# EDGAR Filing Document

**Accession Number:** 0001352280
**File Stem:** 0001683863-23-002928
**Filing Date:** 2023-3
**Character Count:** 2367245
**Document Hash:** b2952bb8688e55542bdad57b38197a54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-002928.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001683863-23-002928

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**EFFECTIVENESS DATE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbia Funds Series Trust II
- **CENTRAL INDEX KEY:** 0001352280
- **IRS NUMBER:** 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:** 23777559

**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 Floating Rate Fund (Series ID: S000031341)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000097331 | Columbia Floating Rate Fund Class A               | RFRAX           |
| C000097333 | Columbia Floating Rate Fund Class C               | RFRCX           |
| C000097335 | Columbia Floating Rate Fund Class R               | CFRRX           |
| C000097337 | Columbia Floating Rate Fund Institutional 2 Class | RFRFX           |
| C000097339 | Columbia Floating Rate Fund Institutional Class   | CFRZX           |
| C000123165 | Columbia Floating Rate Fund Advisor Class         | CFLRX           |
| C000158965 | Columbia Floating Rate Fund Institutional 3 Class | CFRYX           |

### Columbia Disciplined Growth Fund (Series ID: S000031351)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000097402 | Columbia Disciplined Growth Fund Class A               | RDLAX           |
| C000097404 | Columbia Disciplined Growth Fund Class C               | RDLCX           |
| C000097406 | Columbia Disciplined Growth Fund Class R               | CGQRX           |
| C000097409 | Columbia Disciplined Growth Fund Institutional Class   | CLQZX           |
| C000122755 | Columbia Disciplined Growth Fund Institutional 2 Class | CQURX           |
| C000158966 | Columbia Disciplined Growth Fund Advisor Class         | CGQFX           |
| C000158967 | Columbia Disciplined Growth Fund Institutional 3 Class | CGQYX           |

### Columbia Income Opportunities Fund (Series ID: S000031352)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000097410 | Columbia Income Opportunities Fund Class A               | AIOAX           |
| C000097412 | Columbia Income Opportunities Fund Class C               | RIOCX           |
| C000097414 | Columbia Income Opportunities Fund Class R               | CIORX           |
| C000097417 | Columbia Income Opportunities Fund Institutional 3 Class | CIOYX           |
| C000097418 | Columbia Income Opportunities Fund Institutional Class   | CIOZX           |
| C000122756 | Columbia Income Opportunities Fund Advisor Class         | CPPRX           |
| C000122757 | Columbia Income Opportunities Fund Institutional 2 Class | CEPRX           |

### Columbia Disciplined Value Fund (Series ID: S000031353)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000097419 | Columbia Disciplined Value Fund Class A               | RLCAX           |
| C000097421 | Columbia Disciplined Value Fund Class C               | RDCCX           |
| C000097423 | Columbia Disciplined Value Fund Class R               | RLCOX           |
| C000097425 | Columbia Disciplined Value Fund Class V               | CVQTX           |
| C000097427 | Columbia Disciplined Value Fund Institutional Class   | CVQZX           |
| C000158968 | Columbia Disciplined Value Fund Advisor Class         | COLEX           |
| C000158969 | Columbia Disciplined Value Fund Institutional 2 Class | COLVX           |
| C000158970 | Columbia Disciplined Value Fund Institutional 3 Class | COLYX           |

### Columbia Disciplined Core Fund (Series ID: S000031356)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000097448 | Columbia Disciplined Core Fund Class A               | AQEAX           |
| C000097450 | Columbia Disciplined Core Fund Class C               | RDCEX           |
| C000097452 | Columbia Disciplined Core Fund Class R               | CLQRX           |
| C000097454 | Columbia Disciplined Core Fund Institutional 2 Class | RSIPX           |
| C000097456 | Columbia Disciplined Core Fund Institutional Class   | CCRZX           |
| C000126953 | Columbia Disciplined Core Fund Advisor Class         | CLCQX           |
| C000158971 | Columbia Disciplined Core Fund Institutional 3 Class | CCQYX           |

### Columbia Government Money Market Fund (Series ID: S000031364)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000097504 | Columbia Government Money Market Fund Class A               | IDSXX           |
| C000097506 | Columbia Government Money Market Fund Class C               | RCCXX           |
| C000097508 | Columbia Government Money Market Fund Class R               | RVRXX           |
| C000097509 | Columbia Government Money Market Fund Institutional 2 Class | CMRXX           |
| C000097511 | Columbia Government Money Market Fund Institutional Class   | IDYXX           |
| C000173885 | Columbia Government Money Market Fund Institutional 3 Class | CGMXX           |

### Columbia Minnesota Tax-Exempt Fund (Series ID: S000031366)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000097521 | Columbia Minnesota Tax-Exempt Fund Class A               | IMNTX           |
| C000097523 | Columbia Minnesota Tax-Exempt Fund Class C               | RMTCX           |
| C000097524 | Columbia Minnesota Tax-Exempt Fund Institutional Class   | CMNZX           |
| C000126954 | Columbia Minnesota Tax-Exempt Fund Advisor Class         | CLONX           |
| C000136871 | Columbia Minnesota Tax-Exempt Fund Institutional 2 Class | CADOX           |
| C000177153 | Columbia Minnesota Tax-Exempt Fund Institutional 3 Class | CMNYX           |

### Columbia Global Opportunities Fund (Series ID: S000031367)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000097525 | Columbia Global Opportunities Fund Class A               | IMRFX           |
| C000097527 | Columbia Global Opportunities Fund Class C               | RSSCX           |
| C000097529 | Columbia Global Opportunities Fund Class R               | CSARX           |
| C000097531 | Columbia Global Opportunities Fund Institutional Class   | CSAZX           |
| C000122759 | Columbia Global Opportunities Fund Advisor Class         | CSDRX           |
| C000122760 | Columbia Global Opportunities Fund Institutional 2 Class | CLNRX           |
| C000177154 | Columbia Global Opportunities Fund Institutional 3 Class | CGOYX           |

### Columbia Strategic Municipal Income Fund (Series ID: S000031369)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000097542 | Columbia Strategic Municipal Income Fund Class A               | INTAX           |
| C000097544 | Columbia Strategic Municipal Income Fund Class C               | RTCEX           |
| C000097545 | Columbia Strategic Municipal Income Fund Institutional Class   | CATZX           |
| C000126955 | Columbia Strategic Municipal Income Fund Advisor Class         | CATRX           |
| C000136872 | Columbia Strategic Municipal Income Fund Institutional 2 Class | CADNX           |
| C000175787 | Columbia Strategic Municipal Income Fund Institutional 3 Class | CATYX           |

### Columbia Limited Duration Credit Fund (Series ID: S000031374)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000097580 | Columbia Limited Duration Credit Fund Class A               | ALDAX           |
| C000097582 | Columbia Limited Duration Credit Fund Class C               | RDCLX           |
| C000097586 | Columbia Limited Duration Credit Fund Institutional Class   | CLDZX           |
| C000120797 | Columbia Limited Duration Credit Fund Institutional 2 Class | CTLRX           |
| C000123166 | Columbia Limited Duration Credit Fund Advisor Class         | CDLRX           |
| C000126956 | Columbia Limited Duration Credit Fund Institutional 3 Class | CLDYX           |

### Columbia Short-Term Cash Fund (Series ID: S000032449)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000100156 | Columbia Short-Term Cash Fund |  |

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 <u>811-21852</u>

<u>Columbia Funds Series Trust II</u>

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

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

Date of fiscal year end: <u>July 31</u>

Date of reporting period: <u>January 31, 2023</u>

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

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

#### Item 1. Reports to Stockholders.

------

![](img843347831.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](img005f18472.jpg)

Columbia Floating Rate Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_81d7ffc3-6607-4ceb-8987-2a108cb8bc17_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_35c7f74a-862c-43af-8177-e3db7478cdb5_1)<br>| 5 |
| [Portfolio of Investments](#xx_f5e7e650-603e-434f-b9e3-6c27011590ba_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_2519c609-4ea1-4dff-83dc-17a9e6217bb5_1)<br>| 25 |
| [Statement of Operations](#xx_2519c609-4ea1-4dff-83dc-17a9e6217bb5_3)<br>| 27 |
| [Statement of Changes in Net Assets](#xx_2519c609-4ea1-4dff-83dc-17a9e6217bb5_4)<br>| 28 |
| [Financial Highlights](#xx_fe1e2ca9-5727-4fff-b062-ea29376a369d_1)<br>| 30 |
| [Notes to Financial Statements](#xx_427cbcb7-8c2e-4c26-9999-7f26a114609f_1)<br>| 34 |

---

If you elect to receive the shareholder report for Columbia Floating Rate Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund's shareholder report is available at the Columbia funds' website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a high level of current income and, as a secondary objective, preservation of capital.

Portfolio management

#### Vesa Tontti, CFA
Lead Portfolio Manager

Managed Fund since 2019

#### Daniel DeYoung
Portfolio Manager

Managed Fund since 2020

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;02/16/06 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;-0.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;-3.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;02/28/13 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;-0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;02/16/06 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;-1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;-2.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;-0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;08/01/08 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;-0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;06/01/15 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;-0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;-0.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| &nbsp;&nbsp;Credit Suisse Leveraged Loan Index | &nbsp;&nbsp;Credit Suisse Leveraged Loan Index |  | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 |

---

**Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund's other share classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

The Credit Suisse Leveraged Loan Index is an unmanaged market value-weighted index designed to represent the investable universe of the U.S. dollar-denominated leveraged loan market.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Floating Rate Fund \| Semiannual Report 2023 3

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;Exchange-Traded Fixed Income Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;90.6 |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;27.2 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;62.4 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;CC rating | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the rating assigned by Moody's, as available. If Moody's doesn't rate a bond, then the S&P rating is used. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral. Additionally, the Investment Manager considers the interest rate to be paid on the investment, the portfolio's exposure to a particular sector, and the relative value of the loan within the sector, among other factors.

4 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1038.50 | &nbsp;&nbsp;&nbsp;&nbsp;1020.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1039.80 | &nbsp;&nbsp;&nbsp;&nbsp;1021.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1034.50 | &nbsp;&nbsp;&nbsp;&nbsp;1016.46 | &nbsp;&nbsp;&nbsp;&nbsp;9.18 | &nbsp;&nbsp;&nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1040.10 | &nbsp;&nbsp;&nbsp;&nbsp;1021.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1039.90 | &nbsp;&nbsp;&nbsp;&nbsp;1021.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1040.50 | &nbsp;&nbsp;&nbsp;&nbsp;1022.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1037.10 | &nbsp;&nbsp;&nbsp;&nbsp;1019.01 | &nbsp;&nbsp;&nbsp;&nbsp;6.59 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Floating Rate Fund \| Semiannual Report 2023 5

