &nbsp;&nbsp; 268055 | &nbsp;&nbsp; 74747137 |
| Super Micro Computer, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 27420 | &nbsp;&nbsp; 928167 |
| Total |  | &nbsp;&nbsp; 75675304 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **685119083** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Materials 3.3%** | **Materials 3.3%** | **Materials 3.3%** |
| **Chemicals 0.5%** | **Chemicals 0.5%** | **Chemicals 0.5%** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 72062 | &nbsp;&nbsp; 5671280 |
| Linde PLC | &nbsp;&nbsp; 40071 | &nbsp;&nbsp; 16441933 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 86065 | &nbsp;&nbsp; 4216324 |
| NewMarket Corp. | &nbsp;&nbsp; 4604 | &nbsp;&nbsp; 3515292 |
| Total |  | &nbsp;&nbsp; 29844829 |
| **Construction Materials 0.7%** | **Construction Materials 0.7%** | **Construction Materials 0.7%** |
| Eagle Materials, Inc. | &nbsp;&nbsp; 16226 | &nbsp;&nbsp; 3630080 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp; 51499 | &nbsp;&nbsp; 32096237 |
| Total |  | &nbsp;&nbsp; 35726317 |
| **Containers & Packaging 0.8%** | **Containers & Packaging 0.8%** | **Containers & Packaging 0.8%** |
| Avery Dennison Corp. | &nbsp;&nbsp; 44748 | &nbsp;&nbsp; 7713213 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp; 115396 | &nbsp;&nbsp; 1867107 |
| International Paper Co. | &nbsp;&nbsp; 554712 | &nbsp;&nbsp; 21900030 |
| Packaging Corp. of America | &nbsp;&nbsp; 71886 | &nbsp;&nbsp; 14669776 |
| Sonoco Products Co. | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 8940 |
| Total |  | &nbsp;&nbsp; 46159066 |
| **Metals & Mining 1.2%** | **Metals & Mining 1.2%** | **Metals & Mining 1.2%** |
| Commercial Metals Co. | &nbsp;&nbsp; 58155 | &nbsp;&nbsp; 3709126 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 386509 | &nbsp;&nbsp; 16612157 |
| Newmont Corp. | &nbsp;&nbsp; 183789 | &nbsp;&nbsp; 16675176 |
| Nucor Corp. | &nbsp;&nbsp; 192536 | &nbsp;&nbsp; 30707566 |
| Total |  | &nbsp;&nbsp; 67704025 |
| **Paper & Forest Products 0.1%** | **Paper & Forest Products 0.1%** | **Paper & Forest Products 0.1%** |
| Louisiana-Pacific Corp. | &nbsp;&nbsp; 27914 | &nbsp;&nbsp; 2289227 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **181723464** |
| **Real Estate 1.8%** | **Real Estate 1.8%** | **Real Estate 1.8%** |
| **Health Care REITs 0.1%** | **Health Care REITs 0.1%** | **Health Care REITs 0.1%** |
| Welltower, Inc. | &nbsp;&nbsp; 30018 | &nbsp;&nbsp; 6250348 |
| **Industrial REITs 0.2%** | **Industrial REITs 0.2%** | **Industrial REITs 0.2%** |
| Prologis, Inc. | &nbsp;&nbsp; 61736 | &nbsp;&nbsp; 7934928 |
| **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** |
| Opendoor Technologies, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 266752 | &nbsp;&nbsp; 2053991 |
| **Residential REITs 0.1%** | **Residential REITs 0.1%** | **Residential REITs 0.1%** |
| AvalonBay Communities, Inc. | &nbsp;&nbsp; 34764 | &nbsp;&nbsp; 6324962 |
| **Specialized REITs 1.4%** | **Specialized REITs 1.4%** | **Specialized REITs 1.4%** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Extra Space Storage, Inc. | &nbsp;&nbsp; 235254 | &nbsp;&nbsp; 31328775 |
| Public Storage | &nbsp;&nbsp; 21710 | &nbsp;&nbsp; 5960263 |
| SBA Communications Corp. | &nbsp;&nbsp; 210362 | &nbsp;&nbsp; 40867026 |
| Total |  | &nbsp;&nbsp; 78156064 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **100720293** |
| **Utilities 2.0%** | **Utilities 2.0%** | **Utilities 2.0%** |
| **Electric Utilities 1.1%** | **Electric Utilities 1.1%** | **Electric Utilities 1.1%** |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 104787 | &nbsp;&nbsp; 12969487 |
| Entergy Corp. | &nbsp;&nbsp; 201926 | &nbsp;&nbsp; 19691824 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 100829 | &nbsp;&nbsp; 8700534 |
| Southern Co. (The) | &nbsp;&nbsp; 202161 | &nbsp;&nbsp; 18420910 |
| Total |  | &nbsp;&nbsp; 59782755 |
| **Independent Power and Renewable Electricity Producers 0.2%** | **Independent Power and Renewable Electricity Producers 0.2%** | **Independent Power and Renewable Electricity Producers 0.2%** |
| Talen Energy Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 27269 | &nbsp;&nbsp; 10751349 |
| **Multi-Utilities 0.7%** | **Multi-Utilities 0.7%** | **Multi-Utilities 0.7%** |
| Ameren Corp. | &nbsp;&nbsp; 83290 | &nbsp;&nbsp; 8857891 |
| CMS Energy Corp. | &nbsp;&nbsp; 91169 | &nbsp;&nbsp; 6877789 |
| DTE Energy Co. | &nbsp;&nbsp; 40141 | &nbsp;&nbsp; 5500521 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 86480 | &nbsp;&nbsp; 7222810 |
| WEC Energy Group, Inc. | &nbsp;&nbsp; 85084 | &nbsp;&nbsp; 9535364 |
| Total |  | &nbsp;&nbsp; 37994375 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **108528479** |
| Total Common Stocks <br>(Cost $4,530,042,214) | Total Common Stocks <br>(Cost $4,530,042,214) | &nbsp;&nbsp; **5439851324** |
| **Rights 0.0%** | **Rights 0.0%** | **Rights 0.0%** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| **Diversified Telecommunication Services 0.0%** | **Diversified Telecommunication Services 0.0%** | **Diversified Telecommunication Services 0.0%** |
| GCI Liberty, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 160 | &nbsp;&nbsp; 992 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **992** |
| Total Rights <br>(Cost $—) | Total Rights <br>(Cost $—) | &nbsp;&nbsp; **992** |