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

## Portfolio of Investments January 31, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 0.3%** | &nbsp;&nbsp;**Common Stocks 0.3%** | &nbsp;&nbsp;**Common Stocks 0.3%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 0.1%** | &nbsp;&nbsp;**Communication Services 0.1%** | &nbsp;&nbsp;**Communication Services 0.1%** |
| &nbsp;&nbsp;**Media 0.1%** | &nbsp;&nbsp;**Media 0.1%** | &nbsp;&nbsp;**Media 0.1%** |
| &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;198952 | &nbsp;&nbsp;&nbsp;&nbsp;379999 |
| &nbsp;&nbsp;iHeartMedia, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84607 | &nbsp;&nbsp;&nbsp;&nbsp;655704 |
| &nbsp;&nbsp;Star Tribune Co. (The)<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;1035703 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**1035703** |
| &nbsp;&nbsp;**Consumer Discretionary 0.0%** | &nbsp;&nbsp;**Consumer Discretionary 0.0%** | &nbsp;&nbsp;**Consumer Discretionary 0.0%** |
| &nbsp;&nbsp;**Multiline Retail 0.0%** | &nbsp;&nbsp;**Multiline Retail 0.0%** | &nbsp;&nbsp;**Multiline Retail 0.0%** |
| &nbsp;&nbsp;Belk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2223** |
| &nbsp;&nbsp;**Energy 0.1%** | &nbsp;&nbsp;**Energy 0.1%** | &nbsp;&nbsp;**Energy 0.1%** |
| &nbsp;&nbsp;**Energy Equipment & Services 0.1%** | &nbsp;&nbsp;**Energy Equipment & Services 0.1%** | &nbsp;&nbsp;**Energy Equipment & Services 0.1%** |
| &nbsp;&nbsp;Covia Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57253 | &nbsp;&nbsp;&nbsp;&nbsp;772915 |
| &nbsp;&nbsp;McDermott International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;184336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76131 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;849046 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 0.0%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 0.0%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 0.0%** |
| &nbsp;&nbsp;New Frontera Holdings<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
| &nbsp;&nbsp;Southcross Energy Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;107918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 |
| &nbsp;&nbsp;Southcross Energy Partners LLC, Class A<sup>(a),(c)</sup> | &nbsp;&nbsp;2041444 | &nbsp;&nbsp;&nbsp;&nbsp;112279 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;114056 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;&nbsp;&nbsp;**963102** |
| &nbsp;&nbsp;**Financials 0.0%** | &nbsp;&nbsp;**Financials 0.0%** | &nbsp;&nbsp;**Financials 0.0%** |
| &nbsp;&nbsp;**Capital Markets 0.0%** | &nbsp;&nbsp;**Capital Markets 0.0%** | &nbsp;&nbsp;**Capital Markets 0.0%** |
| &nbsp;&nbsp;Bright Bidco BV<sup>(a),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78223 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78223** |
| &nbsp;&nbsp;**Industrials 0.1%** | &nbsp;&nbsp;**Industrials 0.1%** | &nbsp;&nbsp;**Industrials 0.1%** |
| &nbsp;&nbsp;**Machinery 0.1%** | &nbsp;&nbsp;**Machinery 0.1%** | &nbsp;&nbsp;**Machinery 0.1%** |
| &nbsp;&nbsp;TNT Crane and Rigging, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60744 | &nbsp;&nbsp;&nbsp;&nbsp;455580 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;&nbsp;&nbsp;**455580** |
| &nbsp;&nbsp;**Information Technology 0.0%** | &nbsp;&nbsp;**Information Technology 0.0%** | &nbsp;&nbsp;**Information Technology 0.0%** |
| &nbsp;&nbsp;**Communications Equipment 0.0%** | &nbsp;&nbsp;**Communications Equipment 0.0%** | &nbsp;&nbsp;**Communications Equipment 0.0%** |
| &nbsp;&nbsp;Riverbed Technology, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2221** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $4,651,305) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $4,651,305) | &nbsp;&nbsp;**2537052** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Bonds 0.1%** | &nbsp;&nbsp;**Convertible Bonds 0.1%** | &nbsp;&nbsp;**Convertible Bonds 0.1%** | &nbsp;&nbsp;**Convertible Bonds 0.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Cable and Satellite 0.1%** | &nbsp;&nbsp;**Cable and Satellite 0.1%** | &nbsp;&nbsp;**Cable and Satellite 0.1%** | &nbsp;&nbsp;**Cable and Satellite 0.1%** |
| &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;3.375% | 1500000 | &nbsp;&nbsp;981438 |
| &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $1,441,476) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $1,441,476) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $1,441,476) | &nbsp;&nbsp;**981438** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks 0.0%** |
| &nbsp;&nbsp;**Issuer** |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Information Technology 0.0%** | &nbsp;&nbsp;**Information Technology 0.0%** | &nbsp;&nbsp;**Information Technology 0.0%** | &nbsp;&nbsp;**Information Technology 0.0%** |
| &nbsp;&nbsp;**Communications Equipment 0.0%** | &nbsp;&nbsp;**Communications Equipment 0.0%** | &nbsp;&nbsp;**Communications Equipment 0.0%** | &nbsp;&nbsp;**Communications Equipment 0.0%** |
| &nbsp;&nbsp;Riverbed Technology, Inc.<sup>(c)</sup> | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;9297 | &nbsp;&nbsp;4695 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**4695** |
| &nbsp;&nbsp;Total Convertible Preferred Stocks<br> (Cost $201,433) | &nbsp;&nbsp;Total Convertible Preferred Stocks<br> (Cost $201,433) | &nbsp;&nbsp;Total Convertible Preferred Stocks<br> (Cost $201,433) | &nbsp;&nbsp;**4695** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes 4.8%** | &nbsp;&nbsp;**Corporate Bonds & Notes 4.8%** | &nbsp;&nbsp;**Corporate Bonds & Notes 4.8%** | &nbsp;&nbsp;**Corporate Bonds & Notes 4.8%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Airlines 0.4%** | &nbsp;&nbsp;**Airlines 0.4%** | &nbsp;&nbsp;**Airlines 0.4%** | &nbsp;&nbsp;**Airlines 0.4%** |
| &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;04/20/2029 | &nbsp;&nbsp;5.750% | 3000000 | &nbsp;&nbsp;2904255 |
| &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.4%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.4%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.4%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 0.4%** |
| &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;6.875% | 3750000 | &nbsp;&nbsp;3247096 |
| &nbsp;&nbsp;**Cable and Satellite 0.5%** | &nbsp;&nbsp;**Cable and Satellite 0.5%** | &nbsp;&nbsp;**Cable and Satellite 0.5%** | &nbsp;&nbsp;**Cable and Satellite 0.5%** |
| &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;7.750% | 2500000 | &nbsp;&nbsp;2028066 |
| &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;4.500% | 2500000 | &nbsp;&nbsp;1914957 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3943023** |
| &nbsp;&nbsp;**Chemicals 0.1%** | &nbsp;&nbsp;**Chemicals 0.1%** | &nbsp;&nbsp;**Chemicals 0.1%** | &nbsp;&nbsp;**Chemicals 0.1%** |
| &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.750% | 1053000 | &nbsp;&nbsp;&nbsp;&nbsp;864533 |
| &nbsp;&nbsp;**Finance Companies 0.3%** | &nbsp;&nbsp;**Finance Companies 0.3%** | &nbsp;&nbsp;**Finance Companies 0.3%** | &nbsp;&nbsp;**Finance Companies 0.3%** |
| &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.375% | 2500000 | &nbsp;&nbsp;2343135 |
| &nbsp;&nbsp;**Food and Beverage 0.3%** | &nbsp;&nbsp;**Food and Beverage 0.3%** | &nbsp;&nbsp;**Food and Beverage 0.3%** | &nbsp;&nbsp;**Food and Beverage 0.3%** |
| &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.625% | 2102000 | &nbsp;&nbsp;1974832 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** | &nbsp;&nbsp;**Gaming 0.2%** |
| &nbsp;&nbsp;CCM Merger, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CCM Merger, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CCM Merger, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CCM Merger, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;6.375% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1934606 |
| &nbsp;&nbsp;**Health Care 0.0%** | &nbsp;&nbsp;**Health Care 0.0%** | &nbsp;&nbsp;**Health Care 0.0%** | &nbsp;&nbsp;**Health Care 0.0%** |
| &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303752 |
| &nbsp;&nbsp;**Leisure 0.3%** | &nbsp;&nbsp;**Leisure 0.3%** | &nbsp;&nbsp;**Leisure 0.3%** | &nbsp;&nbsp;**Leisure 0.3%** |
| &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;5.250% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2050122 |
| &nbsp;&nbsp;**Media and Entertainment 0.2%** | &nbsp;&nbsp;**Media and Entertainment 0.2%** | &nbsp;&nbsp;**Media and Entertainment 0.2%** | &nbsp;&nbsp;**Media and Entertainment 0.2%** |
| &nbsp;&nbsp;Diamond Sports Group LLC/Finance Co.<sup>(d)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC/Finance Co.<sup>(d)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC/Finance Co.<sup>(d)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC/Finance Co.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.375% | 2591000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188851 |
| &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;478473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458787 |
| &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;8.375% | &nbsp;&nbsp;&nbsp;867232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777461 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1425099** |
| &nbsp;&nbsp;**Midstream 0.3%** | &nbsp;&nbsp;**Midstream 0.3%** | &nbsp;&nbsp;**Midstream 0.3%** | &nbsp;&nbsp;**Midstream 0.3%** |
| &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;6.500% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1956098 |
| &nbsp;&nbsp;**Other REIT 0.2%** | &nbsp;&nbsp;**Other REIT 0.2%** | &nbsp;&nbsp;**Other REIT 0.2%** | &nbsp;&nbsp;**Other REIT 0.2%** |
| &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.250% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962293 |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;4.250% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881237 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1843530** |
| &nbsp;&nbsp;**Property & Casualty 0.8%** | &nbsp;&nbsp;**Property & Casualty 0.8%** | &nbsp;&nbsp;**Property & Casualty 0.8%** | &nbsp;&nbsp;**Property & Casualty 0.8%** |
| &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;6.750% | 6614000 | &nbsp;&nbsp;&nbsp;&nbsp;6193547 |
| &nbsp;&nbsp;**Technology 0.8%** | &nbsp;&nbsp;**Technology 0.8%** | &nbsp;&nbsp;**Technology 0.8%** | &nbsp;&nbsp;**Technology 0.8%** |
| &nbsp;&nbsp;Imola Merger Corp.<sup>(d)</sup> | &nbsp;&nbsp;Imola Merger Corp.<sup>(d)</sup> | &nbsp;&nbsp;Imola Merger Corp.<sup>(d)</sup> | &nbsp;&nbsp;Imola Merger Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.750% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2611048 |
| &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;5.500% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;1259331 |
| &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;5.125% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1740180 |
| &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2025 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494071 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6104630** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $43,205,018) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $43,205,018) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $43,205,018) | &nbsp;&nbsp;**37088258** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 0.3%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 0.3%** | &nbsp;&nbsp;**Exchange-Traded Fixed Income Funds 0.3%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Floating Rate 0.3%** | &nbsp;&nbsp;**Floating Rate 0.3%** | &nbsp;&nbsp;**Floating Rate 0.3%** |
| &nbsp;&nbsp;First Trust Senior Loan ETF | &nbsp;&nbsp;25000 | &nbsp;&nbsp;1139250 |
| &nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;50000 | &nbsp;&nbsp;1055500 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2194750** |
| &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $2,318,250) | &nbsp;&nbsp;Total Exchange-Traded Fixed Income Funds<br> (Cost $2,318,250) | &nbsp;&nbsp;**2194750** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans 88.8%** | &nbsp;&nbsp;**Senior Loans 88.8%** | &nbsp;&nbsp;**Senior Loans 88.8%** | &nbsp;&nbsp;**Senior Loans 88.8%** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Aerospace & Defense 0.3%** | &nbsp;&nbsp;**Aerospace & Defense 0.3%** | &nbsp;&nbsp;**Aerospace & Defense 0.3%** | &nbsp;&nbsp;**Aerospace & Defense 0.3%** |
| &nbsp;&nbsp;TransDigm, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche F Term Loan | &nbsp;&nbsp;Tranche F Term Loan | &nbsp;&nbsp;Tranche F Term Loan | &nbsp;&nbsp;Tranche F Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.250%<br> 12/09/2025 | &nbsp;&nbsp;6.980% | 2720511 | &nbsp;&nbsp;&nbsp;&nbsp;2713410 |
| &nbsp;&nbsp;**Airlines 2.1%** | &nbsp;&nbsp;**Airlines 2.1%** | &nbsp;&nbsp;**Airlines 2.1%** | &nbsp;&nbsp;**Airlines 2.1%** |
| &nbsp;&nbsp;AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;AAdvantage Loyalty IP Ltd./American Airlines, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> Floor 0.750%<br> 04/20/2028 | &nbsp;&nbsp;9.558% | 3919708 | &nbsp;&nbsp;&nbsp;&nbsp;4021973 |
| &nbsp;&nbsp;American Airlines, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 06/27/2025 | &nbsp;&nbsp;6.267% | 2143121 | &nbsp;&nbsp;&nbsp;&nbsp;2098481 |
| &nbsp;&nbsp;Kestrel Bidco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Kestrel Bidco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Kestrel Bidco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Kestrel Bidco, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.000%<br> Floor 1.000%<br> 12/11/2026 | &nbsp;&nbsp;7.508% | 3764071 | &nbsp;&nbsp;&nbsp;&nbsp;3606695 |
| &nbsp;&nbsp;United AirLines, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;United AirLines, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;United AirLines, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;United AirLines, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 04/21/2028 | &nbsp;&nbsp;8.568% | 6260543 | &nbsp;&nbsp;&nbsp;&nbsp;6246519 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15973668** |
| &nbsp;&nbsp;**Automotive 1.2%** | &nbsp;&nbsp;**Automotive 1.2%** | &nbsp;&nbsp;**Automotive 1.2%** | &nbsp;&nbsp;**Automotive 1.2%** |
| &nbsp;&nbsp;American Axle & Manufacturing, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;American Axle & Manufacturing, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;American Axle & Manufacturing, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;American Axle & Manufacturing, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 12/13/2029 | &nbsp;&nbsp;8.033% | 1267111 | &nbsp;&nbsp;&nbsp;&nbsp;1264995 |
| &nbsp;&nbsp;Clarios Global LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 04/30/2026 | &nbsp;&nbsp;7.820% | 2108283 | &nbsp;&nbsp;&nbsp;&nbsp;2098121 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;First Brands Group LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;First Brands Group LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;First Brands Group LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;First Brands Group LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 5.000%<br> Floor 1.000%<br> 03/30/2027 | &nbsp;&nbsp;10.252% | 6334608 | &nbsp;&nbsp;&nbsp;&nbsp;6185745 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**9548861** |
| &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.8%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.8%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.8%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.8%** |
| &nbsp;&nbsp;AlixPartners LLP<sup>(e),(f)</sup> | &nbsp;&nbsp;AlixPartners LLP<sup>(e),(f)</sup> | &nbsp;&nbsp;AlixPartners LLP<sup>(e),(f)</sup> | &nbsp;&nbsp;AlixPartners LLP<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 02/04/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.320% | 2461187 | &nbsp;&nbsp;&nbsp;&nbsp;2455379 |
| &nbsp;&nbsp;Allspring Buyer LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Allspring Buyer LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Allspring Buyer LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Allspring Buyer LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.000%<br> Floor 0.500%<br> 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.750% | 1320665 | &nbsp;&nbsp;&nbsp;&nbsp;1315436 |
| &nbsp;&nbsp;Citadel Securities LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Citadel Securities LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Citadel Securities LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Citadel Securities LP<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 2.500%<br> 02/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.176% | 1453902 | &nbsp;&nbsp;&nbsp;&nbsp;1448973 |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.000%<br> 02/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.676% | 1209543 | &nbsp;&nbsp;&nbsp;&nbsp;1211817 |
| &nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 1.000%<br> 05/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.070% | 5466439 | &nbsp;&nbsp;&nbsp;&nbsp;5351425 |
| &nbsp;&nbsp;VFH Parent LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;VFH Parent LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;VFH Parent LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;VFH Parent LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;SOFR + 3.000%<br> 01/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.612% | 2189570 | &nbsp;&nbsp;&nbsp;&nbsp;2173148 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13956178** |
| &nbsp;&nbsp;**Building Materials 4.0%** | &nbsp;&nbsp;**Building Materials 4.0%** | &nbsp;&nbsp;**Building Materials 4.0%** | &nbsp;&nbsp;**Building Materials 4.0%** |
| &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> 05/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.820% | 2045769 | &nbsp;&nbsp;&nbsp;&nbsp;2042353 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cornerstone Building Brands, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cornerstone Building Brands, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cornerstone Building Brands, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 04/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.709% | 3121253 | &nbsp;&nbsp;&nbsp;&nbsp;2909413 |
| &nbsp;&nbsp;Covia Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Covia Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Covia Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Covia Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 1.000%<br> 07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.782% | 3080573 | &nbsp;&nbsp;&nbsp;&nbsp;3024353 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Hunter Douglas Holding BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Hunter Douglas Holding BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Hunter Douglas Holding BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Hunter Douglas Holding BV<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 02/26/2029 | &nbsp;&nbsp;7.859% | 5005712 | &nbsp;&nbsp;&nbsp;&nbsp;4577123 |
| &nbsp;&nbsp;Park River Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Park River Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Park River Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Park River Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.750%<br> 12/28/2027 | &nbsp;&nbsp;8.004% | 2161207 | &nbsp;&nbsp;&nbsp;&nbsp;1958292 |
| &nbsp;&nbsp;QUIKRETE Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;QUIKRETE Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;QUIKRETE Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;QUIKRETE Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.625%<br> 02/01/2027 | &nbsp;&nbsp;7.195% | 1964557 | &nbsp;&nbsp;&nbsp;&nbsp;1951787 |
| &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> 03/18/2029 | &nbsp;&nbsp;7.570% | 1517941 | &nbsp;&nbsp;&nbsp;&nbsp;1511217 |
| &nbsp;&nbsp;SRS Distribution, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 06/02/2028 | &nbsp;&nbsp;8.161% | 1709365 | &nbsp;&nbsp;&nbsp;&nbsp;1646340 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 06/02/2028 | &nbsp;&nbsp;8.070% | 3944937 | &nbsp;&nbsp;&nbsp;&nbsp;3799132 |
| &nbsp;&nbsp;Standard Industries, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Standard Industries, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 0.500%<br> 09/22/2028 | &nbsp;&nbsp;6.425% | 1785246 | &nbsp;&nbsp;&nbsp;&nbsp;1783015 |
| &nbsp;&nbsp;White Cap Supply Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;White Cap Supply Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;White Cap Supply Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;White Cap Supply Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> Floor 0.500%<br> 10/19/2027 | &nbsp;&nbsp;8.311% | 3927763 | &nbsp;&nbsp;&nbsp;&nbsp;3889192 |
| &nbsp;&nbsp;Wilsonart LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Wilsonart LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Wilsonart LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Wilsonart LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche E Term Loan | &nbsp;&nbsp;Tranche E Term Loan | &nbsp;&nbsp;Tranche E Term Loan | &nbsp;&nbsp;Tranche E Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 1.000%<br> 12/31/2026 | &nbsp;&nbsp;7.980% | 2231622 | &nbsp;&nbsp;&nbsp;&nbsp;2165365 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**31257582** |
| &nbsp;&nbsp;**Cable and Satellite 2.9%** | &nbsp;&nbsp;**Cable and Satellite 2.9%** | &nbsp;&nbsp;**Cable and Satellite 2.9%** | &nbsp;&nbsp;**Cable and Satellite 2.9%** |
| &nbsp;&nbsp;Charter Communications Operating LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 02/01/2027 | &nbsp;&nbsp;6.320% | 1521663 | &nbsp;&nbsp;&nbsp;&nbsp;1515774 |
| &nbsp;&nbsp;CSC Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.500%<br> 01/17/2028 | &nbsp;&nbsp;9.061% | 5790560 | &nbsp;&nbsp;&nbsp;&nbsp;5482965 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;DirectTV Financing LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;DirectTV Financing LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;DirectTV Financing LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;DirectTV Financing LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.000%<br> Floor 0.750%<br> 08/02/2027 | &nbsp;&nbsp;9.570% | 1853010 | &nbsp;&nbsp;&nbsp;&nbsp;1819619 |
| &nbsp;&nbsp;Iridium Satellite LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Iridium Satellite LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Iridium Satellite LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Iridium Satellite LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.500%<br> Floor 1.000%<br> 11/04/2026 | &nbsp;&nbsp;7.161% | 2771296 | &nbsp;&nbsp;&nbsp;&nbsp;2769245 |
| &nbsp;&nbsp;Radiate Holdco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Radiate Holdco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Radiate Holdco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Radiate Holdco LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.750%<br> 09/25/2026 | &nbsp;&nbsp;7.820% | 2101654 | &nbsp;&nbsp;&nbsp;&nbsp;1749102 |
| &nbsp;&nbsp;Telesat Canada<sup>(e),(f)</sup> | &nbsp;&nbsp;Telesat Canada<sup>(e),(f)</sup> | &nbsp;&nbsp;Telesat Canada<sup>(e),(f)</sup> | &nbsp;&nbsp;Telesat Canada<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> 12/07/2026 | &nbsp;&nbsp;7.580% | 3156122 | &nbsp;&nbsp;&nbsp;&nbsp;1440770 |
| &nbsp;&nbsp;UPC Financing Partnership<sup>(e),(f)</sup> | &nbsp;&nbsp;UPC Financing Partnership<sup>(e),(f)</sup> | &nbsp;&nbsp;UPC Financing Partnership<sup>(e),(f)</sup> | &nbsp;&nbsp;UPC Financing Partnership<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.925%<br> 01/31/2029 | &nbsp;&nbsp;7.384% | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;3241062 |
| &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Virgin Media Bristol LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche N Term Loan | &nbsp;&nbsp;Tranche N Term Loan | &nbsp;&nbsp;Tranche N Term Loan | &nbsp;&nbsp;Tranche N Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.500%<br> 01/31/2028 | &nbsp;&nbsp;6.959% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1987760 |
| &nbsp;&nbsp;Tranche Q Term Loan | &nbsp;&nbsp;Tranche Q Term Loan | &nbsp;&nbsp;Tranche Q Term Loan | &nbsp;&nbsp;Tranche Q Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 01/31/2029 | &nbsp;&nbsp;7.709% | 2175000 | &nbsp;&nbsp;&nbsp;&nbsp;2174326 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**22180623** |
| &nbsp;&nbsp;**Chemicals 4.9%** | &nbsp;&nbsp;**Chemicals 4.9%** | &nbsp;&nbsp;**Chemicals 4.9%** | &nbsp;&nbsp;**Chemicals 4.9%** |
| &nbsp;&nbsp;Aruba Investments Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Aruba Investments Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Aruba Investments Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Aruba Investments Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 11/24/2027 | &nbsp;&nbsp;8.297% | 1463869 | &nbsp;&nbsp;&nbsp;&nbsp;1449230 |
| &nbsp;&nbsp;Ascend Performance Materials Operations LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Ascend Performance Materials Operations LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Ascend Performance Materials Operations LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Ascend Performance Materials Operations LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;6-month Term SOFR + 4.750%<br> Floor 0.750%<br> 08/27/2026 | &nbsp;&nbsp;8.831% | 3455063 | &nbsp;&nbsp;&nbsp;&nbsp;3401371 |
| &nbsp;&nbsp;ColourOz Investment 1 GmbH<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;ColourOz Investment 1 GmbH<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;ColourOz Investment 1 GmbH<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;ColourOz Investment 1 GmbH<sup>(e),(f),(g)</sup> |
| &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 4.250%<br> Floor 1.000%<br> 09/21/2023 | &nbsp;&nbsp;9.066% | &nbsp;&nbsp;&nbsp;822287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547405 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;ColourOz Investment 2 LLC<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;ColourOz Investment 2 LLC<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;ColourOz Investment 2 LLC<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;ColourOz Investment 2 LLC<sup>(e),(f),(g)</sup> |
| &nbsp;&nbsp;Tranche B2 1st Lien Term Loan | &nbsp;&nbsp;Tranche B2 1st Lien Term Loan | &nbsp;&nbsp;Tranche B2 1st Lien Term Loan | &nbsp;&nbsp;Tranche B2 1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 4.250%<br> Floor 1.000%<br> 09/21/2023 | &nbsp;&nbsp;9.066% | 4974161 | &nbsp;&nbsp;3311349 |
| &nbsp;&nbsp;Diamond BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Diamond BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Diamond BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Diamond BV<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 09/29/2028 | &nbsp;&nbsp;7.575% | 4125919 | &nbsp;&nbsp;4076573 |
| &nbsp;&nbsp;Herens Holdco SARL<sup>(e),(f)</sup> | &nbsp;&nbsp;Herens Holdco SARL<sup>(e),(f)</sup> | &nbsp;&nbsp;Herens Holdco SARL<sup>(e),(f)</sup> | &nbsp;&nbsp;Herens Holdco SARL<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 0.750%<br> 07/03/2028 | &nbsp;&nbsp;8.730% | 3585350 | &nbsp;&nbsp;3438100 |
| &nbsp;&nbsp;Ineos Styrolution Group GmbH<sup>(e),(f)</sup> | &nbsp;&nbsp;Ineos Styrolution Group GmbH<sup>(e),(f)</sup> | &nbsp;&nbsp;Ineos Styrolution Group GmbH<sup>(e),(f)</sup> | &nbsp;&nbsp;Ineos Styrolution Group GmbH<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 01/29/2026 | &nbsp;&nbsp;7.320% | 2167000 | &nbsp;&nbsp;2159957 |
| &nbsp;&nbsp;Ineos US Finance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Ineos US Finance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Ineos US Finance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Ineos US Finance LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.500%<br> Floor 0.500%<br> 11/08/2028 | &nbsp;&nbsp;7.161% | 2426111 | &nbsp;&nbsp;2413592 |
| &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 02/05/2027 | &nbsp;&nbsp;7.820% | 2700358 | &nbsp;&nbsp;2689097 |
| &nbsp;&nbsp;Messer Industries GmbH<sup>(e),(f)</sup> | &nbsp;&nbsp;Messer Industries GmbH<sup>(e),(f)</sup> | &nbsp;&nbsp;Messer Industries GmbH<sup>(e),(f)</sup> | &nbsp;&nbsp;Messer Industries GmbH<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.500%<br> 03/02/2026 | &nbsp;&nbsp;7.230% | 3541631 | &nbsp;&nbsp;3530936 |
| &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> 11/09/2028 | &nbsp;&nbsp;8.500% | 2700929 | &nbsp;&nbsp;2639402 |
| &nbsp;&nbsp;PMHC II, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;PMHC II, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;PMHC II, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;PMHC II, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month Term SOFR + 4.250%<br> Floor 0.500%<br> 04/23/2029 | &nbsp;&nbsp;9.076% | 4088673 | &nbsp;&nbsp;3567367 |
| &nbsp;&nbsp;Schenectady International Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Schenectady International Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Schenectady International Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Schenectady International Group, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 4.750%<br> 10/15/2025 | &nbsp;&nbsp;9.021% | 1727110 | &nbsp;&nbsp;1414797 |
| &nbsp;&nbsp;Sparta US Holdco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Sparta US Holdco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Sparta US Holdco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Sparta US Holdco LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.750%<br> 08/02/2028 | &nbsp;&nbsp;7.369% | 1980000 | &nbsp;&nbsp;1970932 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tronox Finance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Tronox Finance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Tronox Finance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Tronox Finance LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> 03/10/2028 | &nbsp;&nbsp;7.032% | 1301296 | &nbsp;&nbsp;&nbsp;&nbsp;1287814 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**37897922** |
| &nbsp;&nbsp;**Construction Machinery 0.2%** | &nbsp;&nbsp;**Construction Machinery 0.2%** | &nbsp;&nbsp;**Construction Machinery 0.2%** | &nbsp;&nbsp;**Construction Machinery 0.2%** |
| &nbsp;&nbsp;Columbus McKinnon Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Columbus McKinnon Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Columbus McKinnon Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Columbus McKinnon Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 05/14/2028 | &nbsp;&nbsp;7.500% | 1287475 | &nbsp;&nbsp;&nbsp;&nbsp;1283188 |
| &nbsp;&nbsp;**Consumer Cyclical Services 5.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 5.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 5.1%** | &nbsp;&nbsp;**Consumer Cyclical Services 5.1%** |
| &nbsp;&nbsp;Amentum Government Services Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Amentum Government Services Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Amentum Government Services Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Amentum Government Services Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche 1 1st Lien Term Loan | &nbsp;&nbsp;Tranche 1 1st Lien Term Loan | &nbsp;&nbsp;Tranche 1 1st Lien Term Loan | &nbsp;&nbsp;Tranche 1 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> 01/29/2027 | &nbsp;&nbsp;8.470% | 1466165 | &nbsp;&nbsp;&nbsp;&nbsp;1450287 |
| &nbsp;&nbsp;APX Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 07/10/2028 | &nbsp;&nbsp;7.705% | 2323527 | &nbsp;&nbsp;&nbsp;&nbsp;2296528 |
| &nbsp;&nbsp;Arches Buyer, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 12/06/2027 | &nbsp;&nbsp;7.820% | 2366150 | &nbsp;&nbsp;&nbsp;&nbsp;2281868 |
| &nbsp;&nbsp;Cast & Crew LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Cast & Crew LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Cast & Crew LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Cast & Crew LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.500%<br> 02/09/2026 | &nbsp;&nbsp;8.070% | 1979435 | &nbsp;&nbsp;&nbsp;&nbsp;1973654 |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> Floor 0.500%<br> 12/29/2028 | &nbsp;&nbsp;8.311% | 2141158 | &nbsp;&nbsp;&nbsp;&nbsp;2130453 |
| &nbsp;&nbsp;Conservice Midco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Conservice Midco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Conservice Midco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Conservice Midco LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.250%<br> 05/13/2027 | &nbsp;&nbsp;8.820% | 4423529 | &nbsp;&nbsp;&nbsp;&nbsp;4366377 |
| &nbsp;&nbsp;Corporation Service Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Corporation Service Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Corporation Service Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Corporation Service Co.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.250%<br> Floor 0.500%<br> 11/02/2029 | &nbsp;&nbsp;7.911% | 1287994 | &nbsp;&nbsp;&nbsp;&nbsp;1287427 |
| &nbsp;&nbsp;Cushman & Wakefield US Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Cushman & Wakefield US Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Cushman & Wakefield US Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Cushman & Wakefield US Borrower LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> 08/21/2025 | &nbsp;&nbsp;7.320% | &nbsp;&nbsp;&nbsp;984018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979097 |
| &nbsp;&nbsp;1-month Term SOFR + 3.250%<br> 01/31/2030 | &nbsp;&nbsp;7.911% | 1241195 | &nbsp;&nbsp;&nbsp;&nbsp;1234989 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Go Daddy Operating Co. LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Go Daddy Operating Co. LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Go Daddy Operating Co. LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Go Daddy Operating Co. LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.250%<br> 11/09/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.811% | 1132651 | &nbsp;&nbsp;&nbsp;&nbsp;1135630 |
| &nbsp;&nbsp;Prime Security Services Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Prime Security Services Borrower LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.750%<br> 09/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.517% | 3274919 | &nbsp;&nbsp;&nbsp;&nbsp;3270498 |
| &nbsp;&nbsp;Sotheby's<sup>(e),(f)</sup> | &nbsp;&nbsp;Sotheby's<sup>(e),(f)</sup> | &nbsp;&nbsp;Sotheby's<sup>(e),(f)</sup> | &nbsp;&nbsp;Sotheby's<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.500%<br> Floor 0.500%<br> 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;9.330% | 4144191 | &nbsp;&nbsp;&nbsp;&nbsp;4123470 |
| &nbsp;&nbsp;Staples, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 5.000%<br> 04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;9.440% | 1663650 | &nbsp;&nbsp;&nbsp;&nbsp;1554548 |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.500%<br> Floor 1.000%<br> 04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.235% | 4188786 | &nbsp;&nbsp;&nbsp;&nbsp;4188870 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> 02/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.235% | 3513968 | &nbsp;&nbsp;&nbsp;&nbsp;3512492 |
| &nbsp;&nbsp;WaterBridge Midstream Operating LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;WaterBridge Midstream Operating LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;WaterBridge Midstream Operating LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;WaterBridge Midstream Operating LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 5.750%<br> Floor 1.000%<br> 06/22/2026 | &nbsp;&nbsp;10.568% | 1023261 | &nbsp;&nbsp;&nbsp;&nbsp;1011432 |
| &nbsp;&nbsp;WW International, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;WW International, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;WW International, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;WW International, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 04/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.070% | 4271875 | &nbsp;&nbsp;&nbsp;&nbsp;2502592 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**39300212** |
| &nbsp;&nbsp;**Consumer Products 1.1%** | &nbsp;&nbsp;**Consumer Products 1.1%** | &nbsp;&nbsp;**Consumer Products 1.1%** | &nbsp;&nbsp;**Consumer Products 1.1%** |
| &nbsp;&nbsp;Bombardier Recreational Products<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Bombardier Recreational Products<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Bombardier Recreational Products<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Bombardier Recreational Products<sup>(e),(f),(h)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 12/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;8.061% | 1151919 | &nbsp;&nbsp;&nbsp;&nbsp;1143280 |
| &nbsp;&nbsp;Serta Simmons Bedding LLC<sup>(e),(i)</sup> | &nbsp;&nbsp;Serta Simmons Bedding LLC<sup>(e),(i)</sup> | &nbsp;&nbsp;Serta Simmons Bedding LLC<sup>(e),(i)</sup> | &nbsp;&nbsp;Serta Simmons Bedding LLC<sup>(e),(i)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;11/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | 1318813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88426 |
| &nbsp;&nbsp;SRAM LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;SRAM LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;SRAM LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;SRAM LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 05/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.320% | 1972727 | &nbsp;&nbsp;&nbsp;&nbsp;1948068 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;SWF Holdings I Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;SWF Holdings I Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;SWF Holdings I Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;SWF Holdings I Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 0.750%<br> 10/06/2028 | &nbsp;&nbsp;8.753% | 1469936 | &nbsp;&nbsp;1252665 |
| &nbsp;&nbsp;Weber-Stephen Products LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Weber-Stephen Products LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Weber-Stephen Products LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Weber-Stephen Products LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.750%<br> 10/30/2027 | &nbsp;&nbsp;7.820% | 5102900 | &nbsp;&nbsp;4454831 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**8887270** |
| &nbsp;&nbsp;**Diversified Manufacturing 2.5%** | &nbsp;&nbsp;**Diversified Manufacturing 2.5%** | &nbsp;&nbsp;**Diversified Manufacturing 2.5%** | &nbsp;&nbsp;**Diversified Manufacturing 2.5%** |
| &nbsp;&nbsp;Brookfield WEC Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Brookfield WEC Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Brookfield WEC Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Brookfield WEC Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 08/01/2025 | &nbsp;&nbsp;7.320% | 1477387 | &nbsp;&nbsp;1474624 |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> Floor 0.500%<br> 08/01/2025 | &nbsp;&nbsp;8.311% | 2119688 | &nbsp;&nbsp;2119306 |
| &nbsp;&nbsp;DXP Enterprises, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;DXP Enterprises, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;DXP Enterprises, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;DXP Enterprises, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 5.250%<br> Floor 1.000%<br> 12/23/2027 | &nbsp;&nbsp;9.955% | 3290034 | &nbsp;&nbsp;3141982 |
| &nbsp;&nbsp;Filtration Group Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Filtration Group Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Filtration Group Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Filtration Group Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.000%<br> 03/31/2025 | &nbsp;&nbsp;7.570% | 2253011 | &nbsp;&nbsp;2247694 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 10/21/2028 | &nbsp;&nbsp;8.070% | &nbsp;&nbsp;&nbsp;698116 | &nbsp;&nbsp;&nbsp;&nbsp;694046 |
| &nbsp;&nbsp;Gates Global LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Gates Global LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Gates Global LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Gates Global LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.500%<br> Floor 0.750%<br> 03/31/2027 | &nbsp;&nbsp;7.070% | 1116372 | &nbsp;&nbsp;1111215 |
| &nbsp;&nbsp;Madison IAQ LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.250%<br> 06/21/2028 | &nbsp;&nbsp;7.988% | 3697723 | &nbsp;&nbsp;3532102 |
| &nbsp;&nbsp;TK Elevator Midco GmbH<sup>(e),(f)</sup> | &nbsp;&nbsp;TK Elevator Midco GmbH<sup>(e),(f)</sup> | &nbsp;&nbsp;TK Elevator Midco GmbH<sup>(e),(f)</sup> | &nbsp;&nbsp;TK Elevator Midco GmbH<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 07/30/2027 | &nbsp;&nbsp;8.602% | 3550548 | &nbsp;&nbsp;3483479 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Vertiv Group Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Vertiv Group Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Vertiv Group Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Vertiv Group Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> 03/02/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.119% | 1902760 | &nbsp;&nbsp;&nbsp;&nbsp;1893246 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**19697694** |
| &nbsp;&nbsp;**Electric 1.0%** | &nbsp;&nbsp;**Electric 1.0%** | &nbsp;&nbsp;**Electric 1.0%** | &nbsp;&nbsp;**Electric 1.0%** |
| &nbsp;&nbsp;Carroll County Energy LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Carroll County Energy LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Carroll County Energy LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Carroll County Energy LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.500%<br> 02/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.230% | 1211067 | &nbsp;&nbsp;&nbsp;&nbsp;1153541 |
| &nbsp;&nbsp;Invenergy Thermal Operating I LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Invenergy Thermal Operating I LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Invenergy Thermal Operating I LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Invenergy Thermal Operating I LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> 08/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.426% | 1320115 | &nbsp;&nbsp;&nbsp;&nbsp;1313514 |
| &nbsp;&nbsp;Nautilus Power LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Nautilus Power LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Nautilus Power LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Nautilus Power LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 4.250%<br> Floor 1.000%<br> 05/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.820% | 1268658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934278 |
| &nbsp;&nbsp;New Frontera Holdings LLC<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;New Frontera Holdings LLC<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;New Frontera Holdings LLC<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;New Frontera Holdings LLC<sup>(c),(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 13.000%<br> 07/28/2026 | &nbsp;&nbsp;17.730% | &nbsp;&nbsp;&nbsp;979319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969526 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 1.500%<br> 07/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.230% | &nbsp;&nbsp;&nbsp;339370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67874 |
| &nbsp;&nbsp;PG&E Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;PG&E Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;PG&E Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;PG&E Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> Floor 1.000%<br> 06/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.625% | 1949963 | &nbsp;&nbsp;&nbsp;&nbsp;1946063 |
| &nbsp;&nbsp;West Deptford Energy Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;West Deptford Energy Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;West Deptford Energy Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;West Deptford Energy Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> 08/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.320% | 1469528 | &nbsp;&nbsp;&nbsp;&nbsp;1061323 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**7446119** |
| &nbsp;&nbsp;**Environmental 0.6%** | &nbsp;&nbsp;**Environmental 0.6%** | &nbsp;&nbsp;**Environmental 0.6%** | &nbsp;&nbsp;**Environmental 0.6%** |
| &nbsp;&nbsp;EnergySolutions LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;EnergySolutions LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;EnergySolutions LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;EnergySolutions LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> Floor 1.000%<br> 05/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.480% | 3292065 | &nbsp;&nbsp;&nbsp;&nbsp;3169995 |
| &nbsp;&nbsp;Harsco Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Harsco Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Harsco Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Harsco Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 0.500%<br> 03/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.926% | 1630995 | &nbsp;&nbsp;&nbsp;&nbsp;1556590 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4726585** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Food and Beverage 2.3%** | &nbsp;&nbsp;**Food and Beverage 2.3%** | &nbsp;&nbsp;**Food and Beverage 2.3%** | &nbsp;&nbsp;**Food and Beverage 2.3%** |
| &nbsp;&nbsp;Aramark Intermediate HoldCo Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Aramark Intermediate HoldCo Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Aramark Intermediate HoldCo Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Aramark Intermediate HoldCo Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan | &nbsp;&nbsp;Tranche B5 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.500%<br> 04/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.070% | 2023518 | &nbsp;&nbsp;&nbsp;&nbsp;2017205 |
| &nbsp;&nbsp;Del Monte Foods, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Del Monte Foods, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Del Monte Foods, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Del Monte Foods, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.250%<br> Floor 0.500%<br> 05/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;8.862% | 4267990 | &nbsp;&nbsp;&nbsp;&nbsp;4223517 |
| &nbsp;&nbsp;Naked Juice LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Naked Juice LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Naked Juice LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Naked Juice LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month Term SOFR + 3.250%<br> Floor 0.500%<br> 01/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.930% | 1736263 | &nbsp;&nbsp;&nbsp;&nbsp;1593334 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 6.000%<br> Floor 0.500%<br> 01/24/2030 | &nbsp;&nbsp;10.680% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821250 |
| &nbsp;&nbsp;Primary Products Finance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Primary Products Finance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Primary Products Finance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Primary Products Finance LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.000%<br> Floor 0.500%<br> 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;8.743% | 4140495 | &nbsp;&nbsp;&nbsp;&nbsp;4095405 |
| &nbsp;&nbsp;Triton Water Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Triton Water Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Triton Water Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Triton Water Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 03/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.230% | 2337966 | &nbsp;&nbsp;&nbsp;&nbsp;2222541 |
| &nbsp;&nbsp;United Natural Foods, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;United Natural Foods, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;United Natural Foods, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;United Natural Foods, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month Term SOFR + 3.250%<br> 10/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.926% | 1654241 | &nbsp;&nbsp;&nbsp;&nbsp;1656623 |
| &nbsp;&nbsp;US Foods, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> 11/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.320% | &nbsp;&nbsp;&nbsp;955516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955917 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**17585792** |
| &nbsp;&nbsp;**Gaming 4.4%** | &nbsp;&nbsp;**Gaming 4.4%** | &nbsp;&nbsp;**Gaming 4.4%** | &nbsp;&nbsp;**Gaming 4.4%** |
| &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(e),(f),(h)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.250%<br> Floor 0.500%<br> 01/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.917% | 3393166 | &nbsp;&nbsp;&nbsp;&nbsp;3388450 |
| &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Caesars Resort Collection LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.750%<br> 12/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;7.320% | 1417836 | &nbsp;&nbsp;&nbsp;&nbsp;1415965 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> 07/21/2025 | &nbsp;&nbsp;8.070% | 3949544 | &nbsp;&nbsp;&nbsp;&nbsp;3946463 |
| &nbsp;&nbsp;CBAC Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;CBAC Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;CBAC Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;CBAC Borrower LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 4.000%<br> 07/08/2024 | &nbsp;&nbsp;8.570% | 3811290 | &nbsp;&nbsp;&nbsp;&nbsp;3725536 |
| &nbsp;&nbsp;Entain PLC<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Entain PLC<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Entain PLC<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Entain PLC<sup>(e),(f),(h)</sup> |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 10/31/2029 | &nbsp;&nbsp;8.180% | 1327748 | &nbsp;&nbsp;&nbsp;&nbsp;1328744 |
| &nbsp;&nbsp;Fertitta Entertainment LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Fertitta Entertainment LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.000%<br> Floor 0.500%<br> 01/27/2029 | &nbsp;&nbsp;8.561% | 3980847 | &nbsp;&nbsp;&nbsp;&nbsp;3930529 |
| &nbsp;&nbsp;Flutter Entertainment PLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Flutter Entertainment PLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Flutter Entertainment PLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Flutter Entertainment PLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.500%<br> 07/21/2026 | &nbsp;&nbsp;6.980% | 3350464 | &nbsp;&nbsp;&nbsp;&nbsp;3342858 |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> 07/22/2028 | &nbsp;&nbsp;8.092% | 1791909 | &nbsp;&nbsp;&nbsp;&nbsp;1794382 |
| &nbsp;&nbsp;HRNI Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;HRNI Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;HRNI Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;HRNI Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.250%<br> Floor 0.750%<br> 12/11/2028 | &nbsp;&nbsp;8.797% | 4569105 | &nbsp;&nbsp;&nbsp;&nbsp;4458669 |
| &nbsp;&nbsp;Scientific Games Holdings LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 04/04/2029 | &nbsp;&nbsp;8.103% | 4869127 | &nbsp;&nbsp;&nbsp;&nbsp;4783381 |
| &nbsp;&nbsp;Scientific Games International, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.000%<br> Floor 0.500%<br> 04/14/2029 | &nbsp;&nbsp;7.578% | 1913492 | &nbsp;&nbsp;&nbsp;&nbsp;1906317 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**34021294** |
| &nbsp;&nbsp;**Health Care 2.9%** | &nbsp;&nbsp;**Health Care 2.9%** | &nbsp;&nbsp;**Health Care 2.9%** | &nbsp;&nbsp;**Health Care 2.9%** |
| &nbsp;&nbsp;CHG Healthcare Services, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;CHG Healthcare Services, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;CHG Healthcare Services, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;CHG Healthcare Services, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 09/29/2028 | &nbsp;&nbsp;7.820% | 1975000 | &nbsp;&nbsp;&nbsp;&nbsp;1960405 |
| &nbsp;&nbsp;Element Materials Technology Group US Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Element Materials Technology Group US Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Element Materials Technology Group US Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Element Materials Technology Group US Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Delayed Draw Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Delayed Draw Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Delayed Draw Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Delayed Draw Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.250%<br> Floor 0.500%<br> 06/22/2029 | &nbsp;&nbsp;8.930% | &nbsp;&nbsp;&nbsp;406487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402593 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.250%<br> Floor 0.500%<br> 06/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp;8.930% | &nbsp;&nbsp;&nbsp;880723 | &nbsp;&nbsp;&nbsp;&nbsp;872285 |
| &nbsp;&nbsp;Envision Healthcare Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Envision Healthcare Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Envision Healthcare Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Envision Healthcare Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> 03/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.330% | &nbsp;&nbsp;&nbsp;776140 | &nbsp;&nbsp;&nbsp;&nbsp;190154 |
| &nbsp;&nbsp;1-month Term SOFR + 4.250%<br> 03/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.830% | 1650419 | &nbsp;&nbsp;&nbsp;&nbsp;656042 |
| &nbsp;&nbsp;1-month Term SOFR + 7.875%<br> 03/31/2027 | &nbsp;&nbsp;12.605% | &nbsp;&nbsp;&nbsp;279523 | &nbsp;&nbsp;&nbsp;&nbsp;243883 |
| &nbsp;&nbsp;Medline Borrower LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Medline Borrower LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Medline Borrower LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Medline Borrower LP<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 10/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.820% | 5562441 | &nbsp;&nbsp;5394790 |
| &nbsp;&nbsp;National Mentor Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;National Mentor Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;National Mentor Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;National Mentor Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 03/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.408% | 2199209 | &nbsp;&nbsp;1604059 |
| &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 03/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.480% | &nbsp;&nbsp;&nbsp;&nbsp;71709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52303 |
| &nbsp;&nbsp;Phoenix Guarantor, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Phoenix Guarantor, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Phoenix Guarantor, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Phoenix Guarantor, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 03/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.820% | 2219845 | &nbsp;&nbsp;2183306 |
| &nbsp;&nbsp;Tranche B3 1st Lien Term Loan | &nbsp;&nbsp;Tranche B3 1st Lien Term Loan | &nbsp;&nbsp;Tranche B3 1st Lien Term Loan | &nbsp;&nbsp;Tranche B3 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> 03/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.070% | &nbsp;&nbsp;&nbsp;982500 | &nbsp;&nbsp;&nbsp;&nbsp;967458 |
| &nbsp;&nbsp;Pluto Acquisition I, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Pluto Acquisition I, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Pluto Acquisition I, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Pluto Acquisition I, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> 06/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.735% | 1923828 | &nbsp;&nbsp;1385156 |
| &nbsp;&nbsp;Select Medical Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.500%<br> 03/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.070% | 2571818 | &nbsp;&nbsp;2554664 |
| &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.210% | 1352180 | &nbsp;&nbsp;1348462 |
| &nbsp;&nbsp;Team Health Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Team Health Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Team Health Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Team Health Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 5.250%<br> Floor 1.000%<br> 03/02/2027 | &nbsp;&nbsp;&nbsp;&nbsp;9.811% | 1639434 | &nbsp;&nbsp;1356632 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Upstream Newco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Upstream Newco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Upstream Newco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Upstream Newco, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.250%<br> 11/20/2026 | &nbsp;&nbsp;9.092% | 1960076 | &nbsp;&nbsp;&nbsp;&nbsp;1613789 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**22785981** |
| &nbsp;&nbsp;**Independent Energy 1.0%** | &nbsp;&nbsp;**Independent Energy 1.0%** | &nbsp;&nbsp;**Independent Energy 1.0%** | &nbsp;&nbsp;**Independent Energy 1.0%** |
| &nbsp;&nbsp;Hamilton Projects Acquiror LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Hamilton Projects Acquiror LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Hamilton Projects Acquiror LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Hamilton Projects Acquiror LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.500%<br> Floor 1.000%<br> 06/17/2027 | &nbsp;&nbsp;9.230% | 1513017 | &nbsp;&nbsp;&nbsp;&nbsp;1508962 |
| &nbsp;&nbsp;Oryx Midstream Services Permian Basin LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Oryx Midstream Services Permian Basin LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Oryx Midstream Services Permian Basin LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Oryx Midstream Services Permian Basin LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 10/05/2028 | &nbsp;&nbsp;7.924% | 2465758 | &nbsp;&nbsp;&nbsp;&nbsp;2456511 |
| &nbsp;&nbsp;Parkway Generation LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Parkway Generation LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Parkway Generation LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Parkway Generation LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.750%<br> Floor 0.750%<br> 02/18/2029 | &nbsp;&nbsp;9.426% | 3656481 | &nbsp;&nbsp;&nbsp;&nbsp;3601634 |
| &nbsp;&nbsp;Tranche C Term Loan | &nbsp;&nbsp;Tranche C Term Loan | &nbsp;&nbsp;Tranche C Term Loan | &nbsp;&nbsp;Tranche C Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> Floor 0.750%<br> 02/18/2029 | &nbsp;&nbsp;9.426% | &nbsp;&nbsp;&nbsp;479623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471590 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8038697** |
| &nbsp;&nbsp;**Leisure 2.6%** | &nbsp;&nbsp;**Leisure 2.6%** | &nbsp;&nbsp;**Leisure 2.6%** | &nbsp;&nbsp;**Leisure 2.6%** |
| &nbsp;&nbsp;Alterra Mountain Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Alterra Mountain Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Alterra Mountain Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Alterra Mountain Co.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 08/17/2028 | &nbsp;&nbsp;8.070% | 3012551 | &nbsp;&nbsp;&nbsp;&nbsp;3001254 |
| &nbsp;&nbsp;Carnival Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.750%<br> 10/18/2028 | &nbsp;&nbsp;7.820% | 4449407 | &nbsp;&nbsp;&nbsp;&nbsp;4338172 |
| &nbsp;&nbsp;Life Time, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Life Time, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Life Time, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Life Time, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> Floor 1.000%<br> 12/16/2024 | &nbsp;&nbsp;9.485% | 2684339 | &nbsp;&nbsp;&nbsp;&nbsp;2684339 |
| &nbsp;&nbsp;NAI Entertainment Holdings LLC<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;NAI Entertainment Holdings LLC<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;NAI Entertainment Holdings LLC<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;NAI Entertainment Holdings LLC<sup>(c),(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.500%<br> Floor 1.000%<br> 05/08/2025 | &nbsp;&nbsp;7.070% | 2941192 | &nbsp;&nbsp;&nbsp;&nbsp;2794132 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 13

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;UFC Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;UFC Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;UFC Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;UFC Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B3 1st Lien Term Loan | &nbsp;&nbsp;Tranche B3 1st Lien Term Loan | &nbsp;&nbsp;Tranche B3 1st Lien Term Loan | &nbsp;&nbsp;Tranche B3 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.750%<br> 04/29/2026 | &nbsp;&nbsp;7.570% | 3914047 | &nbsp;&nbsp;&nbsp;&nbsp;3890798 |
| &nbsp;&nbsp;William Morris Endeavor Entertainment LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;William Morris Endeavor Entertainment LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;William Morris Endeavor Entertainment LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;William Morris Endeavor Entertainment LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.750%<br> 05/18/2025 | &nbsp;&nbsp;7.320% | 3318931 | &nbsp;&nbsp;&nbsp;&nbsp;3295233 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20003928** |
| &nbsp;&nbsp;**Lodging 1.3%** | &nbsp;&nbsp;**Lodging 1.3%** | &nbsp;&nbsp;**Lodging 1.3%** | &nbsp;&nbsp;**Lodging 1.3%** |
| &nbsp;&nbsp;Four Seasons Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Four Seasons Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Four Seasons Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Four Seasons Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.250%<br> Floor 0.500%<br> 11/30/2029 | &nbsp;&nbsp;7.911% | 1154910 | &nbsp;&nbsp;&nbsp;&nbsp;1158952 |
| &nbsp;&nbsp;Hilton Grand Vacations Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Hilton Grand Vacations Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Hilton Grand Vacations Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Hilton Grand Vacations Borrower LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> Floor 0.500%<br> 08/02/2028 | &nbsp;&nbsp;7.570% | 4218841 | &nbsp;&nbsp;&nbsp;&nbsp;4218081 |
| &nbsp;&nbsp;Playa Hotels & Resorts<sup>(e),(f)</sup> | &nbsp;&nbsp;Playa Hotels & Resorts<sup>(e),(f)</sup> | &nbsp;&nbsp;Playa Hotels & Resorts<sup>(e),(f)</sup> | &nbsp;&nbsp;Playa Hotels & Resorts<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.250%<br> 01/05/2029 | &nbsp;&nbsp;8.728% | 2889508 | &nbsp;&nbsp;&nbsp;&nbsp;2867317 |
| &nbsp;&nbsp;Travel + Leisure Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Travel + Leisure Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Travel + Leisure Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Travel + Leisure Co.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.000%<br> Floor 0.500%<br> 12/14/2029 | &nbsp;&nbsp;8.608% | 1658763 | &nbsp;&nbsp;&nbsp;&nbsp;1658763 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**9903113** |
| &nbsp;&nbsp;**Media and Entertainment 7.3%** | &nbsp;&nbsp;**Media and Entertainment 7.3%** | &nbsp;&nbsp;**Media and Entertainment 7.3%** | &nbsp;&nbsp;**Media and Entertainment 7.3%** |
| &nbsp;&nbsp;AppLovin Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;AppLovin Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;AppLovin Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;AppLovin Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.100%<br> Floor 0.500%<br> 10/25/2028 | &nbsp;&nbsp;7.693% | 5065976 | &nbsp;&nbsp;&nbsp;&nbsp;4958324 |
| &nbsp;&nbsp;Cengage Learning, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> Floor 1.000%<br> 07/14/2026 | &nbsp;&nbsp;9.880% | 6248808 | &nbsp;&nbsp;&nbsp;&nbsp;5945741 |
| &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.500%<br> 08/21/2026 | &nbsp;&nbsp;8.325% | 3396813 | &nbsp;&nbsp;&nbsp;&nbsp;3225376 |
| &nbsp;&nbsp;CMG Media Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;CMG Media Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;CMG Media Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;CMG Media Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> 12/17/2026 | &nbsp;&nbsp;8.230% | 2794225 | &nbsp;&nbsp;&nbsp;&nbsp;2645209 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Creative Artists Agency LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Creative Artists Agency LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Creative Artists Agency LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Creative Artists Agency LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> 11/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.320% | 2919798 | &nbsp;&nbsp;2916148 |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.250%<br> Floor 1.000%<br> 11/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.811% | 1610502 | &nbsp;&nbsp;1596410 |
| &nbsp;&nbsp;Diamond Sports Group LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Diamond Sports Group LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 8.000%<br> Floor 1.000%<br> 05/25/2026 | &nbsp;&nbsp;13.064% | 1298035 | &nbsp;&nbsp;1167310 |
| &nbsp;&nbsp;Dotdash Meredith, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Dotdash Meredith, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Dotdash Meredith, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Dotdash Meredith, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.000%<br> Floor 0.500%<br> 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.434% | 3309118 | &nbsp;&nbsp;2801731 |
| &nbsp;&nbsp;E.W. Scripps Co. (The)<sup>(e),(f)</sup> | &nbsp;&nbsp;E.W. Scripps Co. (The)<sup>(e),(f)</sup> | &nbsp;&nbsp;E.W. Scripps Co. (The)<sup>(e),(f)</sup> | &nbsp;&nbsp;E.W. Scripps Co. (The)<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.563%<br> 05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.132% | 1458543 | &nbsp;&nbsp;1450885 |
| &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.750%<br> 01/07/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.320% | &nbsp;&nbsp;&nbsp;838500 | &nbsp;&nbsp;&nbsp;&nbsp;834567 |
| &nbsp;&nbsp;Emerald Expositions Holding, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Emerald Expositions Holding, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Emerald Expositions Holding, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Emerald Expositions Holding, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.500%<br> 05/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;7.070% | 2223710 | &nbsp;&nbsp;2177568 |
| &nbsp;&nbsp;Entravision Communications Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Entravision Communications Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Entravision Communications Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Entravision Communications Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.750%<br> 11/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;7.297% | 1046250 | &nbsp;&nbsp;1023578 |
| &nbsp;&nbsp;Gray Television, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Gray Television, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Gray Television, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Gray Television, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche D Term Loan | &nbsp;&nbsp;Tranche D Term Loan | &nbsp;&nbsp;Tranche D Term Loan | &nbsp;&nbsp;Tranche D Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.369% | 2970000 | &nbsp;&nbsp;2956546 |
| &nbsp;&nbsp;Hubbard Radio LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Hubbard Radio LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Hubbard Radio LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Hubbard Radio LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 4.250%<br> Floor 1.000%<br> 03/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.820% | 2225632 | &nbsp;&nbsp;1936300 |
| &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> 05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.570% | 1703204 | &nbsp;&nbsp;1674812 |
| &nbsp;&nbsp;Indy US Bidco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Indy US Bidco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Indy US Bidco LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Indy US Bidco LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> 03/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.320% | 2978393 | &nbsp;&nbsp;2632155 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Learfield Communications LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Learfield Communications LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Learfield Communications LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Learfield Communications LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.250%<br> Floor 1.000%<br> 12/01/2023 | &nbsp;&nbsp;7.820% | 4137013 | &nbsp;&nbsp;&nbsp;&nbsp;2771799 |
| &nbsp;&nbsp;Lions Gate Capital Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Lions Gate Capital Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Lions Gate Capital Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Lions Gate Capital Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.250%<br> 03/24/2025 | &nbsp;&nbsp;6.820% | 1378625 | &nbsp;&nbsp;&nbsp;&nbsp;1353355 |
| &nbsp;&nbsp;NASCAR Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;NASCAR Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;NASCAR Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;NASCAR Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.500%<br> 10/19/2026 | &nbsp;&nbsp;7.070% | 1362251 | &nbsp;&nbsp;&nbsp;&nbsp;1361679 |
| &nbsp;&nbsp;NEP Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;NEP Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;NEP Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;NEP Group, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.250%<br> 10/20/2025 | &nbsp;&nbsp;7.820% | 1480720 | &nbsp;&nbsp;&nbsp;&nbsp;1329686 |
| &nbsp;&nbsp;Playtika Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> 03/13/2028 | &nbsp;&nbsp;7.320% | 3102631 | &nbsp;&nbsp;&nbsp;&nbsp;3072319 |
| &nbsp;&nbsp;Pug LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Pug LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Pug LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Pug LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> 02/12/2027 | &nbsp;&nbsp;8.070% | 1989471 | &nbsp;&nbsp;&nbsp;&nbsp;1666182 |
| &nbsp;&nbsp;Sinclair Television Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Sinclair Television Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Sinclair Television Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Sinclair Television Group, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> 04/01/2028 | &nbsp;&nbsp;7.570% | 1210840 | &nbsp;&nbsp;&nbsp;&nbsp;1184855 |
| &nbsp;&nbsp;Univision Communications, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.750%<br> 01/31/2029 | &nbsp;&nbsp;7.820% | 4218125 | &nbsp;&nbsp;&nbsp;&nbsp;4136040 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**56818575** |
| &nbsp;&nbsp;**Midstream 2.2%** | &nbsp;&nbsp;**Midstream 2.2%** | &nbsp;&nbsp;**Midstream 2.2%** | &nbsp;&nbsp;**Midstream 2.2%** |
| &nbsp;&nbsp;AL GCX Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;AL GCX Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;AL GCX Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;AL GCX Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> Floor 0.500%<br> 05/17/2029 | &nbsp;&nbsp;8.525% | 1776261 | &nbsp;&nbsp;&nbsp;&nbsp;1776634 |
| &nbsp;&nbsp;Buckeye Partners LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Buckeye Partners LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Buckeye Partners LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Buckeye Partners LP<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> 11/01/2026 | &nbsp;&nbsp;6.634% | 1969616 | &nbsp;&nbsp;&nbsp;&nbsp;1969006 |
| &nbsp;&nbsp;CQP Holdco LP<sup>(e),(f)</sup> | &nbsp;&nbsp;CQP Holdco LP<sup>(e),(f)</sup> | &nbsp;&nbsp;CQP Holdco LP<sup>(e),(f)</sup> | &nbsp;&nbsp;CQP Holdco LP<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.500%<br> 06/05/2028 | &nbsp;&nbsp;8.480% | 2364000 | &nbsp;&nbsp;&nbsp;&nbsp;2366364 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;GIP III Stetson I LP<sup>(e),(f)</sup> | &nbsp;&nbsp;GIP III Stetson I LP<sup>(e),(f)</sup> | &nbsp;&nbsp;GIP III Stetson I LP<sup>(e),(f)</sup> | &nbsp;&nbsp;GIP III Stetson I LP<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 4.250%<br> 07/18/2025 | &nbsp;&nbsp;8.820% | 3857817 | &nbsp;&nbsp;&nbsp;&nbsp;3813452 |
| &nbsp;&nbsp;ITT Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;ITT Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;ITT Holdings LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;ITT Holdings LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 07/10/2028 | &nbsp;&nbsp;7.320% | 4343844 | &nbsp;&nbsp;&nbsp;&nbsp;4346580 |
| &nbsp;&nbsp;Traverse Midstream Partners LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Traverse Midstream Partners LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Traverse Midstream Partners LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Traverse Midstream Partners LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.250%<br> Floor 1.000%<br> 09/27/2024 | &nbsp;&nbsp;8.950% | 2499708 | &nbsp;&nbsp;&nbsp;&nbsp;2497833 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**16769869** |
| &nbsp;&nbsp;**Oil Field Services 0.3%** | &nbsp;&nbsp;**Oil Field Services 0.3%** | &nbsp;&nbsp;**Oil Field Services 0.3%** | &nbsp;&nbsp;**Oil Field Services 0.3%** |
| &nbsp;&nbsp;Lealand Finance Co. BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Lealand Finance Co. BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Lealand Finance Co. BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Lealand Finance Co. BV<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> 06/28/2024 | &nbsp;&nbsp;7.570% | &nbsp;&nbsp;&nbsp;&nbsp;33314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20488 |
| &nbsp;&nbsp;Lealand Finance Co. BV<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;Lealand Finance Co. BV<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;Lealand Finance Co. BV<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;Lealand Finance Co. BV<sup>(e),(f),(g)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 1.000%<br> 06/30/2025 | &nbsp;&nbsp;5.570% | &nbsp;&nbsp;&nbsp;446367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239645 |
| &nbsp;&nbsp;MRC Global, Inc.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;MRC Global, Inc.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;MRC Global, Inc.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;MRC Global, Inc.<sup>(c),(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.000%<br> 09/20/2024 | &nbsp;&nbsp;7.570% | 2148087 | &nbsp;&nbsp;&nbsp;&nbsp;2137347 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2397480** |
| &nbsp;&nbsp;**Other Financial Institutions 1.6%** | &nbsp;&nbsp;**Other Financial Institutions 1.6%** | &nbsp;&nbsp;**Other Financial Institutions 1.6%** | &nbsp;&nbsp;**Other Financial Institutions 1.6%** |
| &nbsp;&nbsp;FinCo I LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;FinCo I LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;FinCo I LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;FinCo I LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.500%<br> 06/27/2025 | &nbsp;&nbsp;7.070% | 1851362 | &nbsp;&nbsp;&nbsp;&nbsp;1851825 |
| &nbsp;&nbsp;Freeport LNG Investments LLP<sup>(e),(f)</sup> | &nbsp;&nbsp;Freeport LNG Investments LLP<sup>(e),(f)</sup> | &nbsp;&nbsp;Freeport LNG Investments LLP<sup>(e),(f)</sup> | &nbsp;&nbsp;Freeport LNG Investments LLP<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 12/21/2028 | &nbsp;&nbsp;8.308% | 3956989 | &nbsp;&nbsp;&nbsp;&nbsp;3833333 |
| &nbsp;&nbsp;IGT Holding IV AB<sup>(e),(f)</sup> | &nbsp;&nbsp;IGT Holding IV AB<sup>(e),(f)</sup> | &nbsp;&nbsp;IGT Holding IV AB<sup>(e),(f)</sup> | &nbsp;&nbsp;IGT Holding IV AB<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.400%<br> Floor 0.500%<br> 03/31/2028 | &nbsp;&nbsp;8.130% | 4310098 | &nbsp;&nbsp;&nbsp;&nbsp;4299323 |
| &nbsp;&nbsp;Trans Union LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Trans Union LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Trans Union LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Trans Union LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B6 Term Loan | &nbsp;&nbsp;Tranche B6 Term Loan | &nbsp;&nbsp;Tranche B6 Term Loan | &nbsp;&nbsp;Tranche B6 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.250%<br> Floor 0.500%<br> 12/01/2028 | &nbsp;&nbsp;6.820% | 2428994 | &nbsp;&nbsp;&nbsp;&nbsp;2422363 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**12406844** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 15

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Other Industry 1.4%** | &nbsp;&nbsp;**Other Industry 1.4%** | &nbsp;&nbsp;**Other Industry 1.4%** | &nbsp;&nbsp;**Other Industry 1.4%** |
| &nbsp;&nbsp;APi Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;APi Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;APi Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;APi Group, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.500%<br> 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.070% | 1517075 | &nbsp;&nbsp;&nbsp;&nbsp;1517075 |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> 01/03/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.297% | 1444047 | &nbsp;&nbsp;&nbsp;&nbsp;1443151 |
| &nbsp;&nbsp;Hillman Group, Inc. (The)<sup>(e),(f),(h),(j)</sup> | &nbsp;&nbsp;Hillman Group, Inc. (The)<sup>(e),(f),(h),(j)</sup> | &nbsp;&nbsp;Hillman Group, Inc. (The)<sup>(e),(f),(h),(j)</sup> | &nbsp;&nbsp;Hillman Group, Inc. (The)<sup>(e),(f),(h),(j)</sup> |
| &nbsp;&nbsp;Delayed Draw Term Loan | &nbsp;&nbsp;Delayed Draw Term Loan | &nbsp;&nbsp;Delayed Draw Term Loan | &nbsp;&nbsp;Delayed Draw Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 07/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.110% | &nbsp;&nbsp;&nbsp;421519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416709 |
| &nbsp;&nbsp;Hillman Group, Inc. (The)<sup>(e),(f)</sup> | &nbsp;&nbsp;Hillman Group, Inc. (The)<sup>(e),(f)</sup> | &nbsp;&nbsp;Hillman Group, Inc. (The)<sup>(e),(f)</sup> | &nbsp;&nbsp;Hillman Group, Inc. (The)<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 07/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.297% | 1739583 | &nbsp;&nbsp;&nbsp;&nbsp;1719735 |
| &nbsp;&nbsp;Husky Injection Molding Systems Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;Husky Injection Molding Systems Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;Husky Injection Molding Systems Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;Husky Injection Molding Systems Ltd.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.000%<br> 03/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.151% | 1984375 | &nbsp;&nbsp;&nbsp;&nbsp;1931968 |
| &nbsp;&nbsp;Vericast Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Vericast Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Vericast Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Vericast Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 7.750%<br> Floor 1.000%<br> 06/16/2026 | &nbsp;&nbsp;12.330% | 1059720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834911 |
| &nbsp;&nbsp;WireCo WorldGroup, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;WireCo WorldGroup, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;WireCo WorldGroup, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;WireCo WorldGroup, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.250%<br> Floor 0.500%<br> 11/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.938% | 2841287 | &nbsp;&nbsp;&nbsp;&nbsp;2827081 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10690630** |
| &nbsp;&nbsp;**Packaging 3.7%** | &nbsp;&nbsp;**Packaging 3.7%** | &nbsp;&nbsp;**Packaging 3.7%** | &nbsp;&nbsp;**Packaging 3.7%** |
| &nbsp;&nbsp;Altium Packaging LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Altium Packaging LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Altium Packaging LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Altium Packaging LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 02/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.320% | 1366957 | &nbsp;&nbsp;&nbsp;&nbsp;1348380 |
| &nbsp;&nbsp;Anchor Glass Container Corp.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Anchor Glass Container Corp.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Anchor Glass Container Corp.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Anchor Glass Container Corp.<sup>(c),(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.000%<br> Floor 1.000%<br> 12/07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.730% | &nbsp;&nbsp;&nbsp;470400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342216 |
| &nbsp;&nbsp;Anchor Glass Container Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Anchor Glass Container Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Anchor Glass Container Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Anchor Glass Container Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.750%<br> Floor 1.000%<br> 12/07/2023 | &nbsp;&nbsp;&nbsp;&nbsp;7.560% | 1551454 | &nbsp;&nbsp;&nbsp;&nbsp;1105566 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 7.750%<br> Floor 1.000%<br> 12/07/2024 | &nbsp;&nbsp;12.562% | &nbsp;&nbsp;&nbsp;333333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85297 |
| &nbsp;&nbsp;Charter Next Generation, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Charter Next Generation, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Charter Next Generation, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Charter Next Generation, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.320% | 4729795 | &nbsp;&nbsp;&nbsp;&nbsp;4698531 |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.175%<br> Floor 0.500%<br> 04/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;8.836% | 3880500 | &nbsp;&nbsp;&nbsp;&nbsp;3807081 |
| &nbsp;&nbsp;Graham Packaging Co., Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Graham Packaging Co., Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Graham Packaging Co., Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Graham Packaging Co., Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> Floor 0.750%<br> 08/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.570% | 2045349 | &nbsp;&nbsp;&nbsp;&nbsp;2035122 |
| &nbsp;&nbsp;Mauser Packaging Solutions Holding Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Mauser Packaging Solutions Holding Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Mauser Packaging Solutions Holding Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Mauser Packaging Solutions Holding Co.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.250%<br> 04/03/2024 | &nbsp;&nbsp;&nbsp;&nbsp;7.619% | 1968750 | &nbsp;&nbsp;&nbsp;&nbsp;1949062 |
| &nbsp;&nbsp;Packaging Coordinators Midco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Packaging Coordinators Midco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Packaging Coordinators Midco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Packaging Coordinators Midco, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.500%<br> 11/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.230% | 3668930 | &nbsp;&nbsp;&nbsp;&nbsp;3594891 |
| &nbsp;&nbsp;Pactiv Evergreen, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Pactiv Evergreen, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Pactiv Evergreen, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Pactiv Evergreen, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.820% | 1029000 | &nbsp;&nbsp;&nbsp;&nbsp;1026746 |
| &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 09/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.820% | 2801575 | &nbsp;&nbsp;&nbsp;&nbsp;2787567 |
| &nbsp;&nbsp;Tosca Services LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Tosca Services LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Tosca Services LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Tosca Services LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.750%<br> 08/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.176% | 3944810 | &nbsp;&nbsp;&nbsp;&nbsp;3168984 |
| &nbsp;&nbsp;Trident TPI Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Trident TPI Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Trident TPI Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Trident TPI Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> Floor 0.500%<br> 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.730% | 2368939 | &nbsp;&nbsp;&nbsp;&nbsp;2321134 |
| &nbsp;&nbsp;Twist Beauty International Holdings S.A.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Twist Beauty International Holdings S.A.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Twist Beauty International Holdings S.A.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Twist Beauty International Holdings S.A.<sup>(c),(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.750%<br> Floor 1.000%<br> 04/20/2024 | &nbsp;&nbsp;&nbsp;&nbsp;7.480% | &nbsp;&nbsp;&nbsp;618536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593795 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**28864372** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Pharmaceuticals 1.1%** | &nbsp;&nbsp;**Pharmaceuticals 1.1%** | &nbsp;&nbsp;**Pharmaceuticals 1.1%** | &nbsp;&nbsp;**Pharmaceuticals 1.1%** |
| &nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> 08/01/2027 | &nbsp;&nbsp;6.119% | 1844274 | &nbsp;&nbsp;1814305 |
| &nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 05/05/2028 | &nbsp;&nbsp;8.070% | 2131742 | &nbsp;&nbsp;2128736 |
| &nbsp;&nbsp;Sunshine Luxembourg VII SARL<sup>(e),(f)</sup> | &nbsp;&nbsp;Sunshine Luxembourg VII SARL<sup>(e),(f)</sup> | &nbsp;&nbsp;Sunshine Luxembourg VII SARL<sup>(e),(f)</sup> | &nbsp;&nbsp;Sunshine Luxembourg VII SARL<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 10/01/2026 | &nbsp;&nbsp;8.480% | 4882544 | &nbsp;&nbsp;4778790 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**8721831** |
| &nbsp;&nbsp;**Property & Casualty 2.7%** | &nbsp;&nbsp;**Property & Casualty 2.7%** | &nbsp;&nbsp;**Property & Casualty 2.7%** | &nbsp;&nbsp;**Property & Casualty 2.7%** |
| &nbsp;&nbsp;Asurion LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Asurion LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Asurion LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Asurion LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B3 2nd Lien Term Loan | &nbsp;&nbsp;Tranche B3 2nd Lien Term Loan | &nbsp;&nbsp;Tranche B3 2nd Lien Term Loan | &nbsp;&nbsp;Tranche B3 2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.250%<br> 01/31/2028 | &nbsp;&nbsp;9.820% | 1600000 | &nbsp;&nbsp;1328800 |
| &nbsp;&nbsp;Tranche B7 Term Loan | &nbsp;&nbsp;Tranche B7 Term Loan | &nbsp;&nbsp;Tranche B7 Term Loan | &nbsp;&nbsp;Tranche B7 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.000%<br> 11/03/2024 | &nbsp;&nbsp;7.570% | 1308338 | &nbsp;&nbsp;1293410 |
| &nbsp;&nbsp;Tranche B8 Term Loan | &nbsp;&nbsp;Tranche B8 Term Loan | &nbsp;&nbsp;Tranche B8 Term Loan | &nbsp;&nbsp;Tranche B8 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 12/23/2026 | &nbsp;&nbsp;7.820% | 1984754 | &nbsp;&nbsp;1894824 |
| &nbsp;&nbsp;Tranche B9 Term Loan | &nbsp;&nbsp;Tranche B9 Term Loan | &nbsp;&nbsp;Tranche B9 Term Loan | &nbsp;&nbsp;Tranche B9 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 07/31/2027 | &nbsp;&nbsp;7.820% | 1473750 | &nbsp;&nbsp;1389776 |
| &nbsp;&nbsp;Hub International Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;Hub International Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;Hub International Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;Hub International Ltd.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> Floor 0.750%<br> 04/25/2025 | &nbsp;&nbsp;7.817% | 4434347 | &nbsp;&nbsp;4426631 |
| &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.750%<br> 04/25/2025 | &nbsp;&nbsp;8.057% | 2114927 | &nbsp;&nbsp;2112093 |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Sedgwick Claims Management Services, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Sedgwick Claims Management Services, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Sedgwick Claims Management Services, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.250%<br> 12/31/2025 | &nbsp;&nbsp;7.820% | 2386694 | &nbsp;&nbsp;2374426 |
| &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. <sup>(e),(f)</sup> | &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. <sup>(e),(f)</sup> | &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. <sup>(e),(f)</sup> | &nbsp;&nbsp;Sedgwick Claims Management Services, Inc. <sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> 09/03/2026 | &nbsp;&nbsp;8.320% | 1230867 | &nbsp;&nbsp;1228812 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;USI, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;USI, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> 12/02/2026 | &nbsp;&nbsp;7.980% | 1954725 | &nbsp;&nbsp;&nbsp;&nbsp;1952282 |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> Floor 0.500%<br> 11/22/2029 | &nbsp;&nbsp;8.330% | 3019712 | &nbsp;&nbsp;&nbsp;&nbsp;3018957 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**21020011** |
| &nbsp;&nbsp;**Railroads 0.2%** | &nbsp;&nbsp;**Railroads 0.2%** | &nbsp;&nbsp;**Railroads 0.2%** | &nbsp;&nbsp;**Railroads 0.2%** |
| &nbsp;&nbsp;Genesee & Wyoming, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Genesee & Wyoming, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Genesee & Wyoming, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Genesee & Wyoming, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.000%<br> 12/30/2026 | &nbsp;&nbsp;6.730% | 1959698 | &nbsp;&nbsp;&nbsp;&nbsp;1955406 |
| &nbsp;&nbsp;**Restaurants 1.7%** | &nbsp;&nbsp;**Restaurants 1.7%** | &nbsp;&nbsp;**Restaurants 1.7%** | &nbsp;&nbsp;**Restaurants 1.7%** |
| &nbsp;&nbsp;1011778 BC ULC<sup>(e),(f)</sup> | &nbsp;&nbsp;1011778 BC ULC<sup>(e),(f)</sup> | &nbsp;&nbsp;1011778 BC ULC<sup>(e),(f)</sup> | &nbsp;&nbsp;1011778 BC ULC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 11/19/2026 | &nbsp;&nbsp;6.320% | 4146990 | &nbsp;&nbsp;&nbsp;&nbsp;4096645 |
| &nbsp;&nbsp;Carrols Restaurant Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Carrols Restaurant Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Carrols Restaurant Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Carrols Restaurant Group, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.250%<br> 04/30/2026 | &nbsp;&nbsp;7.911% | 1448579 | &nbsp;&nbsp;&nbsp;&nbsp;1291046 |
| &nbsp;&nbsp;IRB Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.750%<br> Floor 1.000%<br> 02/05/2025 | &nbsp;&nbsp;7.320% | 1230620 | &nbsp;&nbsp;&nbsp;&nbsp;1227740 |
| &nbsp;&nbsp;1-month Term SOFR + 3.000%<br> Floor 0.750%<br> 12/15/2027 | &nbsp;&nbsp;7.687% | 1965000 | &nbsp;&nbsp;&nbsp;&nbsp;1942894 |
| &nbsp;&nbsp;Whatabrands LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Whatabrands LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Whatabrands LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Whatabrands LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 08/03/2028 | &nbsp;&nbsp;7.820% | 4738851 | &nbsp;&nbsp;&nbsp;&nbsp;4683407 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13241732** |
| &nbsp;&nbsp;**Retailers 2.7%** | &nbsp;&nbsp;**Retailers 2.7%** | &nbsp;&nbsp;**Retailers 2.7%** | &nbsp;&nbsp;**Retailers 2.7%** |
| &nbsp;&nbsp;Great Outdoors Group LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Great Outdoors Group LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Great Outdoors Group LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Great Outdoors Group LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 03/06/2028 | &nbsp;&nbsp;8.320% | 6296759 | &nbsp;&nbsp;&nbsp;&nbsp;6181843 |
| &nbsp;&nbsp;Harbor Freight Tools USA, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Harbor Freight Tools USA, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Harbor Freight Tools USA, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Harbor Freight Tools USA, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 10/19/2027 | &nbsp;&nbsp;7.320% | 4902498 | &nbsp;&nbsp;&nbsp;&nbsp;4829451 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 17