---

---

| | | |
|:---|:---|:---|
| **Warrants 0.0%** | **Warrants 0.0%** | **Warrants 0.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** |
| Opendoor Technologies, Inc.<sup>(b)</sup> <br>11/20/2026<br>| &nbsp;&nbsp; 8891 | &nbsp;&nbsp; 16982 |
| Opendoor Technologies, Inc.<sup>(b)</sup> <br>11/20/2026<br>| &nbsp;&nbsp; 5423 | &nbsp;&nbsp; 6507 |
| Opendoor Technologies, Inc.<sup>(b)</sup> <br>11/20/2026<br>| &nbsp;&nbsp; 2893 | &nbsp;&nbsp; 2815 |
| Total |  | &nbsp;&nbsp; 26304 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **26304** |
| Total Warrants <br>(Cost $—) | Total Warrants <br>(Cost $—) | &nbsp;&nbsp; **26304** |
| **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(d),(e)</sup> <br>| &nbsp;&nbsp; 89512414 | &nbsp;&nbsp; 89485561 |
| Total Money Market Funds <br>(Cost $89,484,529) | Total Money Market Funds <br>(Cost $89,484,529) | &nbsp;&nbsp; **89485561** |
| **Total Investments in Securities** <br>**(Cost: $4,619,526,743)** | **Total Investments in Securities** <br>**(Cost: $4,619,526,743)** | &nbsp;&nbsp; **5529364181** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **7449444** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **5536813625** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2025, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the seven-day current annualized yield at November 30, 2025.

The accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(e) Under the Investment Company Act of 1940, 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 period ended November 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 74578452 | &nbsp;&nbsp; 465380346 | &nbsp;&nbsp; (450473316)<br>| &nbsp;&nbsp; 79 | &nbsp;&nbsp; 89485561 | &nbsp;&nbsp; (3377)<br>| &nbsp;&nbsp; 1807264 | &nbsp;&nbsp; 89512414 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt

**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, if any, 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 accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 372746332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 372746332 |
| Consumer Discretionary | 554385596 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 554385596 |
| Consumer Staples | 420904912 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 420904912 |
| Energy | 416697939 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 416697939 |
| Financials | 1139151902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1139151902 |
| Health Care | 610523929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 610523929 |
| Industrials | 849349395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 849349395 |
| Information Technology | 685119083 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 685119083 |
| Materials | 181723464 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181723464 |
| Real Estate | 100720293 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100720293 |
| Utilities | 108528479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108528479 |
| Total Common Stocks | 5439851324 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5439851324 |
| Rights |  |  |  |  |
| Communication Services | 992 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
| Total Rights | 992 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
| Warrants |  |  |  |  |
| Real Estate | 26304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26304 |
| Total Warrants | 26304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26304 |
| Money Market Funds | 89485561 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89485561 |
| Total Investments in Securities | 5529364181 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5529364181 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

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.

Multi-Manager Value Strategies Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $4,530,042,214) | $5439878620 |
| Affiliated issuers (cost $89,484,529) | 89485561 |
| Receivable for: |  |
| Investments sold | 1272 |
| Capital shares sold | 2428345 |
| Dividends | 8027187 |
| Foreign tax reclaims | 14208 |
| Prepaid expenses | 17297 |
| Total assets | 5539852490 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 2168707 |
| Management services fees | 177545 |
| Transfer agent fees | 373684 |
| Compensation of chief compliance officer | 441 |
| Compensation of board members | 6639 |
| Other expenses | 30313 |
| Deferred compensation of board members | 281536 |
| Total liabilities | 3038865 |
| **Net assets applicable to outstanding capital stock** | **$5536813625** |
| **Represented by** |  |
| Paid in capital | 3889816264 |
| Total distributable earnings (loss) | 1646997361 |
| **Total - representing net assets applicable to outstanding capital stock** | **$5536813625** |
| **Institutional Class** |  |
| Net assets | $5536813625 |
| Shares outstanding | 321727043 |
| Net asset value per share | $17.21 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $50242066 |
| Dividends — affiliated issuers | 1807264 |
| Total income | 52049330 |
| Expenses: |  |
| Management services fees | 15820914 |
| Transfer agent fees |  |
| Institutional Class | 2183706 |
| Custodian fees | 18278 |
| Printing and postage fees | 153378 |
| Registration fees | 55902 |
| Accounting services fees | 16211 |
| Legal fees | 48859 |
| Interest on interfund lending | 53 |
| Compensation of chief compliance officer | 441 |
| Compensation of board members | 31983 |
| Deferred compensation of board members | 58987 |
| Other | 36751 |
| Total expenses | 18425463 |
| **Net investment income** | 33623867 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 219604842 |
| Investments — affiliated issuers | (3377)<br>|
| Net realized gain | 219601465 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 244054956 |
| Investments — affiliated issuers | 79 |
| Net change in unrealized appreciation (depreciation) | 244055035 |
| Net realized and unrealized gain | 463656500 |
| **Net increase in net assets resulting from operations** | **$497280367** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $33623867 | &nbsp;&nbsp; $79493334 |
| Net realized gain | 219601465 | &nbsp;&nbsp; 750063913 |
| Net change in unrealized appreciation (depreciation) | 244055035 | &nbsp;&nbsp; (484889578)<br>|
| Net increase in net assets resulting from operations | 497280367 | &nbsp;&nbsp; 344667669 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Institutional Class | (35603400)<br>| &nbsp;&nbsp; (416033452)<br>|
| Total distributions to shareholders | (35603400)<br>| &nbsp;&nbsp; (416033452)<br>|
| Increase (decrease) in net assets from capital stock activity | 92777999 | &nbsp;&nbsp; (240665763)<br>|
| Total increase (decrease) in net assets | 554454966 | &nbsp;&nbsp; (312031546)<br>|
| Net assets at beginning of period | 4982358659 | &nbsp;&nbsp; 5294390205 |
| **Net assets at end of period** | **$5536813625** | &nbsp;&nbsp; **$4982358659** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Institutional Class |  |  |  |  |
| Shares sold | 38396518 | &nbsp;&nbsp;&nbsp;&nbsp; 636122752 | &nbsp;&nbsp;&nbsp;&nbsp; 66303574 | &nbsp;&nbsp;&nbsp;&nbsp; 1061893202 |
| Distributions reinvested | 2188377 | &nbsp;&nbsp;&nbsp;&nbsp; 35603400 | &nbsp;&nbsp;&nbsp;&nbsp; 25595683 | &nbsp;&nbsp;&nbsp;&nbsp; 416033452 |
| Shares redeemed | (34868302)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (578948153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104425464)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1718592417)<br>|
| Net increase (decrease) | 5716593 | &nbsp;&nbsp;&nbsp;&nbsp; 92777999 | &nbsp;&nbsp;&nbsp;&nbsp; (12526207)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (240665763)<br>|
| **Total net increase (decrease)** | **5716593** | &nbsp;&nbsp;&nbsp;&nbsp; **92777999** | &nbsp;&nbsp;&nbsp;&nbsp; **(12526207)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(240665763)**<br>|