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;PetSmart LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;PetSmart LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;PetSmart LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;PetSmart LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 02/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.411% | 5919900 | &nbsp;&nbsp;&nbsp;&nbsp;5871830 |
| &nbsp;&nbsp;Restoration Hardware, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Restoration Hardware, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Restoration Hardware, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Restoration Hardware, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.250%<br> Floor 0.500%<br> 10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.911% | 3948234 | &nbsp;&nbsp;&nbsp;&nbsp;3834722 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20717846** |
| &nbsp;&nbsp;**Technology 20.3%** | &nbsp;&nbsp;**Technology 20.3%** | &nbsp;&nbsp;**Technology 20.3%** | &nbsp;&nbsp;**Technology 20.3%** |
| &nbsp;&nbsp;Ascend Learning LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 12/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.070% | 2178458 | &nbsp;&nbsp;&nbsp;&nbsp;2073958 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.750%<br> Floor 0.500%<br> 12/10/2029 | &nbsp;&nbsp;10.320% | 6246828 | &nbsp;&nbsp;&nbsp;&nbsp;5401258 |
| &nbsp;&nbsp;athenahealth Group, Inc.<sup>(e),(f),(h),(j)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(e),(f),(h),(j)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(e),(f),(h),(j)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(e),(f),(h),(j)</sup> |
| &nbsp;&nbsp;Delayed Draw Term Loan | &nbsp;&nbsp;Delayed Draw Term Loan | &nbsp;&nbsp;Delayed Draw Term Loan | &nbsp;&nbsp;Delayed Draw Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;335367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275154 |
| &nbsp;&nbsp;athenahealth Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;athenahealth Group, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;8.012% | 2736823 | &nbsp;&nbsp;&nbsp;&nbsp;2588569 |
| &nbsp;&nbsp;Atlas CC Acquisition Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Atlas CC Acquisition Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Atlas CC Acquisition Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Atlas CC Acquisition Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.250%<br> Floor 0.750%<br> 05/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.985% | 3777568 | &nbsp;&nbsp;&nbsp;&nbsp;3305372 |
| &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan | &nbsp;&nbsp;Tranche C 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.250%<br> Floor 0.750%<br> 05/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.985% | &nbsp;&nbsp;&nbsp;768319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672279 |
| &nbsp;&nbsp;Avaya, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Avaya, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Avaya, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Avaya, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.250%<br> 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.709% | 2982808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753159 |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.459% | 1695555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428128 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Barracuda Parent LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Barracuda Parent LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Barracuda Parent LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Barracuda Parent LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.500%<br> Floor 0.500%<br> 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9.176% | 2666667 | &nbsp;&nbsp;2580480 |
| &nbsp;&nbsp;Bright Bidco BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Bright Bidco BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Bright Bidco BV<sup>(e),(f)</sup> | &nbsp;&nbsp;Bright Bidco BV<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 8.000%<br> Floor 1.000%<br> 10/31/2027 | &nbsp;&nbsp;12.676% | &nbsp;&nbsp;&nbsp;144463 | &nbsp;&nbsp;&nbsp;&nbsp;125006 |
| &nbsp;&nbsp;Camelot U.S. Acquisition 1 Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Camelot U.S. Acquisition 1 Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Camelot U.S. Acquisition 1 Co.<sup>(e),(f)</sup> | &nbsp;&nbsp;Camelot U.S. Acquisition 1 Co.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> Floor 1.000%<br> 10/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.517% | 2414292 | &nbsp;&nbsp;2410526 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> 10/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.517% | 1989994 | &nbsp;&nbsp;1985019 |
| &nbsp;&nbsp;Celestica, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Celestica, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Celestica, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Celestica, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.125%<br> 06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.642% | 2403214 | &nbsp;&nbsp;2371179 |
| &nbsp;&nbsp;Central Parent, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Central Parent, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Central Parent, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Central Parent, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.500%<br> Floor 0.500%<br> 07/06/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9.080% | 2520941 | &nbsp;&nbsp;2513858 |
| &nbsp;&nbsp;Cloudera, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cloudera, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cloudera, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cloudera, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.500%<br> 10/08/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.320% | 2706566 | &nbsp;&nbsp;2594596 |
| &nbsp;&nbsp;Coherent Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Coherent Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Coherent Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Coherent Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.500%<br> 07/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.320% | 2293944 | &nbsp;&nbsp;2283186 |
| &nbsp;&nbsp;CoreLogic, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;CoreLogic, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;CoreLogic, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;CoreLogic, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 06/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.125% | 3703125 | &nbsp;&nbsp;3134547 |
| &nbsp;&nbsp;Cornerstone OnDemand, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cornerstone OnDemand, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cornerstone OnDemand, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cornerstone OnDemand, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.500%<br> 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.320% | 2652390 | &nbsp;&nbsp;2436883 |
| &nbsp;&nbsp;Cyxtera DC Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cyxtera DC Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cyxtera DC Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Cyxtera DC Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.000%<br> Floor 1.000%<br> 05/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;7.820% | 1918579 | &nbsp;&nbsp;1558500 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Dawn Acquisition LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Dawn Acquisition LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Dawn Acquisition LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Dawn Acquisition LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> 12/31/2025 | &nbsp;&nbsp;8.480% | 5211951 | &nbsp;&nbsp;3342841 |
| &nbsp;&nbsp;DCert Buyer, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;DCert Buyer, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month Term SOFR + 4.000%<br> 10/16/2026 | &nbsp;&nbsp;8.696% | 5923589 | &nbsp;&nbsp;5847708 |
| &nbsp;&nbsp;Dun & Bradstreet Corp. (The)<sup>(e),(f)</sup> | &nbsp;&nbsp;Dun & Bradstreet Corp. (The)<sup>(e),(f)</sup> | &nbsp;&nbsp;Dun & Bradstreet Corp. (The)<sup>(e),(f)</sup> | &nbsp;&nbsp;Dun & Bradstreet Corp. (The)<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.250%<br> 02/06/2026 | &nbsp;&nbsp;7.767% | 3474055 | &nbsp;&nbsp;3464744 |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.250%<br> 01/18/2029 | &nbsp;&nbsp;7.788% | &nbsp;&nbsp;&nbsp;996298 | &nbsp;&nbsp;&nbsp;&nbsp;989573 |
| &nbsp;&nbsp;Endurance International Group Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Endurance International Group Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Endurance International Group Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Endurance International Group Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.750%<br> 02/10/2028 | &nbsp;&nbsp;7.884% | 1969479 | &nbsp;&nbsp;1854599 |
| &nbsp;&nbsp;Everi Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Everi Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Everi Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Everi Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.500%<br> 08/03/2028 | &nbsp;&nbsp;7.070% | 2475482 | &nbsp;&nbsp;2469293 |
| &nbsp;&nbsp;Gen Digital, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Gen Digital, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Gen Digital, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Gen Digital, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;SOFR + 2.000%<br> Floor 0.500%<br> 09/12/2029 | &nbsp;&nbsp;6.661% | 3375621 | &nbsp;&nbsp;3365764 |
| &nbsp;&nbsp;GoTo Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;GoTo Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;GoTo Group, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;GoTo Group, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> 08/31/2027 | &nbsp;&nbsp;9.297% | 5422197 | &nbsp;&nbsp;2982208 |
| &nbsp;&nbsp;Idemia Group SAS<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Idemia Group SAS<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Idemia Group SAS<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Idemia Group SAS<sup>(c),(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.500%<br> Floor 0.750%<br> 01/10/2026 | &nbsp;&nbsp;9.230% | 4311499 | &nbsp;&nbsp;4279163 |
| &nbsp;&nbsp;Idera, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Idera, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Idera, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Idera, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan | &nbsp;&nbsp;Tranche B1 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 03/02/2028 | &nbsp;&nbsp;8.510% | 2654268 | &nbsp;&nbsp;2561369 |
| &nbsp;&nbsp;Informatica LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Informatica LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Informatica LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Informatica LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> 10/27/2028 | &nbsp;&nbsp;7.375% | 3697042 | &nbsp;&nbsp;3684324 |
| &nbsp;&nbsp;ION Trading Finance Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;ION Trading Finance Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;ION Trading Finance Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;ION Trading Finance Ltd.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> 04/01/2028 | &nbsp;&nbsp;9.480% | 1902009 | &nbsp;&nbsp;1838291 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Loyalty Ventures, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Loyalty Ventures, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Loyalty Ventures, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Loyalty Ventures, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.500%<br> Floor 0.500%<br> 11/03/2027 | &nbsp;&nbsp;11.000% | 2881075 | &nbsp;&nbsp;1116416 |
| &nbsp;&nbsp;Lummus Technology Holdings V LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Lummus Technology Holdings V LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Lummus Technology Holdings V LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Lummus Technology Holdings V LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 1.000%<br> 06/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.070% | 2343680 | &nbsp;&nbsp;2290947 |
| &nbsp;&nbsp;McAfee Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;McAfee Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;McAfee Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;McAfee Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> Floor 0.500%<br> 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;8.184% | 4072658 | &nbsp;&nbsp;3835955 |
| &nbsp;&nbsp;Misys Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;Misys Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;Misys Ltd.<sup>(e),(f)</sup> | &nbsp;&nbsp;Misys Ltd.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.500%<br> Floor 1.000%<br> 06/13/2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.325% | 2395527 | &nbsp;&nbsp;2245807 |
| &nbsp;&nbsp;Mitchell International, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Mitchell International, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Mitchell International, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Mitchell International, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.500%<br> 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.415% | 4811306 | &nbsp;&nbsp;4584789 |
| &nbsp;&nbsp;Mitnick Corporate Purchaser, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Mitnick Corporate Purchaser, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Mitnick Corporate Purchaser, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Mitnick Corporate Purchaser, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.750%<br> Floor 0.500%<br> 05/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9.526% | 1204899 | &nbsp;&nbsp;1163330 |
| &nbsp;&nbsp;Monotype Imaging Holdings, Inc.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Monotype Imaging Holdings, Inc.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Monotype Imaging Holdings, Inc.<sup>(c),(e),(f)</sup> | &nbsp;&nbsp;Monotype Imaging Holdings, Inc.<sup>(c),(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.000%<br> Floor 0.750%<br> 10/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;9.680% | 1900938 | &nbsp;&nbsp;1881928 |
| &nbsp;&nbsp;MYOB US Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;MYOB US Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;MYOB US Borrower LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;MYOB US Borrower LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 4.000%<br> 05/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.561% | 1592250 | &nbsp;&nbsp;1515949 |
| &nbsp;&nbsp;Natel Engineering Co., Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Natel Engineering Co., Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Natel Engineering Co., Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Natel Engineering Co., Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 6.250%<br> Floor 1.000%<br> 04/30/2026 | &nbsp;&nbsp;10.420% | 2859295 | &nbsp;&nbsp;2544773 |
| &nbsp;&nbsp;NCR Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.500%<br> 08/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.330% | 1923661 | &nbsp;&nbsp;1911638 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 19

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Open Text Corp.<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Open Text Corp.<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Open Text Corp.<sup>(e),(f),(h)</sup> | &nbsp;&nbsp;Open Text Corp.<sup>(e),(f),(h)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.500%<br> Floor 0.500%<br> 11/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.307% | 3116510 | &nbsp;&nbsp;3109498 |
| &nbsp;&nbsp;Peraton Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Peraton Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Peraton Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Peraton Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.320% | 4938745 | &nbsp;&nbsp;4907878 |
| &nbsp;&nbsp;Pitney Bowes, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Pitney Bowes, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Pitney Bowes, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Pitney Bowes, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> 03/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.676% | 2047952 | &nbsp;&nbsp;1969229 |
| &nbsp;&nbsp;Presidio Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Presidio Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Presidio Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Presidio Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> 01/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.320% | 1719144 | &nbsp;&nbsp;1712697 |
| &nbsp;&nbsp;Proofpoint, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Proofpoint, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Proofpoint, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Proofpoint, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 08/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.985% | 1980000 | &nbsp;&nbsp;1939469 |
| &nbsp;&nbsp;Rackspace Technology Global, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Rackspace Technology Global, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Rackspace Technology Global, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Rackspace Technology Global, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 0.750%<br> 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.380% | 4195473 | &nbsp;&nbsp;2624353 |
| &nbsp;&nbsp;Riverbed Technology LLC<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;Riverbed Technology LLC<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;Riverbed Technology LLC<sup>(e),(f),(g)</sup> | &nbsp;&nbsp;Riverbed Technology LLC<sup>(e),(f),(g)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 6.000%<br> Floor 1.000%<br> 12/07/2026 | &nbsp;&nbsp;10.540% | 1072064 | &nbsp;&nbsp;&nbsp;&nbsp;461523 |
| &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.250%<br> Floor 0.500%<br> 06/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.911% | &nbsp;&nbsp;&nbsp;281246 | &nbsp;&nbsp;&nbsp;&nbsp;261646 |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 12/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.070% | &nbsp;&nbsp;&nbsp;727977 | &nbsp;&nbsp;&nbsp;&nbsp;669287 |
| &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan | &nbsp;&nbsp;Tranche B2 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 12/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.070% | 1160438 | &nbsp;&nbsp;1066884 |
| &nbsp;&nbsp;Sitel Group<sup>(e),(f)</sup> | &nbsp;&nbsp;Sitel Group<sup>(e),(f)</sup> | &nbsp;&nbsp;Sitel Group<sup>(e),(f)</sup> | &nbsp;&nbsp;Sitel Group<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.500%<br> 08/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;8.320% | 2039815 | &nbsp;&nbsp;2037265 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Sophia LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Sophia LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Sophia LP<sup>(e),(f)</sup> | &nbsp;&nbsp;Sophia LP<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 10/07/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.230% | 1764169 | &nbsp;&nbsp;1737530 |
| &nbsp;&nbsp;Sovos Compliance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Sovos Compliance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Sovos Compliance LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Sovos Compliance LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.500%<br> Floor 0.500%<br> 08/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;9.070% | 2905638 | &nbsp;&nbsp;2799263 |
| &nbsp;&nbsp;SS&C Technologies Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;SS&C Technologies Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;SS&C Technologies Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;SS&C Technologies Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan | &nbsp;&nbsp;Tranche B3 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> 04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.320% | &nbsp;&nbsp;&nbsp;593187 | &nbsp;&nbsp;&nbsp;&nbsp;591704 |
| &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan | &nbsp;&nbsp;Tranche B4 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> 04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.320% | &nbsp;&nbsp;&nbsp;521259 | &nbsp;&nbsp;&nbsp;&nbsp;519955 |
| &nbsp;&nbsp;Tempo Acquisition LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.000%<br> Floor 0.500%<br> 08/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.561% | 4920188 | &nbsp;&nbsp;4923288 |
| &nbsp;&nbsp;TIBCO Software, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;TIBCO Software, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;TIBCO Software, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;TIBCO Software, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 4.500%<br> Floor 0.500%<br> 03/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9.180% | 2023480 | &nbsp;&nbsp;1864131 |
| &nbsp;&nbsp;TTM Technologies, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;TTM Technologies, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;TTM Technologies, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;TTM Technologies, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.500%<br> 09/28/2024 | &nbsp;&nbsp;&nbsp;&nbsp;6.869% | &nbsp;&nbsp;&nbsp;894782 | &nbsp;&nbsp;&nbsp;&nbsp;891426 |
| &nbsp;&nbsp;UKG, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> 05/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.575% | 2189122 | &nbsp;&nbsp;2165720 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 05/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;8.032% | 2940356 | &nbsp;&nbsp;2889282 |
| &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan | &nbsp;&nbsp;2nd Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.250%<br> Floor 0.500%<br> 05/03/2027 | &nbsp;&nbsp;10.032% | 2517589 | &nbsp;&nbsp;2400244 |
| &nbsp;&nbsp;Ultra Clean Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Ultra Clean Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Ultra Clean Holdings, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Ultra Clean Holdings, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> 08/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.320% | 2784004 | &nbsp;&nbsp;2784004 |
| &nbsp;&nbsp;Veritas US, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Veritas US, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Veritas US, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;Veritas US, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 5.000%<br> Floor 1.000%<br> 09/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;9.730% | 2415328 | &nbsp;&nbsp;1633366 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Verscend Holdings Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Verscend Holdings Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Verscend Holdings Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Verscend Holdings Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.000%<br> 08/27/2025 | &nbsp;&nbsp;8.570% | 4452131 | &nbsp;&nbsp;&nbsp;&nbsp;4439398 |
| &nbsp;&nbsp;Virtusa Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Virtusa Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Virtusa Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Virtusa Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 02/11/2028 | &nbsp;&nbsp;8.320% | 1488636 | &nbsp;&nbsp;&nbsp;&nbsp;1471428 |
| &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan | &nbsp;&nbsp;Tranche B1 Term Loan |
| &nbsp;&nbsp;1-month Term SOFR + 3.750%<br> Floor 0.750%<br> 02/15/2029 | &nbsp;&nbsp;8.411% | 3452350 | &nbsp;&nbsp;&nbsp;&nbsp;3413512 |
| &nbsp;&nbsp;Xperi Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Xperi Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Xperi Holding Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Xperi Holding Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> 06/08/2028 | &nbsp;&nbsp;8.070% | 3051873 | &nbsp;&nbsp;&nbsp;&nbsp;2993368 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**157540414** |
| &nbsp;&nbsp;**Transportation Services 0.7%** | &nbsp;&nbsp;**Transportation Services 0.7%** | &nbsp;&nbsp;**Transportation Services 0.7%** | &nbsp;&nbsp;**Transportation Services 0.7%** |
| &nbsp;&nbsp;First Student Bidco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;First Student Bidco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;First Student Bidco, Inc.<sup>(e),(f)</sup> | &nbsp;&nbsp;First Student Bidco, Inc.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan | &nbsp;&nbsp;Tranche B Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> Floor 0.500%<br> 07/21/2028 | &nbsp;&nbsp;7.726% | 2129931 | &nbsp;&nbsp;&nbsp;&nbsp;2008355 |
| &nbsp;&nbsp;1-month Term SOFR + 4.000%<br> Floor 0.500%<br> 07/21/2028 | &nbsp;&nbsp;8.680% | 2588987 | &nbsp;&nbsp;&nbsp;&nbsp;2494489 |
| &nbsp;&nbsp;Tranche C Term Loan | &nbsp;&nbsp;Tranche C Term Loan | &nbsp;&nbsp;Tranche C Term Loan | &nbsp;&nbsp;Tranche C Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> Floor 0.500%<br> 07/21/2028 | &nbsp;&nbsp;7.726% | &nbsp;&nbsp;&nbsp;794158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748827 |
| &nbsp;&nbsp;1-month Term SOFR + 4.000%<br> Floor 0.500%<br> 07/21/2028 | &nbsp;&nbsp;8.680% | &nbsp;&nbsp;&nbsp;179791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173228 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5424899** |
| &nbsp;&nbsp;**Wireless 0.7%** | &nbsp;&nbsp;**Wireless 0.7%** | &nbsp;&nbsp;**Wireless 0.7%** | &nbsp;&nbsp;**Wireless 0.7%** |
| &nbsp;&nbsp;Numericable US LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Numericable US LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Numericable US LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;Numericable US LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Tranche B11 Term Loan | &nbsp;&nbsp;Tranche B11 Term Loan | &nbsp;&nbsp;Tranche B11 Term Loan | &nbsp;&nbsp;Tranche B11 Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 2.750%<br> 07/31/2025 | &nbsp;&nbsp;7.575% | 2343271 | &nbsp;&nbsp;&nbsp;&nbsp;2312809 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** | &nbsp;&nbsp;**Senior Loans (continued)** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(e),(f)</sup> | &nbsp;&nbsp;SBA Senior Finance II LLC<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 04/11/2025 | &nbsp;&nbsp;6.320% | 2780489 | &nbsp;&nbsp;&nbsp;&nbsp;2773843 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5086652** |
| &nbsp;&nbsp;Total Senior Loans<br> (Cost $724,543,903) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $724,543,903) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $724,543,903) | &nbsp;&nbsp;**688864678** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Warrants 0.2%** | &nbsp;&nbsp;**Warrants 0.2%** | &nbsp;&nbsp;**Warrants 0.2%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 0.2%** | &nbsp;&nbsp;**Communication Services 0.2%** | &nbsp;&nbsp;**Communication Services 0.2%** |
| &nbsp;&nbsp;**Diversified Telecommunication Services 0.2%** | &nbsp;&nbsp;**Diversified Telecommunication Services 0.2%** | &nbsp;&nbsp;**Diversified Telecommunication Services 0.2%** |
| &nbsp;&nbsp;Windstream Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139708 | &nbsp;&nbsp;&nbsp;&nbsp;1606712 |
| &nbsp;&nbsp;**Entertainment 0.0%** | &nbsp;&nbsp;**Entertainment 0.0%** | &nbsp;&nbsp;**Entertainment 0.0%** |
| &nbsp;&nbsp;Cineworld Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8118 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp;**1614830** |
| &nbsp;&nbsp;Total Warrants<br> (Cost $1,287,240) | &nbsp;&nbsp;Total Warrants<br> (Cost $1,287,240) | &nbsp;&nbsp;&nbsp;&nbsp;**1614830** |
| &nbsp;&nbsp;**Money Market Funds 3.6%** | &nbsp;&nbsp;**Money Market Funds 3.6%** | &nbsp;&nbsp;**Money Market Funds 3.6%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559%<sup>(k),(l)</sup> | &nbsp;&nbsp;27389923 | &nbsp;&nbsp;&nbsp;&nbsp;27378967 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $27,381,089) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $27,381,089) | &nbsp;&nbsp;&nbsp;&nbsp;**27378967** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $805,029,714)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $805,029,714)** | &nbsp;&nbsp;**760664668** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**14913679** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**775578347** |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2023, the total value of these securities amounted to $0, which
represents less than 0.01% of total net assets.

(c) Valuation based on significant unobservable inputs.

(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 January 31, 2023, the total value of these securities amounted to $33,902,167, which represents 4.37% of total
net assets.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 21

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Notes to Portfolio of Investments (continued)
**(e)** **The stated interest rate represents the weighted average interest rate at January 31, 2023 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. These base lending rates are primarily the LIBOR and other short-term rates. 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.** 

**(f)** **Variable rate security. The interest rate shown was the current rate as of January 31, 2023.** 

**(g)** **Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.** 

**(h)** **Represents a security purchased on a forward commitment basis.** 

**(i)** **Represents a security in default.** 

**(j)** **At January 31, 2023, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Borrower** | **Unfunded Commitment ($)** |
| &nbsp;&nbsp;athenahealth Group, Inc.<br> Delayed Draw Term Loan<br> 02/15/2029 3.500% | 335367 |
| &nbsp;&nbsp;Hillman Group, Inc. (The)<br> Delayed Draw Term Loan<br> 07/14/2028 3.110% | 388186 |

---

(k) The rate shown is the seven-day current annualized yield at January 31, 2023.

(l) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended January 31, 2023 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% |
|  | 35402772 | &nbsp;&nbsp;146995311 | &nbsp;&nbsp;(155014637) | &nbsp;&nbsp;(4479) | &nbsp;&nbsp;27378967 | &nbsp;&nbsp;5019 | &nbsp;&nbsp;447254 | &nbsp;&nbsp;27389923 |

---

#### Abbreviation Legend
LIBOR London Interbank Offered Rate <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.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

**Fair value measurements (continued) Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities 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.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;1035703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | &nbsp;&nbsp;&nbsp;1035703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37088258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37088258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fixed Income Funds | &nbsp;&nbsp;&nbsp;2194750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;675798697 | &nbsp;&nbsp;&nbsp;&nbsp;13065981 | &nbsp;&nbsp;&nbsp;&nbsp;688864678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 27378967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27378967 |
| &nbsp;&nbsp;Total Investments in Securities | 30609420 | &nbsp;&nbsp;&nbsp;&nbsp;716868295 | &nbsp;&nbsp;&nbsp;&nbsp;13186953 | &nbsp;&nbsp;&nbsp;&nbsp;760664668 |

---

\* 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. 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, but not limited to, intraday index, ADR, and exchange-traded fund movements.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 23

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[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

**Fair value measurements (continued) 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> 07/31/2022<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Increase<br> (decrease)<br> in accrued<br> discounts/<br> premiums<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized<br> gain (loss)<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Change<br> in unrealized<br> appreciation<br> (depreciation)<sup>(a)</sup><br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> into<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> out of<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Balance<br> as of<br> 01/31/2023<br> ($)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;156345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;162676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74090) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116277 |
| &nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46439) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695 |
| &nbsp;&nbsp;Senior Loans | 15031508 | &nbsp;&nbsp;&nbsp;&nbsp;46995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6156) | &nbsp;&nbsp;&nbsp;&nbsp;479920 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(3312472) | &nbsp;&nbsp;&nbsp;&nbsp;9283313 | &nbsp;&nbsp;&nbsp;&nbsp;(8457127) | &nbsp;&nbsp;&nbsp;&nbsp;13065981 |
| &nbsp;&nbsp;**Total** | **15187853** | &nbsp;&nbsp;&nbsp;&nbsp;**46995** | &nbsp;&nbsp;&nbsp;&nbsp;**156520** | &nbsp;&nbsp;&nbsp;&nbsp;**359391** | &nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;**(3475148)** | &nbsp;&nbsp;&nbsp;&nbsp;**9368469** | &nbsp;&nbsp;&nbsp;&nbsp;**(8457127)** | &nbsp;&nbsp;&nbsp;&nbsp;**13186953** |

---

(a) Change in unrealized appreciation (depreciation) relating to securities held at January 31, 2023 was $125,779, which is comprised of Common Stocks of $(74,090), Convertible Preferred Stocks of $(46,439) and Senior Loans of $246,308.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stocks, convertible preferred stocks and senior loans classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. 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.

Financial assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, management concluded that the market input(s) were generally unobservable

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 accompanying Notes to Financial Statements are an integral part of this statement.

24 Columbia Floating Rate Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $777,648,625) | $733285701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $27,381,089) | &nbsp;&nbsp;&nbsp;&nbsp;27378967 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;10211572 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;10134475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5258736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9419 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19925 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;793460527 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9559057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100286 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;17882180 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$775578347** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;904090853 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;(128512506) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$775578347** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 25

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[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Statement of Assets and Liabilities (continued)

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $237236332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7104753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34.42 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$25276001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.34 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$27961285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.40 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $348843119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;10461461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.35 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$33033946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.52 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $101862507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.38 |
| &nbsp;&nbsp;**Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1365157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.42 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Columbia Floating Rate Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;32835338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;33354537 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;2851074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11556 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;3944538 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142746) |
| &nbsp;&nbsp;Fees waived by transfer agent |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(952) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3055) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;3797785 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;29556752 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;(12838367) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;(12833341) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;14751898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4479) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;14750542 |
| &nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp;1917201 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | **$31473953** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 27

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$29556752 | &nbsp;&nbsp;&nbsp;&nbsp;$30704575 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(12833341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5362342) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;14750542 | &nbsp;&nbsp;&nbsp;&nbsp;(56259596) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;31473953 | &nbsp;&nbsp;&nbsp;&nbsp;(30917363) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(8288590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7177290) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;(1029345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(898900) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(885485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(728593) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(13917586) | &nbsp;&nbsp;&nbsp;&nbsp;(11619932) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;(1370083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2814601) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;(4283960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5595976) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37944) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(29828192) | &nbsp;&nbsp;&nbsp;&nbsp;(28873236) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;(174035067) | &nbsp;&nbsp;&nbsp;&nbsp;257726848 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;(172389306) | &nbsp;&nbsp;&nbsp;&nbsp;197936249 |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;947967653 | &nbsp;&nbsp;&nbsp;&nbsp;750031404 |
| &nbsp;&nbsp;**Net assets at end of period** | **$775578347** | &nbsp;&nbsp;**$947967653** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;724424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24043544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108901968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;241871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7982554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6921144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1372446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45399201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1841680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63550710) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(406151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13373103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52272402 |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27158942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(354836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11688326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14763435) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(244062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8014361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13294310 |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;122089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14467714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(245552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8123604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12176027) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3285896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914148 |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1918700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63503060 | &nbsp;&nbsp;&nbsp;&nbsp;11790540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408766910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;373373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12305704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9668290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (5367621) | &nbsp;&nbsp;&nbsp;&nbsp;(177478819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5617405) | &nbsp;&nbsp;&nbsp;&nbsp;(192021963) |
| &nbsp;&nbsp;Net increase (decrease) | (3075548) | &nbsp;&nbsp;&nbsp;&nbsp;(101670055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226413237 |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;136248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49059007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(740500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24516121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2621346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90824940) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(563164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18639983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1149702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38952770) |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;197931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6561715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68522188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;129801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5595970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1203710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39707054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2135974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72638690) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(875978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28864148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479468 |
| &nbsp;&nbsp;Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(492170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899024) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306053 |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(5269944)** | &nbsp;&nbsp;&nbsp;&nbsp;**(174035067)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7250060** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**257726848** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 29

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.27 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;(1.13) | &nbsp;&nbsp;(1.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $35.28 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;(2.08) | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(1.08) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $33.22 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(1.04) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $35.88 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;(2.62) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;(1.52) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $36.61 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;(1.72) | &nbsp;&nbsp;(1.72) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.24 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;(1.32) | &nbsp;&nbsp;(1.32) |
| &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.22 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;(1.17) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $35.23 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;(2.09) | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;(1.17) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $33.17 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.12) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $35.82 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;(2.61) | &nbsp;&nbsp;(1.05) | &nbsp;&nbsp;(1.60) | &nbsp;&nbsp;(1.60) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $36.55 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;(1.80) | &nbsp;&nbsp;(1.80) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.18 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(1.44) |
| &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.28 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;(1.01) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $35.29 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;(2.08) | &nbsp;&nbsp;(1.19) | &nbsp;&nbsp;(0.82) | &nbsp;&nbsp;(0.82) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $33.23 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $35.89 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;(2.62) | &nbsp;&nbsp;(1.38) | &nbsp;&nbsp;(1.28) | &nbsp;&nbsp;(1.28) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $36.62 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(1.44) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.25 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(1.04) |
| &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.22 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;(1.17) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $35.23 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;(2.10) | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;(1.17) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $33.18 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(1.12) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $35.83 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;(2.61) | &nbsp;&nbsp;(1.05) | &nbsp;&nbsp;(1.60) | &nbsp;&nbsp;(1.60) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $36.56 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;(1.80) | &nbsp;&nbsp;(1.80) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.20 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(1.44) |
| &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.40 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;(1.18) | &nbsp;&nbsp;(1.18) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $35.42 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(1.19) | &nbsp;&nbsp;(1.19) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $33.35 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(1.14) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $36.01 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;(2.54) | &nbsp;&nbsp;(1.02) | &nbsp;&nbsp;(1.64) | &nbsp;&nbsp;(1.64) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $36.74 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;(1.80) | &nbsp;&nbsp;(1.80) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.38 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(1.44) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

30 Columbia Floating Rate Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.39 | 3.85% | 1.05%<sup>(d)</sup> | 1.02%<sup>(d)</sup> | 6.56%<sup>(d)</sup> | &nbsp;&nbsp;7% | $237236 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $33.27 | (2.70%) | 1.04% | 1.02%<sup>(e)</sup> | 3.33% | 35% | $249880 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $35.28 | 9.35% | 1.06% | 1.02%<sup>(e)</sup> | 3.24% | 75% | $212382 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $33.22 | (3.11%) | 1.05% | 1.02%<sup>(e)</sup> | 4.32% | 37% | $204715 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $35.88 | 2.79% | 1.02% | 1.02% | 4.68% | 32% | $323191 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.61 | 4.75% | 1.04% | 1.03%<sup>(e)</sup> | 3.85% | 67% | $386052 |
| &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.34 | 3.98% | 0.80%<sup>(d)</sup> | 0.77%<sup>(d)</sup> | 6.73%<sup>(d)</sup> | &nbsp;&nbsp;7% | &nbsp;&nbsp;$25276 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $33.22 | (2.48%) | 0.79% | 0.77%<sup>(e)</sup> | 3.63% | 35% | &nbsp;&nbsp;$33290 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $35.23 | 9.73% | 0.81% | 0.77%<sup>(e)</sup> | 3.48% | 75% | &nbsp;&nbsp;$21910 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $33.17 | (2.99%) | 0.80% | 0.77%<sup>(e)</sup> | 4.56% | 37% | &nbsp;&nbsp;$19905 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $35.82 | 3.05% | 0.77% | 0.77% | 4.95% | 32% | &nbsp;&nbsp;$29255 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.55 | 5.01% | 0.80% | 0.78%<sup>(e)</sup> | 4.14% | 67% | &nbsp;&nbsp;$35048 |
| &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.40 | 3.45% | 1.80%<sup>(d)</sup> | 1.77%<sup>(d)</sup> | 5.79%<sup>(d)</sup> | &nbsp;&nbsp;7% | &nbsp;&nbsp;$27961 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $33.28 | (3.43%) | 1.79% | 1.77%<sup>(e)</sup> | 2.56% | 35% | &nbsp;&nbsp;$31167 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $35.29 | 8.56% | 1.81% | 1.77%<sup>(e)</sup> | 2.52% | 75% | &nbsp;&nbsp;$30173 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $33.23 | (3.83%) | 1.80% | 1.77%<sup>(e)</sup> | 3.56% | 37% | &nbsp;&nbsp;$48167 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $35.89 | 2.02% | 1.77% | 1.77% | 3.93% | 32% | &nbsp;&nbsp;$75406 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.62 | 3.96% | 1.79% | 1.78%<sup>(e)</sup> | 3.09% | 67% | &nbsp;&nbsp;$89274 |
| &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.35 | 4.01% | 0.80%<sup>(d)</sup> | 0.77%<sup>(d)</sup> | 6.75%<sup>(d)</sup> | &nbsp;&nbsp;7% | $348843 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $33.22 | (2.47%) | 0.79% | 0.77%<sup>(e)</sup> | 3.66% | 35% | $449743 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $35.23 | 9.73% | 0.81% | 0.77%<sup>(e)</sup> | 3.49% | 75% | $249552 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $33.18 | (2.99%) | 0.80% | 0.77%<sup>(e)</sup> | 4.59% | 37% | $213695 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $35.83 | 3.05% | 0.77% | 0.77% | 4.93% | 32% | $446512 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.56 | 5.01% | 0.79% | 0.78%<sup>(e)</sup> | 4.09% | 67% | $534756 |
| &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.52 | 3.99% | 0.76%<sup>(d)</sup> | 0.73%<sup>(d)</sup> | 6.69%<sup>(d)</sup> | &nbsp;&nbsp;7% | &nbsp;&nbsp;$33034 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $33.40 | (2.44%) | 0.75% | 0.73% | 3.50% | 35% | &nbsp;&nbsp;$51720 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $35.42 | 9.70% | 0.77% | 0.73% | 3.51% | 75% | &nbsp;&nbsp;$95567 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $33.35 | (2.80%) | 0.77% | 0.73% | 4.51% | 37% | &nbsp;&nbsp;$68780 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $36.01 | 2.98% | 0.74% | 0.74% | 4.91% | 32% | &nbsp;&nbsp;$56376 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.74 | 5.16% | 0.76% | 0.74% | 4.23% | 67% | $103392 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 31

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[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.25 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;(1.19) | &nbsp;&nbsp;(1.19) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $35.27 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;(2.07) | &nbsp;&nbsp;(0.82) | &nbsp;&nbsp;(1.20) | &nbsp;&nbsp;(1.20) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $33.21 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;(1.16) | &nbsp;&nbsp;(1.16) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $35.87 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;(2.62) | &nbsp;&nbsp;(1.02) | &nbsp;&nbsp;(1.64) | &nbsp;&nbsp;(1.64) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $36.60 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;(1.84) | &nbsp;&nbsp;(1.84) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.23 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(1.44) |
| &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.30 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(1.09) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $35.31 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;(2.08) | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $33.25 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;(0.95) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $35.91 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;(2.62) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(1.44) | &nbsp;&nbsp;(1.44) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $36.64 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;(1.60) | &nbsp;&nbsp;(1.60) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.27 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;(1.24) | &nbsp;&nbsp;(1.24) |

---

---

| | |
|:---|:---|
| **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) | 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. |
| (d) | Annualized. |
| (e) | 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.

32 Columbia Floating Rate Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.38 | 4.05% | 0.72%<sup>(d)</sup> | 0.68%<sup>(d)</sup> | 6.84%<sup>(d)</sup> | &nbsp;&nbsp;7% | $101863 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $33.25 | (2.41%) | 0.70% | 0.68% | 3.60% | 35% | $130619 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $35.27 | 9.82% | 0.72% | 0.68% | 3.55% | 75% | $139132 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $33.21 | (2.90%) | 0.71% | 0.69% | 4.66% | 37% | &nbsp;&nbsp;$75271 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $35.87 | 3.13% | 0.69% | 0.69% | 5.02% | 32% | $106005 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.60 | 5.10% | 0.70% | 0.69% | 4.18% | 67% | $107695 |
| &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.42 | 3.71% | 1.30%<sup>(d)</sup> | 1.27%<sup>(d)</sup> | 6.32%<sup>(d)</sup> | &nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;$1365 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $33.30 | (2.95%) | 1.29% | 1.27%<sup>(e)</sup> | 3.09% | 35% | &nbsp;&nbsp;&nbsp;$1549 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $35.31 | 9.16% | 1.31% | 1.27%<sup>(e)</sup> | 2.99% | 75% | &nbsp;&nbsp;&nbsp;$1315 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $33.25 | (3.46%) | 1.30% | 1.27%<sup>(e)</sup> | 4.06% | 37% | &nbsp;&nbsp;&nbsp;$1572 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $35.91 | 2.54% | 1.27% | 1.27% | 4.42% | 32% | &nbsp;&nbsp;&nbsp;$2439 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.64 | 4.48% | 1.29% | 1.28%<sup>(e)</sup> | 3.53% | 67% | &nbsp;&nbsp;&nbsp;$2844 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Floating Rate Fund \| Semiannual Report 2023 33

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[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Floating Rate 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. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R 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.

#### 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.

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

34 Columbia Floating Rate Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, 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.

#### Investments in senior loans
The Fund may invest in senior loan participations and assignments of all or a portion of a loan. When the Fund purchases a senior loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (Selling Participant), but not the borrower, and assumes the credit risk of the borrower, Selling Participant and any other parties positioned between the Fund and the borrower. In addition, the Fund may not directly benefit from the collateral supporting the senior loan that it has purchased from the Selling Participant. In contrast, 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 participations or 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 participations and assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for loan participations and assignments and certain loan participations and assignments which were liquid when purchased, may become illiquid.

Columbia Floating Rate Fund \| Semiannual Report 2023 35

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[**Table of Contents**](#JOB_10600_85390729-f4d2-4f4a-bc7b-675fb61818ee_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

The Fund may enter into senior loan participations and 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 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.

36 Columbia Floating Rate Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (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.

#### 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 pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.66% to 0.40% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.64% of the Fund's average daily net assets.

Columbia Floating Rate Fund \| Semiannual Report 2023 37

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

#### 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 "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. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. 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 December 1, 2022, Institutional 2 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.05% and Institutional 3 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to each share class.

For the six months ended January 31, 2023, 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 (%)** |
| &nbsp;&nbsp;Class A | 0.09 |
| &nbsp;&nbsp;Advisor Class | 0.09 |
| &nbsp;&nbsp;Class C | 0.09 |
| &nbsp;&nbsp;Institutional Class | 0.09 |
| &nbsp;&nbsp;Institutional 2 Class | 0.05 |
| &nbsp;&nbsp;Institutional 3 Class | 0.00 |
| &nbsp;&nbsp;Class R | 0.09 |

---

38 Columbia Floating Rate Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (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 January 31, 2023, 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%, 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 $946,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2022, 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 January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 3.00 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;89759 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411 |

---

(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after
purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.

(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

The Fund's other share classes are not subject to sales charges.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **December 1, 2022<br> through<br> November 30, 2023** | **Prior to<br> December 1, 2022** |
| &nbsp;&nbsp;Class A | 1.01% | 1.02% |
| &nbsp;&nbsp;Advisor Class | 0.76 | 0.77 |
| &nbsp;&nbsp;Class C | 1.76 | 1.77 |
| &nbsp;&nbsp;Institutional Class | 0.76 | 0.77 |
| &nbsp;&nbsp;Institutional 2 Class | 0.72 | 0.73 |
| &nbsp;&nbsp;Institutional 3 Class | 0.68 | 0.68 |
| &nbsp;&nbsp;Class R | 1.26 | 1.27 |

---

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

Columbia Floating Rate Fund \| Semiannual Report 2023 39

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 December 1, 2022, is the Transfer Agent's contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.05% for Institutional 2 Class and 0.00% for Institutional 3 Class of the average daily net assets attributable to each share class. 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 January 31, 2023, 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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;805030000 | 3143000 | (47508000) | (44365000) |

---

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 July 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** |
| &nbsp;&nbsp;(10369619) | (63074292) | (73443911) |

---

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 $58,320,667 and $238,853,651, respectively, for the six months ended January 31, 2023. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

40 Columbia Floating Rate Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 January 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 1854545 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;11 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at January 31, 2023.

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 27, 2022 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 $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended January 31, 2023.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Floating rate loan risk
Floating rate loans are generally subject to legal or contractual restrictions on resale, may trade infrequently on the secondary market, may trade only in the over-the-counter market and are typically subject to extended settlement periods. Each of these factors may result in increased liquidity risk and impaired value when the Fund needs to liquidate such loans. Additionally, portfolio managers may avoid the receipt of material, non-public information (Confidential Information) about the issuers of

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

floating rate loans (including from the issuer itself) being considered for acquisition by the Fund, or held in the Fund. A decision not to receive Confidential Information may disadvantage the Fund and could adversely affect the Fund's performance. Certain floating rate and other loans may not be fully collateralized and may decline in value. Because rates on certain floating rate loans reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can cause fluctuations in the Fund's NAV.

#### High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise, though the values of floating rate instruments tend to move less in response to changes in interest rates than the values of fixed rate instruments. Debt instruments with floating coupon rates are typically less sensitive to interest rate changes, but these debt instruments may decline in value if their coupon rates do not keep pace with increases in interest rates. Because rates on certain floating rate loans and floating rate debt instruments reset only periodically, changes in interest rates (and particularly sudden and significant changes) can be expected to cause fluctuations in the Fund's NAV. Because the Fund invests primarily in floating rate loans and floating rate debt securities, a decrease in interest rates will typically reduce the amount of income the Fund receives from such loans. Changes in interest rates may also affect the liquidity of the Fund's investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund's yield and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.

#### LIBOR replacement risk
The elimination of London Inter-Bank Offered Rate (LIBOR), among other "inter-bank offered" reference rates, may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority and the ICE Benchmark Administration have announced that a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. A subset of non-U.S. dollar LIBOR settings is continuing to be published on a "synthetic" basis and it is possible that a subset of U.S. dollar LIBOR settings will also be published after June 30, 2023 on a "synthetic" basis. Any such publications are, or would be considered, non-representative of the underlying market. Markets are slowly developing in response to the elimination of LIBOR. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Fund. These risks are likely to persist until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become more settled. Alternatives to LIBOR have been established or are in development in most major currencies, including the Secured Overnight Financing Rate (SOFR), which the U.S. Federal Reserve is promoting as the alternative reference rate to U.S. dollar LIBOR.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to

42 Columbia Floating Rate Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At January 31, 2023, affiliated shareholders of record owned 47.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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.

Columbia Floating Rate Fund \| Semiannual Report 2023 43

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

44 Columbia Floating Rate Fund \| Semiannual Report 2023

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#### Columbia Floating Rate Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img005f18472.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 (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2023 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR149_07_N01_(03/23)

------

![](img2f3885a01.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](img420f561f2.jpg)

Columbia Global Opportunities Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_e0869a4b-c714-4b35-b67d-90c754a5e74e_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_85168873-1230-4a41-8983-d3195b66c82a_1)<br>| 6 |
| [Portfolio of Investments](#xx_f8213f07-7878-4fea-946a-cedc753b6bce_1)<br>| 7 |
| [Statement of Assets and Liabilities](#xx_2a470347-4dec-4e69-8b3f-a540caa88f77_1)<br>| 20 |
| [Statement of Operations](#xx_2a470347-4dec-4e69-8b3f-a540caa88f77_3)<br>| 22 |
| [Statement of Changes in Net Assets](#xx_2a470347-4dec-4e69-8b3f-a540caa88f77_5)<br>| 24 |
| [Financial Highlights](#xx_3aa22a19-f941-417b-8421-48ce75051957_1)<br>| 26 |
| [Notes to Financial Statements](#xx_442fb8da-756c-4b02-9550-fcbdbb9e9725_1)<br>| 30 |

---

If you elect to receive the shareholder report for Columbia Global Opportunities Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund's shareholder report is available at the Columbia funds' website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Global Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders maximum total return through a combination of growth of capital and current income.

Portfolio management

#### Dan Boncarosky, CFA
Lead Portfolio Manager

Managed Fund since 2017

#### Thomas Nakamura
Portfolio Manager

Managed Fund since August 2022

*Effective February 28, 2023, Anwiti Bahuguna no longer serves as a Portfolio Manager of the Fund.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;01/23/85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;-13.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-5.16 | &nbsp;&nbsp;&nbsp;&nbsp;-18.24 | &nbsp;&nbsp;&nbsp;&nbsp;-0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;-13.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;06/26/00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;-13.87 | &nbsp;&nbsp;&nbsp;&nbsp;-0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-0.66 | &nbsp;&nbsp;&nbsp;&nbsp;-14.67 | &nbsp;&nbsp;&nbsp;&nbsp;-0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;-13.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;-12.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/01/17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;-12.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;12/11/06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;-13.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 |
| &nbsp;&nbsp;Blended Benchmark | &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-9.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23 |
| &nbsp;&nbsp;MSCI ACWI All Cap Index (Net) | &nbsp;&nbsp;MSCI ACWI All Cap Index (Net) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-7.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 |
| &nbsp;&nbsp;Bloomberg Global Aggregate Index | &nbsp;&nbsp;Bloomberg Global Aggregate Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-1.61 | &nbsp;&nbsp;&nbsp;&nbsp;-11.69 | &nbsp;&nbsp;&nbsp;&nbsp;-1.25 | &nbsp;&nbsp;&nbsp;&nbsp;-0.03 |

---

**Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund's other share classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

The Blended Benchmark consists of 50% MSCI ACWI All Cap Index (Net) and 50% Bloomberg Global Aggregate Index.

The MSCI ACWI All Cap Index (Net) captures large-, mid-, small- and micro-cap representation across 23 developed markets countries and large-, mid- and small-cap representation across 24 emerging markets countries.

The Bloomberg Global Aggregate Index is a broad-based benchmark that measures the global investment-grade fixed-rate debt markets.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI ACWI All Cap Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Global Opportunities Fund \| Semiannual Report 2023 3

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;12.6 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;8.2 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;14.3 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;13.2 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;10.8 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;20.2 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Country breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Country breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;Jersey | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Philippines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Russian Federation | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;United States<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;67.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

(b) Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund's portfolio composition is subject to change.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At January 31, 2023, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

4 Columbia Global Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at January 31, 2023)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at January 31, 2023)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at January 31, 2023)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at January 31, 2023)<sup>(a)</sup>** |
|  | &nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net |
| &nbsp;&nbsp;Fixed Income Derivative Contracts | &nbsp;&nbsp;&nbsp;88.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.2 |
| &nbsp;&nbsp;Equity Derivative Contracts | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;(17.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.5) |
| &nbsp;&nbsp;Foreign Currency Derivative Contracts | &nbsp;&nbsp;&nbsp;47.2 | &nbsp;&nbsp;&nbsp;&nbsp;(17.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3 |
| &nbsp;&nbsp;**Total Notional Market Value of Derivative Contracts** | **135.5** | &nbsp;&nbsp;&nbsp;&nbsp;**(35.5)** | &nbsp;&nbsp;&nbsp;&nbsp;**100.0** |

---

(a) The Fund has market exposure (long and/or short) to fixed income and equity asset classes and foreign currency through its investments in derivatives. 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 individual markets. For a description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.

Columbia Global Opportunities Fund \| Semiannual Report 2023 5

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1006.60 | &nbsp;&nbsp;&nbsp;&nbsp;1019.42 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1007.30 | &nbsp;&nbsp;&nbsp;&nbsp;1020.74 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1002.80 | &nbsp;&nbsp;&nbsp;&nbsp;1015.59 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.10 | &nbsp;&nbsp;&nbsp;&nbsp;1020.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.10 | &nbsp;&nbsp;&nbsp;&nbsp;1020.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.10 | &nbsp;&nbsp;&nbsp;&nbsp;1021.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.10 | &nbsp;&nbsp;&nbsp;&nbsp;1018.14 | &nbsp;&nbsp;&nbsp;&nbsp;7.36 | &nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