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

------

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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
| **Institutional Class** | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Per share data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $15.77 | &nbsp;&nbsp;&nbsp; $16.12 | &nbsp;&nbsp;&nbsp; $13.95 | &nbsp;&nbsp;&nbsp; $16.52 | &nbsp;&nbsp;&nbsp; $17.67 | &nbsp;&nbsp;&nbsp; $12.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.34 |
| Total from investment operations | 1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| Distributions from net investment income | (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Distributions from net realized gains |  | &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Total distributions to shareholders | (0.11)<br>| &nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>|
| Net asset value, end of period | $17.21 | &nbsp;&nbsp;&nbsp; $15.77 | &nbsp;&nbsp;&nbsp; $16.12 | &nbsp;&nbsp;&nbsp; $13.95 | &nbsp;&nbsp;&nbsp; $16.52 | &nbsp;&nbsp;&nbsp; $17.67 |
| Total return | 9.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.45<br> %<br>| &nbsp;&nbsp;&nbsp; (5.54<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.16<br> %<br>|
| **Ratios to average net assets** |  |  |  |  |  |  |
| Total gross expenses<sup>(b)</sup> <br>| 0.69 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 %<sup>(c)</sup><br>|
| Total net expenses<sup>(b),(d)</sup> <br>| 0.69 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 %<sup>(c)</sup><br>|
| Net investment income  | 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $5536814 | &nbsp;&nbsp;&nbsp; $4982359 | &nbsp;&nbsp;&nbsp; $5294390 | &nbsp;&nbsp;&nbsp; $4171477 | &nbsp;&nbsp;&nbsp; $4589195 | &nbsp;&nbsp;&nbsp; $5055717 |
| Portfolio turnover | 17<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class. |
| (b) | 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. |
| (c) | Ratios include interfund lending expense which is less than 0.01%. |
| (d) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Multi-Manager Value Strategies Fund \| 2025

------

Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Multi-Manager Value Strategies Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

**Fund shares** 

The Trust may issue an unlimited number of shares (without par value). The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. (Ameriprise Financial) or its affiliates. The Fund offers the share class listed in the Statement of Assets and Liabilities which is not subject to any front-end sales charge or contingent deferred sales charge.

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.

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency

Multi-Manager Value Strategies Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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.

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.

**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**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

**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.

Multi-Manager Value Strategies Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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 and paid each calendar quarter. 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**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

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 and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of their portion of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.72% to 0.52% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.59% of the Fund's average daily net assets.