6 Columbia Global Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

## Portfolio of Investments January 31, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 65.7%** | &nbsp;&nbsp;**Common Stocks 65.7%** | &nbsp;&nbsp;**Common Stocks 65.7%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Argentina 0.2%** | &nbsp;&nbsp;**Argentina 0.2%** | &nbsp;&nbsp;**Argentina 0.2%** |
| &nbsp;&nbsp;Globant SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1422 | &nbsp;&nbsp;&nbsp;&nbsp;230620 |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp;652293 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**882913** |
| &nbsp;&nbsp;**Australia 0.8%** | &nbsp;&nbsp;**Australia 0.8%** | &nbsp;&nbsp;**Australia 0.8%** |
| &nbsp;&nbsp;Ansell Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28408 | &nbsp;&nbsp;&nbsp;&nbsp;567750 |
| &nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;140299 | &nbsp;&nbsp;1250138 |
| &nbsp;&nbsp;Paladin Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp;598920 | &nbsp;&nbsp;&nbsp;&nbsp;365238 |
| &nbsp;&nbsp;Santos Ltd. | &nbsp;&nbsp;199616 | &nbsp;&nbsp;1019015 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3202141** |
| &nbsp;&nbsp;**Austria 0.1%** | &nbsp;&nbsp;**Austria 0.1%** | &nbsp;&nbsp;**Austria 0.1%** |
| &nbsp;&nbsp;Kontron AG | &nbsp;&nbsp;&nbsp;&nbsp;19185 | &nbsp;&nbsp;&nbsp;&nbsp;389855 |
| &nbsp;&nbsp;**Brazil 1.0%** | &nbsp;&nbsp;**Brazil 1.0%** | &nbsp;&nbsp;**Brazil 1.0%** |
| &nbsp;&nbsp;Afya Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11220 | &nbsp;&nbsp;&nbsp;&nbsp;171442 |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;191229 | &nbsp;&nbsp;&nbsp;&nbsp;488592 |
| &nbsp;&nbsp;Banco BTG Pactual SA | &nbsp;&nbsp;&nbsp;&nbsp;53160 | &nbsp;&nbsp;&nbsp;&nbsp;226199 |
| &nbsp;&nbsp;Banco do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;15680 | &nbsp;&nbsp;&nbsp;&nbsp;126118 |
| &nbsp;&nbsp;Itaú Unibanco Holding SA, ADR | &nbsp;&nbsp;108376 | &nbsp;&nbsp;&nbsp;&nbsp;539712 |
| &nbsp;&nbsp;JBS SA | &nbsp;&nbsp;&nbsp;&nbsp;67238 | &nbsp;&nbsp;&nbsp;&nbsp;266764 |
| &nbsp;&nbsp;Localiza Rent a Car SA | &nbsp;&nbsp;&nbsp;&nbsp;57093 | &nbsp;&nbsp;&nbsp;&nbsp;666046 |
| &nbsp;&nbsp;Petro Rio SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77307 | &nbsp;&nbsp;&nbsp;&nbsp;642207 |
| &nbsp;&nbsp;Sendas Distribuidora SA | &nbsp;&nbsp;116655 | &nbsp;&nbsp;&nbsp;&nbsp;449955 |
| &nbsp;&nbsp;WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;15325 | &nbsp;&nbsp;&nbsp;&nbsp;115716 |
| &nbsp;&nbsp;XP, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7411 | &nbsp;&nbsp;&nbsp;&nbsp;132064 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3824815** |
| &nbsp;&nbsp;**Canada 1.3%** | &nbsp;&nbsp;**Canada 1.3%** | &nbsp;&nbsp;**Canada 1.3%** |
| &nbsp;&nbsp;Alimentation Couche-Tard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25854 | &nbsp;&nbsp;1180631 |
| &nbsp;&nbsp;Cameco Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37230 | &nbsp;&nbsp;1042812 |
| &nbsp;&nbsp;Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8959 | &nbsp;&nbsp;&nbsp;&nbsp;280686 |
| &nbsp;&nbsp;Pan American Silver Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12497 | &nbsp;&nbsp;&nbsp;&nbsp;227820 |
| &nbsp;&nbsp;Parex Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20935 | &nbsp;&nbsp;&nbsp;&nbsp;356377 |
| &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7755 | &nbsp;&nbsp;&nbsp;&nbsp;468945 |
| &nbsp;&nbsp;Vermilion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10431 | &nbsp;&nbsp;&nbsp;&nbsp;160012 |
| &nbsp;&nbsp;West Fraser Timber Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3788 | &nbsp;&nbsp;&nbsp;&nbsp;329363 |
| &nbsp;&nbsp;Whitecap Resources, Inc. | &nbsp;&nbsp;115779 | &nbsp;&nbsp;&nbsp;&nbsp;965006 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5011652** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**China 3.5%** | &nbsp;&nbsp;**China 3.5%** | &nbsp;&nbsp;**China 3.5%** |
| &nbsp;&nbsp;Alibaba Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378088 |
| &nbsp;&nbsp;Bafang Electric Suzhou Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181721 |
| &nbsp;&nbsp;Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167901 |
| &nbsp;&nbsp;Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;37500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206633 |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620609 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249716 |
| &nbsp;&nbsp;Full Truck Alliance Co., Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256972 |
| &nbsp;&nbsp;Inner Mongolia Yili Industrial Group Co., Ltd., Class A | &nbsp;&nbsp;102600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495736 |
| &nbsp;&nbsp;JD.com, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;16227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965993 |
| &nbsp;&nbsp;JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367396 |
| &nbsp;&nbsp;Kingdee International Software Group Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;93885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204905 |
| &nbsp;&nbsp;Kuaishou Technology<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219090 |
| &nbsp;&nbsp;Kweichow Moutai Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301587 |
| &nbsp;&nbsp;Li Ning Co., Ltd. | &nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;1028109 |
| &nbsp;&nbsp;Meituan, Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55850 | &nbsp;&nbsp;&nbsp;&nbsp;1248576 |
| &nbsp;&nbsp;Midea Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;55600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456287 |
| &nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839291 |
| &nbsp;&nbsp;Pinduoduo, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708689 |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588339 |
| &nbsp;&nbsp;Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225426 |
| &nbsp;&nbsp;Silergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162796 |
| &nbsp;&nbsp;Songcheng Performance Development Co., Ltd., Class A | &nbsp;&nbsp;192100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414683 |
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;2533904 |
| &nbsp;&nbsp;WuXi Biologics Cayman, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196235 |
| &nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;38100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144904 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13163586** |
| &nbsp;&nbsp;**Denmark 0.3%** | &nbsp;&nbsp;**Denmark 0.3%** | &nbsp;&nbsp;**Denmark 0.3%** |
| &nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;7716 | &nbsp;&nbsp;&nbsp;&nbsp;1067816 |
| &nbsp;&nbsp;**Finland 0.3%** | &nbsp;&nbsp;**Finland 0.3%** | &nbsp;&nbsp;**Finland 0.3%** |
| &nbsp;&nbsp;UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;&nbsp;31729 | &nbsp;&nbsp;&nbsp;&nbsp;1150057 |
| &nbsp;&nbsp;**France 0.9%** | &nbsp;&nbsp;**France 0.9%** | &nbsp;&nbsp;**France 0.9%** |
| &nbsp;&nbsp;DBV Technologies SA, ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14289 |
| &nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;12406 | &nbsp;&nbsp;&nbsp;&nbsp;1325092 |
| &nbsp;&nbsp;Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;10076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986687 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13017 | &nbsp;&nbsp;&nbsp;&nbsp;804721 |
| &nbsp;&nbsp;Worldline SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6739 | &nbsp;&nbsp;&nbsp;&nbsp;305721 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3436510** |
| &nbsp;&nbsp;**Germany 0.5%** | &nbsp;&nbsp;**Germany 0.5%** | &nbsp;&nbsp;**Germany 0.5%** |
| &nbsp;&nbsp;Duerr AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12178 | &nbsp;&nbsp;&nbsp;&nbsp;464638 |
| &nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79528 | &nbsp;&nbsp;&nbsp;&nbsp;867086 |
| &nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9313 | &nbsp;&nbsp;&nbsp;&nbsp;375002 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1706726** |
| &nbsp;&nbsp;**Hong Kong 0.3%** | &nbsp;&nbsp;**Hong Kong 0.3%** | &nbsp;&nbsp;**Hong Kong 0.3%** |
| &nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39400 | &nbsp;&nbsp;&nbsp;&nbsp;445522 |
| &nbsp;&nbsp;Hong Kong Exchanges and Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;161919 |
| &nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;141810 |
| &nbsp;&nbsp;WH Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;495546 | &nbsp;&nbsp;&nbsp;&nbsp;305189 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1054440** |
| &nbsp;&nbsp;**India 1.5%** | &nbsp;&nbsp;**India 1.5%** | &nbsp;&nbsp;**India 1.5%** |
| &nbsp;&nbsp;Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10093 | &nbsp;&nbsp;&nbsp;&nbsp;526702 |
| &nbsp;&nbsp;AU Small Finance Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33839 | &nbsp;&nbsp;&nbsp;&nbsp;257261 |
| &nbsp;&nbsp;Balkrishna Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13697 | &nbsp;&nbsp;&nbsp;&nbsp;372893 |
| &nbsp;&nbsp;Cholamandalam Investment and Finance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51330 | &nbsp;&nbsp;&nbsp;&nbsp;444895 |
| &nbsp;&nbsp;Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8238 | &nbsp;&nbsp;&nbsp;&nbsp;329324 |
| &nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19697 | &nbsp;&nbsp;1326790 |
| &nbsp;&nbsp;ICICI Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53159 | &nbsp;&nbsp;1107302 |
| &nbsp;&nbsp;Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23111 | &nbsp;&nbsp;&nbsp;&nbsp;601635 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17015 | &nbsp;&nbsp;&nbsp;&nbsp;287614 |
| &nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19563 | &nbsp;&nbsp;&nbsp;&nbsp;564342 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5818758** |
| &nbsp;&nbsp;**Indonesia 0.7%** | &nbsp;&nbsp;**Indonesia 0.7%** | &nbsp;&nbsp;**Indonesia 0.7%** |
| &nbsp;&nbsp;PT Astra International Tbk | &nbsp;&nbsp;&nbsp;&nbsp;963300 | &nbsp;&nbsp;&nbsp;&nbsp;387008 |
| &nbsp;&nbsp;PT Bank BTPN Syariah Tbk | &nbsp;&nbsp;1433200 | &nbsp;&nbsp;&nbsp;&nbsp;245092 |
| &nbsp;&nbsp;PT Bank Central Asia Tbk | &nbsp;&nbsp;1749700 | &nbsp;&nbsp;&nbsp;&nbsp;992971 |
| &nbsp;&nbsp;PT Bank Rakyat Indonesia Persero Tbk | &nbsp;&nbsp;3364842 | &nbsp;&nbsp;1031889 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2656960** |
| &nbsp;&nbsp;**Ireland 0.3%** | &nbsp;&nbsp;**Ireland 0.3%** | &nbsp;&nbsp;**Ireland 0.3%** |
| &nbsp;&nbsp;Amarin Corp. PLC, ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14595 |
| &nbsp;&nbsp;Flutter Entertainment PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8242 | &nbsp;&nbsp;1280255 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1294850** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Israel 0.5%** | &nbsp;&nbsp;**Israel 0.5%** | &nbsp;&nbsp;**Israel 0.5%** |
| &nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;85287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767631 |
| &nbsp;&nbsp;Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10023 | &nbsp;&nbsp;&nbsp;&nbsp;1274925 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2042556** |
| &nbsp;&nbsp;**Japan 3.3%** | &nbsp;&nbsp;**Japan 3.3%** | &nbsp;&nbsp;**Japan 3.3%** |
| &nbsp;&nbsp;Amano Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409830 |
| &nbsp;&nbsp;BayCurrent Consulting, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp;1092496 |
| &nbsp;&nbsp;COMSYS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244127 |
| &nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588662 |
| &nbsp;&nbsp;Invincible Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582560 |
| &nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41100 | &nbsp;&nbsp;&nbsp;&nbsp;1328427 |
| &nbsp;&nbsp;JustSystems Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179314 |
| &nbsp;&nbsp;Kinden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260177 |
| &nbsp;&nbsp;MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;23700 | &nbsp;&nbsp;&nbsp;&nbsp;1182260 |
| &nbsp;&nbsp;Meitec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246433 |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;&nbsp;1018159 |
| &nbsp;&nbsp;Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445741 |
| &nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341835 |
| &nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889699 |
| &nbsp;&nbsp;Round One Corp. | &nbsp;&nbsp;157200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579219 |
| &nbsp;&nbsp;Ship Healthcare Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735913 |
| &nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;48951 | &nbsp;&nbsp;&nbsp;&nbsp;1538892 |
| &nbsp;&nbsp;Takuma Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240706 |
| &nbsp;&nbsp;Uchida Yoko Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261596 |
| &nbsp;&nbsp;USS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365149 |
| &nbsp;&nbsp;ValueCommerce Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134459 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**12665654** |
| &nbsp;&nbsp;**Jersey 0.1%** | &nbsp;&nbsp;**Jersey 0.1%** | &nbsp;&nbsp;**Jersey 0.1%** |
| &nbsp;&nbsp;Clarivate PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194900 |
| &nbsp;&nbsp;**Kazakhstan 0.1%** | &nbsp;&nbsp;**Kazakhstan 0.1%** | &nbsp;&nbsp;**Kazakhstan 0.1%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(c),(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188042 |
| &nbsp;&nbsp;**Malaysia 0.0%** | &nbsp;&nbsp;**Malaysia 0.0%** | &nbsp;&nbsp;**Malaysia 0.0%** |
| &nbsp;&nbsp;Public Bank Bhd | &nbsp;&nbsp;128700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128110 |
| &nbsp;&nbsp;**Mexico 0.4%** | &nbsp;&nbsp;**Mexico 0.4%** | &nbsp;&nbsp;**Mexico 0.4%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;12410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213745 |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;&nbsp;&nbsp;80672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668322 |
| &nbsp;&nbsp;Wal-Mart de Mexico SAB de CV, Class V | &nbsp;&nbsp;112527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439519 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1321586** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Global Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Netherlands 1.8%** | &nbsp;&nbsp;**Netherlands 1.8%** | &nbsp;&nbsp;**Netherlands 1.8%** |
| &nbsp;&nbsp;ABN AMRO Bank NV | &nbsp;&nbsp;&nbsp;&nbsp;47920 | &nbsp;&nbsp;&nbsp;&nbsp;795355 |
| &nbsp;&nbsp;Adyen NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;370417 |
| &nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;15330 | &nbsp;&nbsp;&nbsp;&nbsp;725592 |
| &nbsp;&nbsp;Core Laboratories NV | &nbsp;&nbsp;&nbsp;&nbsp;5004 | &nbsp;&nbsp;&nbsp;&nbsp;128102 |
| &nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;70251 | &nbsp;&nbsp;1017253 |
| &nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;40222 | &nbsp;&nbsp;1200505 |
| &nbsp;&nbsp;Prosus NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12676 | &nbsp;&nbsp;1023527 |
| &nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;53290 | &nbsp;&nbsp;1564477 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6825228** |
| &nbsp;&nbsp;**Norway 0.2%** | &nbsp;&nbsp;**Norway 0.2%** | &nbsp;&nbsp;**Norway 0.2%** |
| &nbsp;&nbsp;SalMar ASA | &nbsp;&nbsp;&nbsp;&nbsp;10406 | &nbsp;&nbsp;&nbsp;&nbsp;483876 |
| &nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;10111 | &nbsp;&nbsp;&nbsp;&nbsp;449245 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**933121** |
| &nbsp;&nbsp;**Philippines 0.1%** | &nbsp;&nbsp;**Philippines 0.1%** | &nbsp;&nbsp;**Philippines 0.1%** |
| &nbsp;&nbsp;Ayala Land, Inc. | &nbsp;&nbsp;704100 | &nbsp;&nbsp;&nbsp;&nbsp;379765 |
| &nbsp;&nbsp;**Poland 0.1%** | &nbsp;&nbsp;**Poland 0.1%** | &nbsp;&nbsp;**Poland 0.1%** |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3322 | &nbsp;&nbsp;&nbsp;&nbsp;300956 |
| &nbsp;&nbsp;**Puerto Rico 0.2%** | &nbsp;&nbsp;**Puerto Rico 0.2%** | &nbsp;&nbsp;**Puerto Rico 0.2%** |
| &nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10281 | &nbsp;&nbsp;&nbsp;&nbsp;705688 |
| &nbsp;&nbsp;**Russian Federation —%** | &nbsp;&nbsp;**Russian Federation —%** | &nbsp;&nbsp;**Russian Federation —%** |
| &nbsp;&nbsp;Detsky Mir PJSC<sup>(a),(d),(e),(f)</sup> | &nbsp;&nbsp;290936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fix Price Group PLC, GDR<sup>(a),(c),(d),(e),(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;Lukoil PJSC<sup>(d),(e),(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Ozon Holdings PLC, ADR<sup>(a),(d),(e),(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;TCS Group Holding PLC, GDR<sup>(a),(d),(e),(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Yandex NV, Class A<sup>(a),(d),(e),(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0** |
| &nbsp;&nbsp;**Singapore 0.5%** | &nbsp;&nbsp;**Singapore 0.5%** | &nbsp;&nbsp;**Singapore 0.5%** |
| &nbsp;&nbsp;BW LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19970 | &nbsp;&nbsp;&nbsp;&nbsp;165277 |
| &nbsp;&nbsp;DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;536575 |
| &nbsp;&nbsp;Venture Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;74700 | &nbsp;&nbsp;1054866 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1756718** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**South Africa 0.3%** | &nbsp;&nbsp;**South Africa 0.3%** | &nbsp;&nbsp;**South Africa 0.3%** |
| &nbsp;&nbsp;Absa Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31493 | &nbsp;&nbsp;&nbsp;&nbsp;361928 |
| &nbsp;&nbsp;Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2924 | &nbsp;&nbsp;&nbsp;&nbsp;302009 |
| &nbsp;&nbsp;Impala Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26182 | &nbsp;&nbsp;&nbsp;&nbsp;303602 |
| &nbsp;&nbsp;Shoprite Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19651 | &nbsp;&nbsp;&nbsp;&nbsp;272032 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1239571** |
| &nbsp;&nbsp;**South Korea 1.6%** | &nbsp;&nbsp;**South Korea 1.6%** | &nbsp;&nbsp;**South Korea 1.6%** |
| &nbsp;&nbsp;Coupang, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17030 | &nbsp;&nbsp;&nbsp;&nbsp;287637 |
| &nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13326 | &nbsp;&nbsp;&nbsp;&nbsp;529405 |
| &nbsp;&nbsp;Hyundai Home Shopping Network Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5002 | &nbsp;&nbsp;&nbsp;&nbsp;227799 |
| &nbsp;&nbsp;Samsung Biologics Co., Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;200161 |
| &nbsp;&nbsp;Samsung Electro-Mechanics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2836 | &nbsp;&nbsp;&nbsp;&nbsp;331225 |
| &nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58730 | &nbsp;&nbsp;2925356 |
| &nbsp;&nbsp;Samsung SDI Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp;511647 |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7167 | &nbsp;&nbsp;&nbsp;&nbsp;518489 |
| &nbsp;&nbsp;Youngone Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15176 | &nbsp;&nbsp;&nbsp;&nbsp;539705 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6071424** |
| &nbsp;&nbsp;**Spain 0.1%** | &nbsp;&nbsp;**Spain 0.1%** | &nbsp;&nbsp;**Spain 0.1%** |
| &nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;6954 | &nbsp;&nbsp;&nbsp;&nbsp;205795 |
| &nbsp;&nbsp;**Sweden 0.2%** | &nbsp;&nbsp;**Sweden 0.2%** | &nbsp;&nbsp;**Sweden 0.2%** |
| &nbsp;&nbsp;Amasten Fastighets AB<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51184 |
| &nbsp;&nbsp;Samhallsbyggnadsbolaget i Norden AB | &nbsp;&nbsp;273791 | &nbsp;&nbsp;&nbsp;&nbsp;500187 |
| &nbsp;&nbsp;Stillfront Group AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;88869 | &nbsp;&nbsp;&nbsp;&nbsp;155104 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**706475** |
| &nbsp;&nbsp;**Switzerland 1.1%** | &nbsp;&nbsp;**Switzerland 1.1%** | &nbsp;&nbsp;**Switzerland 1.1%** |
| &nbsp;&nbsp;Landis+Gyr Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8080 | &nbsp;&nbsp;&nbsp;&nbsp;595267 |
| &nbsp;&nbsp;Nestlé SA, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;5759 | &nbsp;&nbsp;&nbsp;&nbsp;702650 |
| &nbsp;&nbsp;Novartis AG, Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;4882 | &nbsp;&nbsp;&nbsp;&nbsp;441377 |
| &nbsp;&nbsp;Roche Holding AG, Genusschein Shares | &nbsp;&nbsp;&nbsp;&nbsp;2937 | &nbsp;&nbsp;&nbsp;&nbsp;916845 |
| &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;69108 | &nbsp;&nbsp;1475137 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4131276** |
| &nbsp;&nbsp;**Taiwan 1.6%** | &nbsp;&nbsp;**Taiwan 1.6%** | &nbsp;&nbsp;**Taiwan 1.6%** |
| &nbsp;&nbsp;Delta Electronics | &nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;203647 |
| &nbsp;&nbsp;Fubon Financial Holding Co., Ltd. | &nbsp;&nbsp;521840 | &nbsp;&nbsp;1051030 |
| &nbsp;&nbsp;Parade Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;989558 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;180530 | &nbsp;&nbsp;3185776 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;2889 | &nbsp;&nbsp;&nbsp;&nbsp;267897 |
| &nbsp;&nbsp;Tripod Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;218345 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Unimicron Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57684 | &nbsp;&nbsp;&nbsp;&nbsp;265577 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6181830** |
| &nbsp;&nbsp;**Thailand 0.1%** | &nbsp;&nbsp;**Thailand 0.1%** | &nbsp;&nbsp;**Thailand 0.1%** |
| &nbsp;&nbsp;Kasikornbank PCL, Foreign Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82500 | &nbsp;&nbsp;&nbsp;&nbsp;363862 |
| &nbsp;&nbsp;Muangthai Capital PCL, Foreign Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;149500 | &nbsp;&nbsp;&nbsp;&nbsp;171149 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**535011** |
| &nbsp;&nbsp;**United Kingdom 2.5%** | &nbsp;&nbsp;**United Kingdom 2.5%** | &nbsp;&nbsp;**United Kingdom 2.5%** |
| &nbsp;&nbsp;AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32818 | &nbsp;&nbsp;2145313 |
| &nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38704 | &nbsp;&nbsp;1483672 |
| &nbsp;&nbsp;Crest Nicholson Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59825 | &nbsp;&nbsp;&nbsp;&nbsp;180019 |
| &nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13896 | &nbsp;&nbsp;&nbsp;&nbsp;791488 |
| &nbsp;&nbsp;Intermediate Capital Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17894 | &nbsp;&nbsp;&nbsp;&nbsp;307910 |
| &nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;466639 | &nbsp;&nbsp;&nbsp;&nbsp;940568 |
| &nbsp;&nbsp;John Wood Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68189 | &nbsp;&nbsp;&nbsp;&nbsp;119542 |
| &nbsp;&nbsp;Just Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;236417 | &nbsp;&nbsp;&nbsp;&nbsp;239148 |
| &nbsp;&nbsp;Liberty Global PLC, Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50756 | &nbsp;&nbsp;1134396 |
| &nbsp;&nbsp;TP Icap Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;377558 | &nbsp;&nbsp;&nbsp;&nbsp;822024 |
| &nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;1142714 | &nbsp;&nbsp;1318480 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9482560** |
| &nbsp;&nbsp;**United States 39.2%** | &nbsp;&nbsp;**United States 39.2%** | &nbsp;&nbsp;**United States 39.2%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15503 | &nbsp;&nbsp;2290568 |
| &nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10214 | &nbsp;&nbsp;&nbsp;&nbsp;194372 |
| &nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6005 | &nbsp;&nbsp;&nbsp;&nbsp;281935 |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5763 | &nbsp;&nbsp;2134269 |
| &nbsp;&nbsp;Allogene Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14410 | &nbsp;&nbsp;&nbsp;&nbsp;111245 |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53353 | &nbsp;&nbsp;5328364 |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47002 | &nbsp;&nbsp;4847316 |
| &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23118 | &nbsp;&nbsp;2008261 |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22698 | &nbsp;&nbsp;2132704 |
| &nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27656 | &nbsp;&nbsp;&nbsp;&nbsp;948324 |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41758 | &nbsp;&nbsp;6025262 |
| &nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558 | &nbsp;&nbsp;&nbsp;&nbsp;652751 |
| &nbsp;&nbsp;Aris Water Solution, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19437 | &nbsp;&nbsp;&nbsp;&nbsp;301079 |
| &nbsp;&nbsp;Ascent Resources, Class B<sup>(a),(d),(e),(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43744 |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94834 | &nbsp;&nbsp;1931769 |
| &nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25097 | &nbsp;&nbsp;1001370 |
| &nbsp;&nbsp;Axalta Coating Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9517 | &nbsp;&nbsp;&nbsp;&nbsp;286462 |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72674 | &nbsp;&nbsp;2578474 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5028 | &nbsp;&nbsp;&nbsp;&nbsp;285993 |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8877 | &nbsp;&nbsp;1023962 |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36619 | &nbsp;&nbsp;1693629 |
| &nbsp;&nbsp;Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3302 | &nbsp;&nbsp;&nbsp;&nbsp;253528 |
| &nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26876 | &nbsp;&nbsp;&nbsp;&nbsp;632392 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4327 | &nbsp;&nbsp;2531338 |
| &nbsp;&nbsp;Burford Capital Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56738 | &nbsp;&nbsp;&nbsp;&nbsp;518018 |
| &nbsp;&nbsp;Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;552916 |
| &nbsp;&nbsp;Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28192 | &nbsp;&nbsp;&nbsp;&nbsp;913985 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1888 | &nbsp;&nbsp;&nbsp;&nbsp;151267 |
| &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4874 | &nbsp;&nbsp;1543450 |
| &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3454 | &nbsp;&nbsp;1532678 |
| &nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7744 | &nbsp;&nbsp;&nbsp;&nbsp;699980 |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44432 | &nbsp;&nbsp;2162505 |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;32420 | &nbsp;&nbsp;1987994 |
| &nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;54221 | &nbsp;&nbsp;2133596 |
| &nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12516 | &nbsp;&nbsp;1198532 |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;&nbsp;&nbsp;18629 | &nbsp;&nbsp;2270316 |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6136 | &nbsp;&nbsp;&nbsp;&nbsp;406755 |
| &nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;15266 | &nbsp;&nbsp;1782000 |
| &nbsp;&nbsp;Diversified Energy Co. PLC | &nbsp;&nbsp;232161 | &nbsp;&nbsp;&nbsp;&nbsp;317567 |
| &nbsp;&nbsp;Domo, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17677 | &nbsp;&nbsp;&nbsp;&nbsp;274170 |
| &nbsp;&nbsp;Doximity, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4649 | &nbsp;&nbsp;&nbsp;&nbsp;163970 |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12714 | &nbsp;&nbsp;1636038 |
| &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3342 | &nbsp;&nbsp;1670967 |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;2168145 |
| &nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;53374 | &nbsp;&nbsp;&nbsp;&nbsp;445139 |
| &nbsp;&nbsp;Envestnet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4946 | &nbsp;&nbsp;&nbsp;&nbsp;321490 |
| &nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12236 | &nbsp;&nbsp;&nbsp;&nbsp;538751 |
| &nbsp;&nbsp;Exact Sciences Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6089 | &nbsp;&nbsp;&nbsp;&nbsp;411129 |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28834 | &nbsp;&nbsp;3345032 |
| &nbsp;&nbsp;FTI Consulting, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3401 | &nbsp;&nbsp;&nbsp;&nbsp;542528 |
| &nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;3417 | &nbsp;&nbsp;&nbsp;&nbsp;459860 |
| &nbsp;&nbsp;Herc Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;1459 | &nbsp;&nbsp;&nbsp;&nbsp;226612 |
| &nbsp;&nbsp;Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;7910 | &nbsp;&nbsp;1776586 |
| &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12201 | &nbsp;&nbsp;1770243 |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;7904 | &nbsp;&nbsp;2562240 |
| &nbsp;&nbsp;Hostess Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10929 | &nbsp;&nbsp;&nbsp;&nbsp;252788 |
| &nbsp;&nbsp;Houlihan Lokey, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp;&nbsp;588872 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Global Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;IAA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3828 | &nbsp;&nbsp;&nbsp;&nbsp;159742 |
| &nbsp;&nbsp;ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4365 | &nbsp;&nbsp;&nbsp;&nbsp;446059 |
| &nbsp;&nbsp;Insmed, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13343 | &nbsp;&nbsp;&nbsp;&nbsp;287275 |
| &nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3311 | &nbsp;&nbsp;&nbsp;&nbsp;364508 |
| &nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6816 | &nbsp;&nbsp;1674623 |
| &nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9586 | &nbsp;&nbsp;&nbsp;&nbsp;311545 |
| &nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5701 | &nbsp;&nbsp;&nbsp;&nbsp;893119 |
| &nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17732 | &nbsp;&nbsp;&nbsp;&nbsp;846880 |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2919 | &nbsp;&nbsp;1459792 |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3334 | &nbsp;&nbsp;&nbsp;&nbsp;333033 |
| &nbsp;&nbsp;Las Vegas Sands Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27244 | &nbsp;&nbsp;1607396 |
| &nbsp;&nbsp;Latham Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;74391 | &nbsp;&nbsp;&nbsp;&nbsp;327320 |
| &nbsp;&nbsp;Livent Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36156 | &nbsp;&nbsp;&nbsp;&nbsp;937164 |
| &nbsp;&nbsp;LivePerson, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19453 | &nbsp;&nbsp;&nbsp;&nbsp;250555 |
| &nbsp;&nbsp;Lyft, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9620 | &nbsp;&nbsp;&nbsp;&nbsp;156325 |
| &nbsp;&nbsp;Madison Square Garden Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8697 | &nbsp;&nbsp;&nbsp;&nbsp;454766 |
| &nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15544 | &nbsp;&nbsp;1526887 |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6937 | &nbsp;&nbsp;2570852 |
| &nbsp;&nbsp;Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17935 | &nbsp;&nbsp;&nbsp;&nbsp;664312 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22043 | &nbsp;&nbsp;2367639 |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27240 | &nbsp;&nbsp;1989065 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31659 | &nbsp;&nbsp;7845417 |
| &nbsp;&nbsp;Mirati Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2752 | &nbsp;&nbsp;&nbsp;&nbsp;146984 |
| &nbsp;&nbsp;Moelis & Co., ADR, Class A | &nbsp;&nbsp;&nbsp;&nbsp;21284 | &nbsp;&nbsp;&nbsp;&nbsp;995027 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;22870 | &nbsp;&nbsp;2225937 |
| &nbsp;&nbsp;nCino, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14848 | &nbsp;&nbsp;&nbsp;&nbsp;424653 |
| &nbsp;&nbsp;Newpark Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;143347 | &nbsp;&nbsp;&nbsp;&nbsp;650795 |
| &nbsp;&nbsp;Nkarta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75036 |
| &nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28898 | &nbsp;&nbsp;&nbsp;&nbsp;706267 |
| &nbsp;&nbsp;Nutanix, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10069 | &nbsp;&nbsp;&nbsp;&nbsp;280623 |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11554 | &nbsp;&nbsp;2257305 |
| &nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8334 | &nbsp;&nbsp;1322106 |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;1630000 |
| &nbsp;&nbsp;Patterson Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24068 | &nbsp;&nbsp;&nbsp;&nbsp;726613 |
| &nbsp;&nbsp;Primo Water Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62932 | &nbsp;&nbsp;&nbsp;&nbsp;984886 |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;20647 | &nbsp;&nbsp;2939720 |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13611 | &nbsp;&nbsp;1759630 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12878 | &nbsp;&nbsp;1715478 |
| &nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp;274788 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819755 |
| &nbsp;&nbsp;Quanterix Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 |
| &nbsp;&nbsp;Quotient Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;Ranpak Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360985 |
| &nbsp;&nbsp;Rapid7, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133525 |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18418 | &nbsp;&nbsp;&nbsp;&nbsp;1839037 |
| &nbsp;&nbsp;Regis Corp.<sup>(a)</sup> | &nbsp;&nbsp;101955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167206 |
| &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11670 | &nbsp;&nbsp;&nbsp;&nbsp;1456649 |
| &nbsp;&nbsp;Revolution Medicines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286573 |
| &nbsp;&nbsp;Rogers Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219017 |
| &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4534 | &nbsp;&nbsp;&nbsp;&nbsp;1699978 |
| &nbsp;&nbsp;Sage Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365849 |
| &nbsp;&nbsp;Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545769 |
| &nbsp;&nbsp;Schnitzer Steel Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;18809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636497 |
| &nbsp;&nbsp;Sharecare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;169987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431767 |
| &nbsp;&nbsp;Shift4 Payments, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403324 |
| &nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252658 |
| &nbsp;&nbsp;TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12126 | &nbsp;&nbsp;&nbsp;&nbsp;1541821 |
| &nbsp;&nbsp;Teradata Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498575 |
| &nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920664 |
| &nbsp;&nbsp;Toast, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88593 |
| &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;8937 | &nbsp;&nbsp;&nbsp;&nbsp;1600795 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8878 | &nbsp;&nbsp;&nbsp;&nbsp;1812799 |
| &nbsp;&nbsp;Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327869 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3514 | &nbsp;&nbsp;&nbsp;&nbsp;1135373 |
| &nbsp;&nbsp;Virtu Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;26350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508819 |
| &nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625558 |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16735 | &nbsp;&nbsp;&nbsp;&nbsp;2407664 |
| &nbsp;&nbsp;WillScot Mobile Mini Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887157 |
| &nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469388 |
| &nbsp;&nbsp;Xponential Fitness, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984718 |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12043 | &nbsp;&nbsp;&nbsp;&nbsp;1992996 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**149171790** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $229,025,118) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $229,025,118) | &nbsp;&nbsp;**249829135** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Exchange-Traded Equity Funds 2.0%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 2.0%** | &nbsp;&nbsp;**Exchange-Traded Equity Funds 2.0%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**United States 2.0%** | &nbsp;&nbsp;**United States 2.0%** | &nbsp;&nbsp;**United States 2.0%** |
| &nbsp;&nbsp;iShares MSCI Canada ETF | &nbsp;&nbsp;156328 | &nbsp;&nbsp;5601232 |
| &nbsp;&nbsp;Xtrackers Harvest CSI 300 China A-Shares ETF | &nbsp;&nbsp;&nbsp;&nbsp;69345 | &nbsp;&nbsp;2164258 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7765490** |
| &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $6,034,161) | &nbsp;&nbsp;Total Exchange-Traded Equity Funds<br> (Cost $6,034,161) | &nbsp;&nbsp;**7765490** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(g),(h)</sup> 7.2%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(g),(h)</sup> 7.2%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(g),(h)</sup> 7.2%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(g),(h)</sup> 7.2%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(g),(h)</sup> 7.2%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Austria 0.9%** | &nbsp;&nbsp;**Austria 0.9%** | &nbsp;&nbsp;**Austria 0.9%** | &nbsp;&nbsp;**Austria 0.9%** | &nbsp;&nbsp;**Austria 0.9%** |
| &nbsp;&nbsp;Republic of Austria Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(c)</sup> |
| &nbsp;&nbsp;10/20/2026 | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787000 | &nbsp;&nbsp;1817071 |
| &nbsp;&nbsp;05/23/2034 | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;414002 |
| &nbsp;&nbsp;Republic of Austria Government Bond<sup>(c),(i)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(c),(i)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(c),(i)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(c),(i)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(c),(i)</sup> |
| &nbsp;&nbsp;02/20/2030 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193000 | &nbsp;&nbsp;1071165 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3302238** |
| &nbsp;&nbsp;**Belgium 0.6%** | &nbsp;&nbsp;**Belgium 0.6%** | &nbsp;&nbsp;**Belgium 0.6%** | &nbsp;&nbsp;**Belgium 0.6%** | &nbsp;&nbsp;**Belgium 0.6%** |
| &nbsp;&nbsp;Kingdom of Belgium Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Kingdom of Belgium Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Kingdom of Belgium Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Kingdom of Belgium Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Kingdom of Belgium Government Bond<sup>(c)</sup> |
| &nbsp;&nbsp;06/22/2031 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;520942 |
| &nbsp;&nbsp;03/28/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355000 | &nbsp;&nbsp;1769657 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2290599** |
| &nbsp;&nbsp;**China 2.1%** | &nbsp;&nbsp;**China 2.1%** | &nbsp;&nbsp;**China 2.1%** | &nbsp;&nbsp;**China 2.1%** | &nbsp;&nbsp;**China 2.1%** |
| &nbsp;&nbsp;China Development Bank | &nbsp;&nbsp;China Development Bank | &nbsp;&nbsp;China Development Bank | &nbsp;&nbsp;China Development Bank | &nbsp;&nbsp;China Development Bank |
| &nbsp;&nbsp;06/18/2030 | &nbsp;&nbsp;3.090% | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000000 | &nbsp;&nbsp;2525500 |
| &nbsp;&nbsp;07/18/2032 | &nbsp;&nbsp;2.960% | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;337316 |
| &nbsp;&nbsp;China Government Bond | &nbsp;&nbsp;China Government Bond | &nbsp;&nbsp;China Government Bond | &nbsp;&nbsp;China Government Bond | &nbsp;&nbsp;China Government Bond |
| &nbsp;&nbsp;11/21/2029 | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30220000 | &nbsp;&nbsp;4571812 |
| &nbsp;&nbsp;05/21/2030 | &nbsp;&nbsp;2.680% | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;730732 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**8165360** |
| &nbsp;&nbsp;**France 0.2%** | &nbsp;&nbsp;**France 0.2%** | &nbsp;&nbsp;**France 0.2%** | &nbsp;&nbsp;**France 0.2%** | &nbsp;&nbsp;**France 0.2%** |
| &nbsp;&nbsp;French Republic Government Bond OAT<sup>(c)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(c)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(c)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(c)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(c)</sup> |
| &nbsp;&nbsp;05/25/2045 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644000 | &nbsp;&nbsp;&nbsp;&nbsp;722826 |
| &nbsp;&nbsp;**Indonesia 0.2%** | &nbsp;&nbsp;**Indonesia 0.2%** | &nbsp;&nbsp;**Indonesia 0.2%** | &nbsp;&nbsp;**Indonesia 0.2%** | &nbsp;&nbsp;**Indonesia 0.2%** |
| &nbsp;&nbsp;Indonesia Treasury Bond | &nbsp;&nbsp;Indonesia Treasury Bond | &nbsp;&nbsp;Indonesia Treasury Bond | &nbsp;&nbsp;Indonesia Treasury Bond | &nbsp;&nbsp;Indonesia Treasury Bond |
| &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;IDR | 12104000000 | &nbsp;&nbsp;&nbsp;&nbsp;825466 |
| &nbsp;&nbsp;**Japan 1.1%** | &nbsp;&nbsp;**Japan 1.1%** | &nbsp;&nbsp;**Japan 1.1%** | &nbsp;&nbsp;**Japan 1.1%** | &nbsp;&nbsp;**Japan 1.1%** |
| &nbsp;&nbsp;Japan Government 20-Year Bond | &nbsp;&nbsp;Japan Government 20-Year Bond | &nbsp;&nbsp;Japan Government 20-Year Bond | &nbsp;&nbsp;Japan Government 20-Year Bond | &nbsp;&nbsp;Japan Government 20-Year Bond |
| &nbsp;&nbsp;09/20/2041 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000000 | &nbsp;&nbsp;&nbsp;&nbsp;424388 |
| &nbsp;&nbsp;Japan Government 30-Year Bond | &nbsp;&nbsp;Japan Government 30-Year Bond | &nbsp;&nbsp;Japan Government 30-Year Bond | &nbsp;&nbsp;Japan Government 30-Year Bond | &nbsp;&nbsp;Japan Government 30-Year Bond |
| &nbsp;&nbsp;03/20/2047 | &nbsp;&nbsp;0.800% | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;363100000 | &nbsp;&nbsp;2389756 |
| &nbsp;&nbsp;06/20/2048 | &nbsp;&nbsp;0.700% | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;161650000 | &nbsp;&nbsp;1023338 |
| &nbsp;&nbsp;09/20/2048 | &nbsp;&nbsp;0.900% | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78600000 | &nbsp;&nbsp;&nbsp;&nbsp;521469 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4358951** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(g),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(g),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(g),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(g),(h)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(g),(h)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Mexico 0.2%** | &nbsp;&nbsp;**Mexico 0.2%** | &nbsp;&nbsp;**Mexico 0.2%** | &nbsp;&nbsp;**Mexico 0.2%** | &nbsp;&nbsp;**Mexico 0.2%** |
| &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond | &nbsp;&nbsp;Mexico Government International Bond |
| &nbsp;&nbsp;05/29/2031 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628058 |
| &nbsp;&nbsp;**Netherlands 0.9%** | &nbsp;&nbsp;**Netherlands 0.9%** | &nbsp;&nbsp;**Netherlands 0.9%** | &nbsp;&nbsp;**Netherlands 0.9%** | &nbsp;&nbsp;**Netherlands 0.9%** |
| &nbsp;&nbsp;Netherlands Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(c)</sup> |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540000 | &nbsp;&nbsp;&nbsp;&nbsp;2580018 |
| &nbsp;&nbsp;Netherlands Government Bond<sup>(c),(i)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(c),(i)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(c),(i)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(c),(i)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(c),(i)</sup> |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913256 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3493274** |
| &nbsp;&nbsp;**South Korea 0.3%** | &nbsp;&nbsp;**South Korea 0.3%** | &nbsp;&nbsp;**South Korea 0.3%** | &nbsp;&nbsp;**South Korea 0.3%** | &nbsp;&nbsp;**South Korea 0.3%** |
| &nbsp;&nbsp;Korea Treasury Bond | &nbsp;&nbsp;Korea Treasury Bond | &nbsp;&nbsp;Korea Treasury Bond | &nbsp;&nbsp;Korea Treasury Bond | &nbsp;&nbsp;Korea Treasury Bond |
| &nbsp;&nbsp;06/10/2029 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;KRW | 1709000000 | &nbsp;&nbsp;&nbsp;&nbsp;1272991 |
| &nbsp;&nbsp;**Spain 0.5%** | &nbsp;&nbsp;**Spain 0.5%** | &nbsp;&nbsp;**Spain 0.5%** | &nbsp;&nbsp;**Spain 0.5%** | &nbsp;&nbsp;**Spain 0.5%** |
| &nbsp;&nbsp;Spain Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(c)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(c)</sup> |
| &nbsp;&nbsp;04/30/2030 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670807 |
| &nbsp;&nbsp;07/30/2035 | &nbsp;&nbsp;1.850% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553530 |
| &nbsp;&nbsp;07/30/2041 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590593 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1814930** |
| &nbsp;&nbsp;**United Kingdom 0.2%** | &nbsp;&nbsp;**United Kingdom 0.2%** | &nbsp;&nbsp;**United Kingdom 0.2%** | &nbsp;&nbsp;**United Kingdom 0.2%** | &nbsp;&nbsp;**United Kingdom 0.2%** |
| &nbsp;&nbsp;United Kingdom Gilt<sup>(c)</sup> | &nbsp;&nbsp;United Kingdom Gilt<sup>(c)</sup> | &nbsp;&nbsp;United Kingdom Gilt<sup>(c)</sup> | &nbsp;&nbsp;United Kingdom Gilt<sup>(c)</sup> | &nbsp;&nbsp;United Kingdom Gilt<sup>(c)</sup> |
| &nbsp;&nbsp;01/22/2044 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694939 |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $32,281,748) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $32,281,748) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $32,281,748) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $32,281,748) | &nbsp;&nbsp;**27569632** |
| &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(g)</sup> 1.2%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(g)</sup> 1.2%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(g)</sup> 1.2%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(g)</sup> 1.2%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(g)</sup> 1.2%** |
| &nbsp;&nbsp;**Italy 0.1%** | &nbsp;&nbsp;**Italy 0.1%** | &nbsp;&nbsp;**Italy 0.1%** | &nbsp;&nbsp;**Italy 0.1%** | &nbsp;&nbsp;**Italy 0.1%** |
| &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(c)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(c)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(c)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(c)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(c)</sup> |
| &nbsp;&nbsp;09/15/2035 | &nbsp;&nbsp;2.350% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282169 |
| &nbsp;&nbsp;**United Kingdom 0.1%** | &nbsp;&nbsp;**United Kingdom 0.1%** | &nbsp;&nbsp;**United Kingdom 0.1%** | &nbsp;&nbsp;**United Kingdom 0.1%** | &nbsp;&nbsp;**United Kingdom 0.1%** |
| &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(c)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(c)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(c)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(c)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(c)</sup> |
| &nbsp;&nbsp;03/22/2052 | &nbsp;&nbsp;0.250% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296069 |
| &nbsp;&nbsp;**United States 1.0%** | &nbsp;&nbsp;**United States 1.0%** | &nbsp;&nbsp;**United States 1.0%** | &nbsp;&nbsp;**United States 1.0%** | &nbsp;&nbsp;**United States 1.0%** |
| &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;0.375% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106696 | &nbsp;&nbsp;&nbsp;&nbsp;2016444 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;0.500% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995072 | &nbsp;&nbsp;&nbsp;&nbsp;1909733 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3926177** |
| &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $4,793,838) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $4,793,838) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $4,793,838) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $4,793,838) | &nbsp;&nbsp;&nbsp;&nbsp;**4504415** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Global Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 5.5%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 5.5%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 5.5%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 5.5%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**United States 5.5%** | &nbsp;&nbsp;**United States 5.5%** | &nbsp;&nbsp;**United States 5.5%** | &nbsp;&nbsp;**United States 5.5%** |
| &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(j)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(j)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(j)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(j)</sup> |
| &nbsp;&nbsp;02/21/2053 | &nbsp;&nbsp;3.500% | 3700000 | &nbsp;&nbsp;&nbsp;&nbsp;3498157 |
| &nbsp;&nbsp;02/21/2053 | &nbsp;&nbsp;4.000% | 2280000 | &nbsp;&nbsp;&nbsp;&nbsp;2213381 |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(j)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(j)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(j)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(j)</sup> |
| &nbsp;&nbsp;02/16/2038 | &nbsp;&nbsp;2.500% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1867559 |
| &nbsp;&nbsp;02/16/2038 - 02/13/2053 | &nbsp;&nbsp;3.000% | 3725000 | &nbsp;&nbsp;&nbsp;&nbsp;3485084 |
| &nbsp;&nbsp;02/13/2053 | &nbsp;&nbsp;3.500% | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;1828617 |
| &nbsp;&nbsp;02/13/2053 | &nbsp;&nbsp;4.000% | 1775000 | &nbsp;&nbsp;&nbsp;&nbsp;1713984 |
| &nbsp;&nbsp;02/13/2053 | &nbsp;&nbsp;4.500% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1481250 |
| &nbsp;&nbsp;02/13/2053 | &nbsp;&nbsp;5.000% | 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;4817625 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20905657** |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $20,674,424) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $20,674,424) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $20,674,424) | &nbsp;&nbsp;**20905657** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Rights 0.0%** | &nbsp;&nbsp;**Rights 0.0%** | &nbsp;&nbsp;**Rights 0.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Brazil 0.0%** | &nbsp;&nbsp;**Brazil 0.0%** | &nbsp;&nbsp;**Brazil 0.0%** |
| &nbsp;&nbsp;Localiza Rent a Car SA<sup>(a)</sup> | &nbsp;&nbsp;249 | &nbsp;&nbsp;832 |
| &nbsp;&nbsp;Total Rights<br> (Cost $—) | &nbsp;&nbsp;Total Rights<br> (Cost $—) | &nbsp;&nbsp;**832** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Calls 0.0%** | &nbsp;&nbsp;**Options Purchased Calls 0.0%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $19,515) | &nbsp;&nbsp;**5904** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 21.1%** | &nbsp;&nbsp;**Money Market Funds 21.1%** | &nbsp;&nbsp;**Money Market Funds 21.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559%<sup>(k),(l)</sup> | &nbsp;&nbsp;80205373 | &nbsp;&nbsp;&nbsp;&nbsp;80173291 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $80,184,079) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $80,184,079) | &nbsp;&nbsp;&nbsp;&nbsp;**80173291** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $373,012,883)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $373,012,883)** | &nbsp;&nbsp;&nbsp;&nbsp;**390754356** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(10282809)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$380471547** |