Multi-Manager Value Strategies Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Subadvisory agreements** 

The Investment Manager has entered into Subadvisory Agreements with American Century Investment Management, Inc and Diamond Hill Capital Management Inc., each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

**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.

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rate as a percentage of average daily net assets was as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Institutional Class | 0.08 |

---

**Distribution and service fees**

The Fund has 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 Fund does not pay the Distributor a fee for the distribution services it provides to the Fund.

Multi-Manager Value Strategies Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**September 30, 2026 (%)**<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |

---

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. 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 November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 4619527000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1083084000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (173247000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909837000 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

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 $995,492,127 and $918,747,616, respectively, for the six months ended November 30, 2025. 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

Multi-Manager Value Strategies Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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 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.

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 six months ended November 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Borrower | (400000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at November 30, 2025.

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 23, 2025 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 $750 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 1.00% in each case. 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 23, 2025 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 $900 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 1.00% in each case.

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

Multi-Manager Value Strategies Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At November 30, 2025, affiliated shareholders of record owned 100.0% 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 and noted 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 that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Multi-Manager Value Strategies Fund \| 2025

------

Approval of Management and Subadvisory

Agreements

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Multi Manager Value Strategies Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under the subadvisory agreements (the Subadvisory Agreements) between the Investment Manager and each of American Century Investment Management, Inc. and Diamond Hill Capital Management, Inc. (collectively, the Subadvisers), the Subadvisers provide portfolio management and related services for the Fund.

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement and the Subadvisory Agreements (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreements;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager and the Subadvisers under the Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

Multi-Manager Value Strategies Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

• Information regarding the resources of the Investment Manager and Subadvisers, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Nature, extent and quality of services provided by the Investment Manager and the Subadvisers

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadvisers, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring each Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered each Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered each Subadviser's capability and wherewithal to carry out its responsibilities under the applicable Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreements, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreements are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreements. The Board took into account the Investment Manager's representation that each Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team.

Multi-Manager Value Strategies Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed the Fund's underperformance for certain periods, noting that appropriate steps (such as a change to the Fund's management team) had been taken or were contemplated to help improve the Fund's performance.

Additionally, the Board reviewed the performance of each of the Subadvisers and the Investment Manager's process for monitoring such Subadvisers' performance. The Board considered, in particular, management's rationale for recommending the continued retention of each Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate a Subadviser.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's and Subadvisers' performance and reputation generally, the Investment Manager's evaluation of the contribution of each Subadviser to the Fund's investment mandate and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadvisers, in light of other considerations, supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board

took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports.

Additionally, the Board reviewed the level of subadvisory fees paid to each Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing each Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Multi-Manager Value Strategies Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreements were negotiated at arm's length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Board did not consider the profitability to each Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Subadvisory Agreements did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and each of the Subadvisory Agreements. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

Multi-Manager Value Strategies Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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**Multi-Manager Value Strategies Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g59746imgdaba02ad2.jpg)

**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.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR116_05_T01_(01/26)

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The fees and expenses of the independent trustees are included in "Compensation of board members" and "Deferred compensation of board members" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in "Compensation of chief compliance officer" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.

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#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. 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 implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

#### Item 16. Controls and Procedures.
(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 effective and 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.

(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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Not applicable.

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(a)(3) [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](d59746dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.](d59746dex99906cert.htm)

------

#### 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.

---

| | |
|:---|:---|
| **Columbia Funds Series Trust II** | **Columbia Funds Series Trust II** |
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | January 22, 2026 |

---

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.

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | January 22, 2026 |
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |

---

---

| | |
|:---|:---|
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | January 22, 2026 |

---

## Ex-99.Cert

**EX-99.CERT SECTION 302 CERTIFICATION** 

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | January 22, 2026 |

---

------

I, Charles H. Chiesa, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | January 22, 2026 |

---

## Exhibit 99.906

**EX-99.906 CERT SECTION 906 CERTIFICATION** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Certified Shareholder Report of Columbia Funds Series Trust II (the "Trust") on Form N-CSR for the period ending November 30, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | January 22, 2026 |
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |

---

---

| | |
|:---|:---|
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | January 22, 2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.