---

At January 31, 2023, securities and/or cash totaling $7,560,384 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,317,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,049,657 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(133450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,500,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,823,142 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183,609 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1274) |
| &nbsp;&nbsp;6,395,956,000 IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409,525 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17041) |
| &nbsp;&nbsp;&nbsp;&nbsp;213,626,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163,104 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573,835 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131,002 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,000,000 CZK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,563,921 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,115,572 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160,605 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555,000 ILS | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177,780 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790,000 PLN | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,247,776 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,778,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(103683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,318,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538,941 USD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324,147 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,435,000 MYR | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,309 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989,803 NOK | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576,540 USD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11822) |
| &nbsp;&nbsp;1,012,500,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,828,552 USD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,997,000 MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349,964 USD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,529,345 USD | &nbsp;&nbsp;&nbsp;&nbsp;2,647,300,365 JPY | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,143,396 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,787,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230,011 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309,756 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,747,000 THB | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,959,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,207,178 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17230) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 13

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130,219 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,211,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,163 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;106,959,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824,642 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(824) |
| &nbsp;&nbsp;1,633,303,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,314,001 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,704,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874,336 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;102,206,000 TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,380,933 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751,844 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,085,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622,576 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502,571 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,459,000 DKK | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,380,573 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,054,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686,558 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260,285 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,544,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000,603 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,574,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,184,900 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,380,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260,946 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,658,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755,065 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,019,000 CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434,607 USD | &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,405,000 TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601,962 USD | &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,656,230 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,184,000 CNY | &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,194,769 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,761,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,172,716 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,553,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206,497 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,441,000 DKK | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,976,954 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,442,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,909,033 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,109,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 02/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2272262 | &nbsp;&nbsp;&nbsp;&nbsp;(397587) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;10-Year Mini Japanese Government Bond | 9 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;131940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8228) |
| &nbsp;&nbsp;Australian 10-Year Bond | 183 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22037879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230090) |
| &nbsp;&nbsp;Canadian Government 10-Year Bond | 46 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5807960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Canadian Government 10-Year Bond | 65 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8206900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40036) |
| &nbsp;&nbsp;Euro-Bobl | 16 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35389) |
| &nbsp;&nbsp;Euro-BTP | 29 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90563) |
| &nbsp;&nbsp;Euro-Bund | 15 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74160) |
| &nbsp;&nbsp;Euro-Buxl 30-Year | 2 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36387) |
| &nbsp;&nbsp;Euro-OAT | 76 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9995520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395283) |
| &nbsp;&nbsp;Japanese 10-Year Government Bond | 6 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;879360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58858) |
| &nbsp;&nbsp;Long Gilt | 89 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9301390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36868) |
| &nbsp;&nbsp;U.S. Long Bond | 37 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 284 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32522438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 14 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2652) |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | 124 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13546031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | 32 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | 39 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4344) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 50 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7087500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1318656 | &nbsp;&nbsp;&nbsp;&nbsp;(1012858) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;FTSE 100 Index | (42) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3254790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(154410) |
| &nbsp;&nbsp;Russell 2000 Index E-mini | (8) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(775760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51100) |
| &nbsp;&nbsp;S&P 500 Index E-mini | (101) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20654500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(614583) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Global Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P/TSX 60 Index | (20) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5015600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(132964) |
| &nbsp;&nbsp;TOPIX Index | (25) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;(493875000) | &nbsp;&nbsp;&nbsp;&nbsp;7582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7582 | &nbsp;&nbsp;&nbsp;&nbsp;(953057) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CBOE Volatility Index | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;279360 | &nbsp;&nbsp;144 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;02/15/2023 | &nbsp;&nbsp;19515 | &nbsp;&nbsp;5904 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** | &nbsp;&nbsp;**Call option contracts written** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Premium<br> received ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Cameco Corp. | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;(344523) | &nbsp;&nbsp;(123) | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;2/17/2023 | &nbsp;&nbsp;(3766) | &nbsp;&nbsp;(6827) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX Emerging Markets Index, Series 38 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 2.246 | USD | &nbsp;&nbsp;&nbsp;4000000 | 105720 |  |  | 105720 |  |
| &nbsp;&nbsp;Markit CDX North America High Yield Index, Series 39 | Morgan Stanley | 12/20/2027 | 5.000 | Quarterly | 4.309 | USD | &nbsp;&nbsp;&nbsp;6148000 | 462717 |  |  | 462717 |  |
| &nbsp;&nbsp;Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.717 | USD | 13275000 | 162273 |  |  | 162273 |  |
| &nbsp;&nbsp;Markit iTraxx Europe Main Index, Series 38 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.794 | EUR | &nbsp;&nbsp;&nbsp;9550000 | 197788 |  |  | 197788 |  |
| &nbsp;&nbsp;Total |  |  |  |  |  |  |  | 928498 |  |  | 928498 |  |

---

\* 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
(a) Non-income producing investment.

(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(c) 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 January 31, 2023, the total value of these securities amounted to $13,085,086, which represents 3.44% of total
net assets.

(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2023, the total value of these securities amounted to $282,970,
which represents 0.07% of total net assets.

(e) Valuation based on significant unobservable inputs.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 15

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Notes to Portfolio of Investments (continued)
**(f)** **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 January 31, 2023, the total market value of these securities amounted to $43,744, which represents 0.01% of total net assets. Additional information on these securities is as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | **Acquisition<br> Dates** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Ascent Resources, Class B | 02/20/2014-03/01/2016 | &nbsp;&nbsp;195286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8147 | &nbsp;&nbsp;43744 |
| &nbsp;&nbsp;Detsky Mir PJSC | 02/08/2017-09/21/2020 | &nbsp;&nbsp;290936 | &nbsp;&nbsp;&nbsp;&nbsp;422858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fix Price Group PLC, GDR | 03/05/2021-03/08/2021 | &nbsp;&nbsp;&nbsp;&nbsp;95918 | &nbsp;&nbsp;&nbsp;&nbsp;935775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Lukoil PJSC | 01/25/2022-01/26/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;225708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Ozon Holdings PLC, ADR | 12/17/2020-09/21/2021 | &nbsp;&nbsp;&nbsp;&nbsp;12674 | &nbsp;&nbsp;&nbsp;&nbsp;637448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;TCS Group Holding PLC, GDR | 12/28/2017-04/29/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834 | &nbsp;&nbsp;&nbsp;&nbsp;154597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Yandex NV, Class A | 03/22/2017-04/02/2020 | &nbsp;&nbsp;&nbsp;&nbsp;12272 | &nbsp;&nbsp;&nbsp;&nbsp;425484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;2810017 | &nbsp;&nbsp;43744 |

---

(g) Principal amounts are denominated in United States Dollars unless otherwise noted.

(h) Principal and interest may not be guaranteed by a governmental entity.

(i) Zero coupon bond.

(j) Represents a security purchased on a when-issued basis.

(k) The rate shown is the seven-day current annualized yield at January 31, 2023.

(l) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended January 31, 2023 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class |
|  | 13505068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11971649) | &nbsp;&nbsp;(1533419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;568772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% |
|  | 68533408 | &nbsp;&nbsp;143510284 | &nbsp;&nbsp;(131880185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9784 | &nbsp;&nbsp;80173291 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1558) | &nbsp;&nbsp;1351489 | &nbsp;&nbsp;80205373 |
| &nbsp;&nbsp;Total | 82038476 |  |  | &nbsp;&nbsp;(1523635) | &nbsp;&nbsp;80173291 | &nbsp;&nbsp;— | &nbsp;&nbsp;567214 | &nbsp;&nbsp;1351489 |  |

---

#### Abbreviation Legend
ADR American Depositary Receipt <br> GDR Global Depositary Receipt <br> TBA To Be Announced

#### Currency Legend

---

| | |
|:---|:---|
| AUD | &nbsp;&nbsp;Australian Dollar |
| CAD | &nbsp;&nbsp;Canada Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| CNY | &nbsp;&nbsp;China Yuan Renminbi |
| CZK | &nbsp;&nbsp;Czech Koruna |
| DKK | &nbsp;&nbsp;Danish Krone |
| EUR | &nbsp;&nbsp;Euro |
| GBP | &nbsp;&nbsp;British Pound |
| IDR | &nbsp;&nbsp;Indonesian Rupiah |
| ILS | &nbsp;&nbsp;Israeli Shekel |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Global Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Currency Legend (continued)

---

| | |
|:---|:---|
| **JPY** | &nbsp;&nbsp;**Japanese Yen** |
| **KRW** | &nbsp;&nbsp;**South Korean Won** |
| **MXN** | &nbsp;&nbsp;**Mexican Peso** |
| **MYR** | &nbsp;&nbsp;**Malaysian Ringgit** |
| **NOK** | &nbsp;&nbsp;**Norwegian Krone** |
| **NZD** | &nbsp;&nbsp;**New Zealand Dollar** |
| **PLN** | &nbsp;&nbsp;**Polish Zloty** |
| **SEK** | &nbsp;&nbsp;**Swedish Krona** |
| **SGD** | &nbsp;&nbsp;**Singapore Dollar** |
| **THB** | &nbsp;&nbsp;**Thai Baht** |
| **TWD** | &nbsp;&nbsp;**New Taiwan Dollar** |
| **USD** | &nbsp;&nbsp;**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.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities 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.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 17

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Fair value measurements (continued) The following table is a summary of the inputs used to value the Fund's investments at January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;3824815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;5011652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;1931654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11231932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13163586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;2434092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5818758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;1274925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12665654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12665654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jersey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;188042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;1321586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6697126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6825228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russian Federation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5783787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6071424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5913933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3279709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9482560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 148810419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43744 | &nbsp;&nbsp;&nbsp;&nbsp;149171790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 170384873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79161292 | &nbsp;&nbsp;&nbsp;&nbsp;282970 | &nbsp;&nbsp;&nbsp;&nbsp;249829135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Equity Funds | &nbsp;&nbsp;&nbsp;&nbsp;7765490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7765490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27569632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27569632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inflation-Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20905657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20905657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Calls | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;80173291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80173291 |
| &nbsp;&nbsp;Total Investments in Securities | 258330390 | &nbsp;&nbsp;&nbsp;&nbsp;132140996 | &nbsp;&nbsp;&nbsp;&nbsp;282970 | &nbsp;&nbsp;&nbsp;&nbsp;390754356 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1326238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928498 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Global Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1965915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1965915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Contracts Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6827) |
| &nbsp;&nbsp;Total | 257683886 | &nbsp;&nbsp;&nbsp;&nbsp;134944169 | &nbsp;&nbsp;&nbsp;&nbsp;282970 | &nbsp;&nbsp;&nbsp;&nbsp;392911025 |

---

\* 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. 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, but not limited to, intraday index, ADR, and exchange-traded fund movements.

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 19

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $292,809,289) | $310575161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $80,184,079) | &nbsp;&nbsp;&nbsp;&nbsp;80173291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $19,515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5904 |
| &nbsp;&nbsp;Foreign currency (cost $785,569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807259 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687482 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272262 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;11301641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54284 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8185 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16415 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;413669759 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Option contracts written, at value (premiums received $3,766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6827 |
| &nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6890 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397587 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;11130103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;20707885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains taxes deferred | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68908 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;33198212 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$380471547** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;393859763 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(13388216) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$380471547** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Global Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Statement of Assets and Liabilities (continued)

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $354198460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;29483229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.74 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2981121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.17 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3772717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.30 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$14548051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.14 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3765881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.23 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$120540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.17 |
| &nbsp;&nbsp;**Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1084777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.82 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 21

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;$2407119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;1351489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;(118369) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;4091492 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;1379922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12171 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;2288749 |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;2288709 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;1802783 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Global Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Statement of Operations (continued)

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | $(4005786) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27725) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;(6290191) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12919) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;(676397) |
| &nbsp;&nbsp;Net realized loss | (10195124) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;8647897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;(1523635) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;1151069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(772600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13611) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3568) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;1648956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8097 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;9206106 |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;(989018) |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;**$813765** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 23

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$1802783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4594854 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(10195124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14897343 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9206106 | &nbsp;&nbsp;&nbsp;(106025819) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813765 | &nbsp;&nbsp;&nbsp;&nbsp;(86533622) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(21176508) | &nbsp;&nbsp;&nbsp;&nbsp;(36213160) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(543838) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502067) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(878321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1766596) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422139) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12732) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116588) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(22903941) | &nbsp;&nbsp;&nbsp;&nbsp;(39577120) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(12919208) | &nbsp;&nbsp;&nbsp;&nbsp;(17097827) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(35009384) | &nbsp;&nbsp;&nbsp;(143208569) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;415480931 | &nbsp;&nbsp;&nbsp;&nbsp;558689500 |
| &nbsp;&nbsp;**Net assets at end of period** | **$380471547** | &nbsp;&nbsp;**$415480931** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Columbia Global Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;104483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6128599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;1852833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21048187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36043786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2403027) | &nbsp;&nbsp;&nbsp;&nbsp;(28634097) | &nbsp;&nbsp;&nbsp;&nbsp;(3913707) | &nbsp;&nbsp;&nbsp;&nbsp;(57369485) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(445711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6343183) | &nbsp;&nbsp;&nbsp;&nbsp;(1089515) | &nbsp;&nbsp;&nbsp;&nbsp;(15197100) |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(262872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3179374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(728178) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(222562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2705803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356640 |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(69207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(775990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2346574) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(39239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1469124) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;212607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6934505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(504018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6088424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(673252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9817447) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(216201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2628082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1176089) |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(84765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1047821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1579370) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(40102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125846 |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17328) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93851 |
| &nbsp;&nbsp;Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(33765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(411550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152352) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(20454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168149 |
| &nbsp;&nbsp;**Total net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(985645)** | &nbsp;&nbsp;&nbsp;&nbsp;**(12919208)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1234956)** | &nbsp;&nbsp;&nbsp;&nbsp;**(17097827)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 25

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;(0.75) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $16.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;(2.70) | &nbsp;&nbsp;(2.56) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(1.21) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $14.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.69) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;(0.75) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $16.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;(2.71) | &nbsp;&nbsp;(2.54) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(1.23) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $14.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &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;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;(0.75) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(2.55) | &nbsp;&nbsp;(2.53) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(1.16) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $14.04 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.58) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.57 | &nbsp;&nbsp;(0.00)<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &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;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;(0.75) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $16.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;(2.71) | &nbsp;&nbsp;(2.54) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(1.23) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $14.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &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;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;(0.75) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $16.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(2.73) | &nbsp;&nbsp;(2.55) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(1.23) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $14.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.73) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &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;— |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Columbia Global Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.01 | &nbsp;&nbsp;&nbsp;0.66% | 1.19%<sup>(c),(d)</sup> | 1.19%<sup>(c),(d),(e)</sup> | 0.92%<sup>(c)</sup> | &nbsp;&nbsp;55% | $354198 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.72 | (16.59%) | 1.15%<sup>(d),(f)</sup> | 1.15%<sup>(d),(f)</sup> | 0.92% | &nbsp;&nbsp;98% | $380766 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.49 | 17.46% | 1.16%<sup>(d)</sup> | 1.16%<sup>(d)</sup> | 0.40% | 107% | $511405 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.66 | &nbsp;&nbsp;&nbsp;6.49% | 1.15%<sup>(d)</sup> | 1.15%<sup>(d)</sup> | 0.92% | 125% | $476670 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $14.01 | &nbsp;&nbsp;&nbsp;1.88% | 1.13% | 1.13% | 1.70% | 104% | $504182 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.80 | &nbsp;&nbsp;&nbsp;6.24% | 1.10%<sup>(f)</sup> | 1.10%<sup>(f)</sup> | 0.72% | &nbsp;&nbsp;97% | $556184 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.17 | &nbsp;&nbsp;&nbsp;0.73% | 0.93%<sup>(c),(d)</sup> | 0.93%<sup>(c),(d),(e)</sup> | 1.18%<sup>(c)</sup> | &nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;$2981 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.87 | (16.34%) | 0.90%<sup>(d),(f)</sup> | 0.90%<sup>(d),(f)</sup> | 1.17% | &nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;$6015 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.64 | 17.70% | 0.91%<sup>(d)</sup> | 0.91%<sup>(d)</sup> | 0.65% | 107% | &nbsp;&nbsp;&nbsp;$7407 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.79 | &nbsp;&nbsp;&nbsp;6.83% | 0.90%<sup>(d)</sup> | 0.90%<sup>(d)</sup> | 1.27% | 125% | &nbsp;&nbsp;&nbsp;$6365 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $14.13 | &nbsp;&nbsp;&nbsp;2.06% | 0.88% | 0.88% | 1.79% | 104% | &nbsp;&nbsp;&nbsp;$5606 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.93 | &nbsp;&nbsp;&nbsp;6.58% | 0.85%<sup>(f)</sup> | 0.85%<sup>(f)</sup> | 1.20% | &nbsp;&nbsp;97% | &nbsp;&nbsp;&nbsp;$5113 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.30 | &nbsp;&nbsp;&nbsp;0.28% | 1.94%<sup>(c),(d)</sup> | 1.94%<sup>(c),(d),(e)</sup> | 0.17%<sup>(c)</sup> | &nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;$3773 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.06 | (17.17%) | 1.89%<sup>(d),(f)</sup> | 1.89%<sup>(d),(f)</sup> | 0.16% | &nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;$4499 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $15.75 | 16.56% | 1.90%<sup>(d)</sup> | 1.90%<sup>(d)</sup> | (0.36%) | 107% | &nbsp;&nbsp;&nbsp;$7562 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.04 | &nbsp;&nbsp;&nbsp;5.68% | 1.90%<sup>(d)</sup> | 1.90%<sup>(d)</sup> | 0.13% | 125% | &nbsp;&nbsp;$10839 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.40 | &nbsp;&nbsp;&nbsp;1.13% | 1.88% | 1.88% | 0.95% | 104% | &nbsp;&nbsp;$12935 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.25 | &nbsp;&nbsp;&nbsp;5.41% | 1.85%<sup>(f)</sup> | 1.85%<sup>(f)</sup> | (0.02%) | &nbsp;&nbsp;97% | &nbsp;&nbsp;$17299 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.14 | &nbsp;&nbsp;&nbsp;0.81% | 0.94%<sup>(c),(d)</sup> | 0.94%<sup>(c),(d),(e)</sup> | 1.16%<sup>(c)</sup> | &nbsp;&nbsp;55% | &nbsp;&nbsp;$14548 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.83 | (16.38%) | 0.89%<sup>(d),(f)</sup> | 0.89%<sup>(d),(f)</sup> | 1.16% | &nbsp;&nbsp;98% | &nbsp;&nbsp;$18151 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.60 | 17.75% | 0.91%<sup>(d)</sup> | 0.91%<sup>(d)</sup> | 0.65% | 107% | &nbsp;&nbsp;$24909 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.75 | &nbsp;&nbsp;&nbsp;6.78% | 0.90%<sup>(d)</sup> | 0.90%<sup>(d)</sup> | 1.18% | 125% | &nbsp;&nbsp;$20763 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $14.10 | &nbsp;&nbsp;&nbsp;2.14% | 0.88% | 0.88% | 1.95% | 104% | &nbsp;&nbsp;$22219 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.89 | &nbsp;&nbsp;&nbsp;6.52% | 0.85%<sup>(f)</sup> | 0.85%<sup>(f)</sup> | 0.99% | &nbsp;&nbsp;97% | &nbsp;&nbsp;$22863 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.23 | &nbsp;&nbsp;&nbsp;0.81% | 0.89%<sup>(c),(d)</sup> | 0.89%<sup>(c),(d)</sup> | 1.21%<sup>(c)</sup> | &nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;$3766 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.92 | (16.33%) | 0.86%<sup>(d),(f)</sup> | 0.86%<sup>(d),(f)</sup> | 1.21% | &nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;$4496 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.70 | 17.75% | 0.88%<sup>(d)</sup> | 0.88%<sup>(d)</sup> | 0.69% | 107% | &nbsp;&nbsp;&nbsp;$5688 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.84 | &nbsp;&nbsp;&nbsp;6.86% | 0.86%<sup>(d)</sup> | 0.86%<sup>(d)</sup> | 1.27% | 125% | &nbsp;&nbsp;&nbsp;$4229 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $14.18 | &nbsp;&nbsp;&nbsp;2.17% | 0.84% | 0.84% | 1.97% | 104% | &nbsp;&nbsp;&nbsp;$3864 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.97 | &nbsp;&nbsp;&nbsp;6.56% | 0.81%<sup>(f)</sup> | 0.81%<sup>(f)</sup> | 0.97% | &nbsp;&nbsp;97% | &nbsp;&nbsp;&nbsp;$2522 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 27

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.86 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;(0.75) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $16.62 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(2.73) | &nbsp;&nbsp;(2.53) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(1.23) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $14.77 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.73) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.12 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.91 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.05 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &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;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.55 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.75) | &nbsp;&nbsp;(0.75) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $16.30 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;(2.66) | &nbsp;&nbsp;(2.56) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(1.19) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $14.50 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.65) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.85 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.64 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.87 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &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;— |

---

---

| | |
|:---|:---|
| **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) | Annualized. |
| (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;**Class** | **1/31/2023** | &nbsp;&nbsp;**7/31/2022** | &nbsp;&nbsp;**7/31/2021** | &nbsp;&nbsp;**7/31/2020** |
| &nbsp;&nbsp;Class A | 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Advisor Class | 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Class C | 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Institutional Class | 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Institutional 2 Class | 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Institutional 3 Class | 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;—% |
| &nbsp;&nbsp;Class R | 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% |

---

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

(f) Ratios include interfund lending expense which is less than 0.01%.

(g) Rounds to zero.

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Columbia Global Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.17 | &nbsp;&nbsp;&nbsp;0.81% | 0.85%<sup>(c),(d)</sup> | 0.85%<sup>(c),(d)</sup> | 1.27%<sup>(c)</sup> | &nbsp;&nbsp;55% | &nbsp;&nbsp;$121 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.86 | (16.27%) | 0.83%<sup>(d),(f)</sup> | 0.83%<sup>(d),(f)</sup> | 1.42% | &nbsp;&nbsp;98% | &nbsp;&nbsp;$145 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.62 | 17.83% | 0.83%<sup>(d)</sup> | 0.83%<sup>(d)</sup> | 0.72% | 107% | &nbsp;&nbsp;&nbsp;&nbsp;$90 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.77 | &nbsp;&nbsp;&nbsp;6.86% | 0.80% | 0.80% | 1.60% | 125% | &nbsp;&nbsp;&nbsp;&nbsp;$78 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $14.12 | &nbsp;&nbsp;&nbsp;2.21% | 0.81% | 0.81% | 1.78% | 104% | &nbsp;&nbsp;$139 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.91 | &nbsp;&nbsp;&nbsp;6.59% | 0.78%<sup>(f)</sup> | 0.78%<sup>(f)</sup> | 1.07% | &nbsp;&nbsp;97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.82 | &nbsp;&nbsp;&nbsp;0.51% | 1.44%<sup>(c),(d)</sup> | 1.44%<sup>(c),(d),(e)</sup> | 0.68%<sup>(c)</sup> | &nbsp;&nbsp;55% | $1085 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.55 | (16.76%) | 1.40%<sup>(d),(f)</sup> | 1.40%<sup>(d),(f)</sup> | 0.66% | &nbsp;&nbsp;98% | $1408 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.30 | 17.19% | 1.41%<sup>(d)</sup> | 1.41%<sup>(d)</sup> | 0.15% | 107% | $1628 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $14.50 | &nbsp;&nbsp;&nbsp;6.23% | 1.39%<sup>(d)</sup> | 1.39%<sup>(d)</sup> | 0.52% | 125% | $1359 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.85 | &nbsp;&nbsp;&nbsp;1.63% | 1.38% | 1.38% | 1.49% | 104% | $2004 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.64 | &nbsp;&nbsp;&nbsp;5.98% | 1.35%<sup>(f)</sup> | 1.35%<sup>(f)</sup> | 0.47% | &nbsp;&nbsp;97% | $3277 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Global Opportunities Fund \| Semiannual Report 2023 29

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Global 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. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R 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.

#### 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.

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.

30 Columbia Global Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, 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.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

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.

Columbia Global Opportunities Fund \| Semiannual Report 2023 31

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP 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 CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the 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 CCP 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. Any interest expense paid by the Fund is shown in the Statement of Operations. 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.

32 Columbia Global Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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.

#### Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark and to generate total return through long and short positions versus the U.S. dollar. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, 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 produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. 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

Columbia Global Opportunities Fund \| Semiannual Report 2023 33

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

written option contracts to produce incremental earnings, to decrease the Fund's exposure to equity market risk and to increase return on investments, to protect gains 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.

#### 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 (the CCP) and the CCP 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 CCP 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, the Fund has minimal credit exposure to the FCM because the CCP 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 CCP, as applicable, may not fulfill its obligation under the contract.

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and 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

34 Columbia Global Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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).

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 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.

Columbia Global Opportunities Fund \| Semiannual Report 2023 35

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 January 31, 2023:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928,498\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,582\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Investments, at value — Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5904 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;2272262 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,318,656\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4532902 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953,057\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Options contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6827 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397587 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,012,858\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2370329 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin 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 January 31, 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(676397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(676397) |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687426) | &nbsp;&nbsp;&nbsp;&nbsp;33823 | &nbsp;&nbsp;&nbsp;&nbsp;(12919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(666522) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;216857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216857 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5602765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5602765) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;216857 | &nbsp;&nbsp;&nbsp;&nbsp;(6290191) | &nbsp;&nbsp;&nbsp;&nbsp;33823 | &nbsp;&nbsp;&nbsp;&nbsp;(12919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(676397) | &nbsp;&nbsp;&nbsp;&nbsp;(6728827) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1648956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648956 |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3568) | &nbsp;&nbsp;&nbsp;&nbsp;(13611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401617 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;1151069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151069 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2191396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2191396) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;1151069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(772600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3568) | &nbsp;&nbsp;&nbsp;&nbsp;(13611) | &nbsp;&nbsp;&nbsp;&nbsp;1648956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010246 |

---

36 Columbia Global Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 123573067 |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;42005736 |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | &nbsp;&nbsp;&nbsp;35507186 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 11664 |
| &nbsp;&nbsp;Options contracts — written | &nbsp;&nbsp;(4950) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;1586983 | &nbsp;&nbsp;&nbsp;&nbsp;(392293) |

---

\* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2023.

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### To be announced securities
The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

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

Columbia Global Opportunities Fund \| Semiannual Report 2023 37

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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.

#### Treasury inflation protected securities
The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

#### 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 as well as any related collateral received or pledged by the Fund as of January 31, 2023:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Citi ($)** | &nbsp;&nbsp;**Goldman<br> Sachs<br> International ($)** | &nbsp;&nbsp;**HSBC ($)** | &nbsp;&nbsp;**Morgan<br> Stanley <sup>(a)</sup> ($)** | &nbsp;&nbsp;**Morgan<br> Stanley <sup>(a)</sup> ($)** | &nbsp;&nbsp;**Morgan<br> Stanley <sup>(a)</sup> ($)** | &nbsp;&nbsp;**Standard<br> Chartered ($)** | &nbsp;&nbsp;**UBS ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;54284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54284 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | 522948 | &nbsp;&nbsp;18519 | &nbsp;&nbsp;903498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;101544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;218853 | &nbsp;&nbsp;506900 | &nbsp;&nbsp;2272262 |
| &nbsp;&nbsp;Options purchased calls | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;5904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5904 |
| &nbsp;&nbsp;Total assets | 522948 | &nbsp;&nbsp;18519 | &nbsp;&nbsp;903498 | &nbsp;&nbsp;5904 | &nbsp;&nbsp;101544 | &nbsp;&nbsp;54284 | &nbsp;&nbsp;218853 | &nbsp;&nbsp;506900 | &nbsp;&nbsp;2332450 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | 265763 | &nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp;33068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;73829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;23806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;397587 |
| &nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;6827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6827 |
| &nbsp;&nbsp;Total liabilities | 265763 | &nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp;33068 | &nbsp;&nbsp;6827 | &nbsp;&nbsp;&nbsp;&nbsp;73829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp;23806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;405308 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **257185** | &nbsp;&nbsp;**17398** | &nbsp;&nbsp;**870430** | &nbsp;&nbsp;&nbsp;&nbsp;**(923)** | &nbsp;&nbsp;&nbsp;&nbsp;**27715** | &nbsp;&nbsp;**53390** | &nbsp;&nbsp;**195047** | &nbsp;&nbsp;**506900** | &nbsp;&nbsp;**1927142** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923) |
| &nbsp;&nbsp;**Net amount <sup>(d)</sup>** | **257185** | &nbsp;&nbsp;**17398** | &nbsp;&nbsp;**870430** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;**27715** | &nbsp;&nbsp;**53390** | &nbsp;&nbsp;**195047** | &nbsp;&nbsp;**506900** | &nbsp;&nbsp;**1928065** |

---

(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.

(b) Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.

(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(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.

38 Columbia Global Opportunities Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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.

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.

Columbia Global Opportunities Fund \| Semiannual Report 2023 39

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

#### 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 pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees and underlying fund fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.00% on assets invested in Columbia proprietary funds, including exchange-traded funds, that pay an investment management fee to the Investment Manager, and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities, instruments and other assets not described above, including other funds advised by the Investment Manager that do not pay a management services fee, derivatives and individual securities. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.71% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in the Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

#### 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 "Compensation of board members" in the Statement of Operations.

40 Columbia Global Opportunities Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (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. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. 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 January 31, 2023, 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 (%)** |
| &nbsp;&nbsp;Class A | 0.11 |
| &nbsp;&nbsp;Advisor Class | 0.11 |
| &nbsp;&nbsp;Class C | 0.11 |
| &nbsp;&nbsp;Institutional Class | 0.11 |
| &nbsp;&nbsp;Institutional 2 Class | 0.07 |
| &nbsp;&nbsp;Institutional 3 Class | 0.02 |
| &nbsp;&nbsp;Class R | 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 January 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $40.

#### 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 Global Opportunities Fund \| Semiannual Report 2023 41

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Notes to Financial Statements (continued)

January 31, 2023 (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 December 31, 2022, 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 January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 5.75 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21887 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |

---

(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after
purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.

(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

The Fund's other share classes are not subject to sales charges.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **December 1, 2022<br> through<br> November 30, 2023** | **Prior to<br> December 1, 2022** |
| &nbsp;&nbsp;Class A | 1.30% | 1.35% |
| &nbsp;&nbsp;Advisor Class | 1.05 | 1.10 |
| &nbsp;&nbsp;Class C | 2.05 | 2.10 |
| &nbsp;&nbsp;Institutional Class | 1.05 | 1.10 |
| &nbsp;&nbsp;Institutional 2 Class | 1.01 | 1.07 |
| &nbsp;&nbsp;Institutional 3 Class | 0.96 | 1.03 |
| &nbsp;&nbsp;Class R | 1.55 | 1.60 |

---

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.

42 Columbia Global Opportunities Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

At January 31, 2023, 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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> appreciation ($)** |
| &nbsp;&nbsp;373009000 | 45399000 | (25497000) | 19902000 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at July 31, 2022 as arising on August 1, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Late year<br> ordinary losses ($)** | **Post-October<br> capital losses ($)** |
| &nbsp;&nbsp;25657057 |  |

---

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 $171,341,373 and $207,573,747, respectively, for the six months ended January 31, 2023, of which $114,935,734 and $112,042,458, 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 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 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

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 Global Opportunities Fund \| Semiannual Report 2023 43

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

The Fund's activity in the Interfund Program during the six months ended January 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;4 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at January 31, 2023.

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 27, 2022 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 $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended January 31, 2023.

Note 9. Significant risks

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

#### Foreign currency risk
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad. The Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.

#### Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer's country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund

44 Columbia Global Opportunities Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Leverage risk
Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. The use of leverage may produce volatility and may exaggerate changes in the Fund's net asset value and in the return on the Fund's portfolio, which may increase the risk that the Fund will lose more than it has invested. Because short sales involve borrowing securities and then selling them, the Fund's short sales effectively leverage the Fund's assets. The Fund's assets that are used as collateral to secure the Fund's obligations to return the securities sold short may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can create an interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund's volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market

Columbia Global Opportunities Fund \| Semiannual Report 2023 45

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Money market fund investment risk
An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Investment Manager would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund's investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

#### Shareholder concentration risk
At January 31, 2023, affiliated shareholders of record owned 86.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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.

46 Columbia Global Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Global Opportunities Fund \| Semiannual Report 2023 47

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[**Table of Contents**](#JOB_2600_036cd7bb-1fcd-408c-83c8-81951729c893_TOC)

#### Columbia Global Opportunities Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img420f561f2.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 (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2023 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR156_07_N01_(03/23)

------

![](img1b8f88021.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](imgae630ec12.jpg)

Columbia Minnesota Tax-Exempt Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_bc6c14f3-636d-4ecb-ab85-3b224c0e9250_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_ab2ea6f3-defe-4fa8-8a53-b20ecb8131c5_1)<br>| 5 |
| [Portfolio of Investments](#xx_29f30a81-4313-4b54-af46-a401653dbfde_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_b463d1cf-32b1-4320-9ccf-060ce8a6cfa3_1)<br>| 17 |
| [Statement of Operations](#xx_b463d1cf-32b1-4320-9ccf-060ce8a6cfa3_2)<br>| 18 |
| [Statement of Changes in Net Assets](#xx_b463d1cf-32b1-4320-9ccf-060ce8a6cfa3_3)<br>| 19 |
| [Financial Highlights](#xx_01cac64d-0b62-4905-a4d1-aa066fa94c2b_2)<br>| 22 |
| [Notes to Financial Statements](#xx_1a7aefe5-87fb-4713-838e-bf992fd954d8_1)<br>| 26 |

---

If you elect to receive the shareholder report for Columbia Minnesota Tax-Exempt Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund's shareholder report is available at the Columbia funds' website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a high level of income generally exempt from federal income tax as well as from Minnesota state and local tax.

Portfolio management

#### Douglas White, CFA
Lead Portfolio Manager

Managed Fund since 2018

#### Catherine Stienstra
Portfolio Manager

Managed Fund since 2007

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;08/18/86 | &nbsp;&nbsp;&nbsp;&nbsp;-0.56 | &nbsp;&nbsp;&nbsp;&nbsp;-6.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-3.55 | &nbsp;&nbsp;&nbsp;&nbsp;-9.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/19/13 | &nbsp;&nbsp;&nbsp;&nbsp;-0.43 | &nbsp;&nbsp;&nbsp;&nbsp;-6.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;06/26/00 | &nbsp;&nbsp;&nbsp;&nbsp;-0.94 | &nbsp;&nbsp;&nbsp;&nbsp;-7.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-1.92 | &nbsp;&nbsp;&nbsp;&nbsp;-8.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;-0.48 | &nbsp;&nbsp;&nbsp;&nbsp;-6.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| &nbsp;&nbsp;Institutional 2 Class\* | &nbsp;&nbsp;Institutional 2 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;12/11/13 | &nbsp;&nbsp;&nbsp;&nbsp;-0.43 | &nbsp;&nbsp;&nbsp;&nbsp;-6.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/01/17 | &nbsp;&nbsp;&nbsp;&nbsp;-0.41 | &nbsp;&nbsp;&nbsp;&nbsp;-6.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| &nbsp;&nbsp;Bloomberg Minnesota Municipal Bond Index | &nbsp;&nbsp;Bloomberg Minnesota Municipal Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;-2.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index | &nbsp;&nbsp;Bloomberg Municipal Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;-3.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |

---

**Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund's other share classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

The Bloomberg Minnesota Municipal Bond Index is a market capitalization-weighted index of Minnesota Investment-grade bonds with maturities of one year or more.

The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 3

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;19.0 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;28.2 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;20.1 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;11.2 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;15.8 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;994.40 | &nbsp;&nbsp;&nbsp;&nbsp;1021.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;995.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;990.60 | &nbsp;&nbsp;&nbsp;&nbsp;1017.58 | &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;995.20 | &nbsp;&nbsp;&nbsp;&nbsp;1022.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;995.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;995.90 | &nbsp;&nbsp;&nbsp;&nbsp;1022.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 5

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

## Portfolio of Investments January 31, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Floating Rate Notes 0.4%** | &nbsp;&nbsp;**Floating Rate Notes 0.4%** | &nbsp;&nbsp;**Floating Rate Notes 0.4%** | &nbsp;&nbsp;**Floating Rate Notes 0.4%** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Variable Rate Demand Notes 0.4%** | &nbsp;&nbsp;**Variable Rate Demand Notes 0.4%** | &nbsp;&nbsp;**Variable Rate Demand Notes 0.4%** | &nbsp;&nbsp;**Variable Rate Demand Notes 0.4%** |
| &nbsp;&nbsp;New York City Municipal Water Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;New York City Municipal Water Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;New York City Municipal Water Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;New York City Municipal Water Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;1.250% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 |
| &nbsp;&nbsp;Total Floating Rate Notes<br> (Cost $2,500,000) | &nbsp;&nbsp;Total Floating Rate Notes<br> (Cost $2,500,000) | &nbsp;&nbsp;Total Floating Rate Notes<br> (Cost $2,500,000) | &nbsp;&nbsp;&nbsp;&nbsp;**2500000** |
| &nbsp;&nbsp;**Municipal Bonds 98.4%** | &nbsp;&nbsp;**Municipal Bonds 98.4%** | &nbsp;&nbsp;**Municipal Bonds 98.4%** | &nbsp;&nbsp;**Municipal Bonds 98.4%** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Airport 2.2%** | &nbsp;&nbsp;**Airport 2.2%** | &nbsp;&nbsp;**Airport 2.2%** | &nbsp;&nbsp;**Airport 2.2%** |
| &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission | &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission | &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission | &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2016C | &nbsp;&nbsp;Series 2016C | &nbsp;&nbsp;Series 2016C | &nbsp;&nbsp;Series 2016C |
| &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3133196 |
| &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A |
| &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;5.000% | 2095000 | &nbsp;&nbsp;&nbsp;&nbsp;2216885 |
| &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission<sup>(b)</sup> | &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission<sup>(b)</sup> | &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission<sup>(b)</sup> | &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2019B | &nbsp;&nbsp;Subordinated Series 2019B | &nbsp;&nbsp;Subordinated Series 2019B | &nbsp;&nbsp;Subordinated Series 2019B |
| &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;5.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5198959 |
| &nbsp;&nbsp;Subordinated Series 2022B | &nbsp;&nbsp;Subordinated Series 2022B | &nbsp;&nbsp;Subordinated Series 2022B | &nbsp;&nbsp;Subordinated Series 2022B |
| &nbsp;&nbsp;01/01/2047 | &nbsp;&nbsp;5.000% | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;2216424 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**12765464** |
| &nbsp;&nbsp;**Assisted Living 0.4%** | &nbsp;&nbsp;**Assisted Living 0.4%** | &nbsp;&nbsp;**Assisted Living 0.4%** | &nbsp;&nbsp;**Assisted Living 0.4%** |
| &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(c)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(c)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(c)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;0.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2550000 |
| &nbsp;&nbsp;**Charter Schools 7.9%** | &nbsp;&nbsp;**Charter Schools 7.9%** | &nbsp;&nbsp;**Charter Schools 7.9%** | &nbsp;&nbsp;**Charter Schools 7.9%** |
| &nbsp;&nbsp;City of Bethel | &nbsp;&nbsp;City of Bethel | &nbsp;&nbsp;City of Bethel | &nbsp;&nbsp;City of Bethel |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Spectrum High School Project | &nbsp;&nbsp;Spectrum High School Project | &nbsp;&nbsp;Spectrum High School Project | &nbsp;&nbsp;Spectrum High School Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;3.500% | 1490000 | &nbsp;&nbsp;&nbsp;&nbsp;1397906 |
| &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;4.250% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796679 |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;4.375% | 2255000 | &nbsp;&nbsp;&nbsp;&nbsp;1782682 |
| &nbsp;&nbsp;City of Cologne | &nbsp;&nbsp;City of Cologne | &nbsp;&nbsp;City of Cologne | &nbsp;&nbsp;City of Cologne |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Cologne Academy Charter School Project | &nbsp;&nbsp;Cologne Academy Charter School Project | &nbsp;&nbsp;Cologne Academy Charter School Project | &nbsp;&nbsp;Cologne Academy Charter School Project |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995658 |
| &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;5.000% | 2070000 | &nbsp;&nbsp;&nbsp;&nbsp;1968177 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of Deephaven | &nbsp;&nbsp;City of Deephaven | &nbsp;&nbsp;City of Deephaven | &nbsp;&nbsp;City of Deephaven |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Eagle Ridge Academy Project | &nbsp;&nbsp;Eagle Ridge Academy Project | &nbsp;&nbsp;Eagle Ridge Academy Project | &nbsp;&nbsp;Eagle Ridge Academy Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;5.500% | 1500000 | &nbsp;&nbsp;1509673 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Seven Hills Preparatory Academy Project | &nbsp;&nbsp;Seven Hills Preparatory Academy Project | &nbsp;&nbsp;Seven Hills Preparatory Academy Project | &nbsp;&nbsp;Seven Hills Preparatory Academy Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;5.000% | 1700000 | &nbsp;&nbsp;1485280 |
| &nbsp;&nbsp;City of Forest Lake | &nbsp;&nbsp;City of Forest Lake | &nbsp;&nbsp;City of Forest Lake | &nbsp;&nbsp;City of Forest Lake |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Lakes International Language Academy | &nbsp;&nbsp;Lakes International Language Academy | &nbsp;&nbsp;Lakes International Language Academy | &nbsp;&nbsp;Lakes International Language Academy |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;5.375% | 3600000 | &nbsp;&nbsp;3592295 |
| &nbsp;&nbsp;City of Independence | &nbsp;&nbsp;City of Independence | &nbsp;&nbsp;City of Independence | &nbsp;&nbsp;City of Independence |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Global Academy Charter Schools | &nbsp;&nbsp;Global Academy Charter Schools | &nbsp;&nbsp;Global Academy Charter Schools | &nbsp;&nbsp;Global Academy Charter Schools |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;4.000% | 1500000 | &nbsp;&nbsp;1250053 |
| &nbsp;&nbsp;Global Academy Project | &nbsp;&nbsp;Global Academy Project | &nbsp;&nbsp;Global Academy Project | &nbsp;&nbsp;Global Academy Project |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;4.000% | 1400000 | &nbsp;&nbsp;1079940 |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;4.000% | 1080000 | &nbsp;&nbsp;&nbsp;&nbsp;810976 |
| &nbsp;&nbsp;Paladin Career & Technical High School | &nbsp;&nbsp;Paladin Career & Technical High School | &nbsp;&nbsp;Paladin Career & Technical High School | &nbsp;&nbsp;Paladin Career & Technical High School |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2056 | &nbsp;&nbsp;4.000% | 2305000 | &nbsp;&nbsp;1610972 |
| &nbsp;&nbsp;City of Minneapolis<sup>(d)</sup> | &nbsp;&nbsp;City of Minneapolis<sup>(d)</sup> | &nbsp;&nbsp;City of Minneapolis<sup>(d)</sup> | &nbsp;&nbsp;City of Minneapolis<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Friendship Academy of the Arts | &nbsp;&nbsp;Friendship Academy of the Arts | &nbsp;&nbsp;Friendship Academy of the Arts | &nbsp;&nbsp;Friendship Academy of the Arts |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;5.250% | 2000000 | &nbsp;&nbsp;1762588 |
| &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Hennepin Schools Project | &nbsp;&nbsp;Hennepin Schools Project | &nbsp;&nbsp;Hennepin Schools Project | &nbsp;&nbsp;Hennepin Schools Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;4.000% | 3585000 | &nbsp;&nbsp;2732177 |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;4.000% | 1170000 | &nbsp;&nbsp;&nbsp;&nbsp;860594 |
| &nbsp;&nbsp;Northeast College Prep Project | &nbsp;&nbsp;Northeast College Prep Project | &nbsp;&nbsp;Northeast College Prep Project | &nbsp;&nbsp;Northeast College Prep Project |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;398039 |
| &nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;5.000% | 1410000 | &nbsp;&nbsp;1183277 |
| &nbsp;&nbsp;City of Ramsey | &nbsp;&nbsp;City of Ramsey | &nbsp;&nbsp;City of Ramsey | &nbsp;&nbsp;City of Ramsey |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Pact Charter School Project | &nbsp;&nbsp;Pact Charter School Project | &nbsp;&nbsp;Pact Charter School Project | &nbsp;&nbsp;Pact Charter School Project |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;3003017 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of Savage | &nbsp;&nbsp;City of Savage | &nbsp;&nbsp;City of Savage | &nbsp;&nbsp;City of Savage |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Aspen Academy | &nbsp;&nbsp;Aspen Academy | &nbsp;&nbsp;Aspen Academy | &nbsp;&nbsp;Aspen Academy |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;4.750% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;970220 |
| &nbsp;&nbsp;City of Spring Lake Park | &nbsp;&nbsp;City of Spring Lake Park | &nbsp;&nbsp;City of Spring Lake Park | &nbsp;&nbsp;City of Spring Lake Park |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Academy for Higher Learning Project | &nbsp;&nbsp;Academy for Higher Learning Project | &nbsp;&nbsp;Academy for Higher Learning Project | &nbsp;&nbsp;Academy for Higher Learning Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;1869435 |
| &nbsp;&nbsp;06/15/2054 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;922802 |
| &nbsp;&nbsp;City of Woodbury | &nbsp;&nbsp;City of Woodbury | &nbsp;&nbsp;City of Woodbury | &nbsp;&nbsp;City of Woodbury |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Charter School Lease | &nbsp;&nbsp;Charter School Lease | &nbsp;&nbsp;Charter School Lease | &nbsp;&nbsp;Charter School Lease |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;371141 |
| &nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;482931 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Woodbury Leadership Project | &nbsp;&nbsp;Woodbury Leadership Project | &nbsp;&nbsp;Woodbury Leadership Project | &nbsp;&nbsp;Woodbury Leadership Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;4.000% | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;845883 |
| &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Hmong College Prep Academy Project | &nbsp;&nbsp;Hmong College Prep Academy Project | &nbsp;&nbsp;Hmong College Prep Academy Project | &nbsp;&nbsp;Hmong College Prep Academy Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;09/01/2055 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;1374619 |
| &nbsp;&nbsp;Hope Community Academy Project | &nbsp;&nbsp;Hope Community Academy Project | &nbsp;&nbsp;Hope Community Academy Project | &nbsp;&nbsp;Hope Community Academy Project |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;1814553 |
| &nbsp;&nbsp;Nova Classical Academy Project | &nbsp;&nbsp;Nova Classical Academy Project | &nbsp;&nbsp;Nova Classical Academy Project | &nbsp;&nbsp;Nova Classical Academy Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;890409 |
| &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;4.125% | 1400000 | &nbsp;&nbsp;1156948 |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;271132 |
| &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;337646 |
| &nbsp;&nbsp;St. Paul Conservatory | &nbsp;&nbsp;St. Paul Conservatory | &nbsp;&nbsp;St. Paul Conservatory | &nbsp;&nbsp;St. Paul Conservatory |
| &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;192419 |
| &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;4.625% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;884384 |
| &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul<sup>(d)</sup> | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul<sup>(d)</sup> | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul<sup>(d)</sup> | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Minnesota Math & Science Academy | &nbsp;&nbsp;Minnesota Math & Science Academy | &nbsp;&nbsp;Minnesota Math & Science Academy | &nbsp;&nbsp;Minnesota Math & Science Academy |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;4.000% | 1120000 | &nbsp;&nbsp;&nbsp;&nbsp;885612 |
| &nbsp;&nbsp;06/01/2051 | &nbsp;&nbsp;4.000% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;895395 |
| &nbsp;&nbsp;06/01/2056 | &nbsp;&nbsp;4.000% | 1080000 | &nbsp;&nbsp;&nbsp;&nbsp;750204 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Township of Baytown | &nbsp;&nbsp;Township of Baytown | &nbsp;&nbsp;Township of Baytown | &nbsp;&nbsp;Township of Baytown |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622989 |
| &nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;4.250% | 2935000 | &nbsp;&nbsp;&nbsp;&nbsp;2424950 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**46183655** |
| &nbsp;&nbsp;**Health Services 0.3%** | &nbsp;&nbsp;**Health Services 0.3%** | &nbsp;&nbsp;**Health Services 0.3%** | &nbsp;&nbsp;**Health Services 0.3%** |
| &nbsp;&nbsp;City of Center City | &nbsp;&nbsp;City of Center City | &nbsp;&nbsp;City of Center City | &nbsp;&nbsp;City of Center City |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Hazelden Betty Ford Foundation Project | &nbsp;&nbsp;Hazelden Betty Ford Foundation Project | &nbsp;&nbsp;Hazelden Betty Ford Foundation Project | &nbsp;&nbsp;Hazelden Betty Ford Foundation Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918029 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Hazelden Betty Ford Foundation Project | &nbsp;&nbsp;Hazelden Betty Ford Foundation Project | &nbsp;&nbsp;Hazelden Betty Ford Foundation Project | &nbsp;&nbsp;Hazelden Betty Ford Foundation Project |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504205 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1422234** |
| &nbsp;&nbsp;**Higher Education 7.4%** | &nbsp;&nbsp;**Higher Education 7.4%** | &nbsp;&nbsp;**Higher Education 7.4%** | &nbsp;&nbsp;**Higher Education 7.4%** |
| &nbsp;&nbsp;City of Moorhead | &nbsp;&nbsp;City of Moorhead | &nbsp;&nbsp;City of Moorhead | &nbsp;&nbsp;City of Moorhead |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Concordia College Corp. Project | &nbsp;&nbsp;Concordia College Corp. Project | &nbsp;&nbsp;Concordia College Corp. Project | &nbsp;&nbsp;Concordia College Corp. Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;5.000% | 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;1203235 |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;5.000% | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;1386561 |
| &nbsp;&nbsp;Minnesota Higher Education Facilities Authority | &nbsp;&nbsp;Minnesota Higher Education Facilities Authority | &nbsp;&nbsp;Minnesota Higher Education Facilities Authority | &nbsp;&nbsp;Minnesota Higher Education Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Carleton College | &nbsp;&nbsp;Carleton College | &nbsp;&nbsp;Carleton College | &nbsp;&nbsp;Carleton College |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512458 |
| &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510892 |
| &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1019042 |
| &nbsp;&nbsp;03/01/2047 | &nbsp;&nbsp;4.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2513550 |
| &nbsp;&nbsp;College of St. Scholastica | &nbsp;&nbsp;College of St. Scholastica | &nbsp;&nbsp;College of St. Scholastica | &nbsp;&nbsp;College of St. Scholastica |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;4.000% | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1094283 |
| &nbsp;&nbsp;Gustavus Adolphus College | &nbsp;&nbsp;Gustavus Adolphus College | &nbsp;&nbsp;Gustavus Adolphus College | &nbsp;&nbsp;Gustavus Adolphus College |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;4.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2908597 |
| &nbsp;&nbsp;Macalester College | &nbsp;&nbsp;Macalester College | &nbsp;&nbsp;Macalester College | &nbsp;&nbsp;Macalester College |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165678 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193589 |
| &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908994 |
| &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600259 |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327971 |
| &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276545 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 7

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;St. Catherine University | &nbsp;&nbsp;St. Catherine University | &nbsp;&nbsp;St. Catherine University | &nbsp;&nbsp;St. Catherine University |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577719 |
| &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909783 |
| &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;5.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2594795 |
| &nbsp;&nbsp;St. Olaf College | &nbsp;&nbsp;St. Olaf College | &nbsp;&nbsp;St. Olaf College | &nbsp;&nbsp;St. Olaf College |
| &nbsp;&nbsp;8th Series 2015G | &nbsp;&nbsp;8th Series 2015G | &nbsp;&nbsp;8th Series 2015G | &nbsp;&nbsp;8th Series 2015G |
| &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785584 |
| &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1061319 |
| &nbsp;&nbsp;Series 2016-8N | &nbsp;&nbsp;Series 2016-8N | &nbsp;&nbsp;Series 2016-8N | &nbsp;&nbsp;Series 2016-8N |
| &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;4.000% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1540145 |
| &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510198 |
| &nbsp;&nbsp;University of St. Thomas | &nbsp;&nbsp;University of St. Thomas | &nbsp;&nbsp;University of St. Thomas | &nbsp;&nbsp;University of St. Thomas |
| &nbsp;&nbsp;Series 2016-8-L | &nbsp;&nbsp;Series 2016-8-L | &nbsp;&nbsp;Series 2016-8-L | &nbsp;&nbsp;Series 2016-8-L |
| &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796349 |
| &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;4.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1990918 |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821005 |
| &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759033 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;College of St. Benedict | &nbsp;&nbsp;College of St. Benedict | &nbsp;&nbsp;College of St. Benedict | &nbsp;&nbsp;College of St. Benedict |
| &nbsp;&nbsp;Series 2016-8-K | &nbsp;&nbsp;Series 2016-8-K | &nbsp;&nbsp;Series 2016-8-K | &nbsp;&nbsp;Series 2016-8-K |
| &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946550 |
| &nbsp;&nbsp;College of St. Scholastica | &nbsp;&nbsp;College of St. Scholastica | &nbsp;&nbsp;College of St. Scholastica | &nbsp;&nbsp;College of St. Scholastica |
| &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350074 |
| &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348881 |
| &nbsp;&nbsp;St. John's University | &nbsp;&nbsp;St. John's University | &nbsp;&nbsp;St. John's University | &nbsp;&nbsp;St. John's University |
| &nbsp;&nbsp;Series 2015-8-1 | &nbsp;&nbsp;Series 2015-8-1 | &nbsp;&nbsp;Series 2015-8-1 | &nbsp;&nbsp;Series 2015-8-1 |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390075 |
| &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679417 |
| &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368193 |
| &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399156 |
| &nbsp;&nbsp;University of St. Thomas | &nbsp;&nbsp;University of St. Thomas | &nbsp;&nbsp;University of St. Thomas | &nbsp;&nbsp;University of St. Thomas |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;5.000% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1339275 |
| &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;4.000% | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;2730075 |
| &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B |
| &nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;5.000% | 7895000 | &nbsp;&nbsp;&nbsp;&nbsp;8383876 |
| &nbsp;&nbsp;University of Minnesota | &nbsp;&nbsp;University of Minnesota | &nbsp;&nbsp;University of Minnesota | &nbsp;&nbsp;University of Minnesota |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1119130 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**43023204** |
| &nbsp;&nbsp;**Hospital 21.2%** | &nbsp;&nbsp;**Hospital 21.2%** | &nbsp;&nbsp;**Hospital 21.2%** | &nbsp;&nbsp;**Hospital 21.2%** |
| &nbsp;&nbsp;City of Crookston | &nbsp;&nbsp;City of Crookston | &nbsp;&nbsp;City of Crookston | &nbsp;&nbsp;City of Crookston |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Riverview Health Project | &nbsp;&nbsp;Riverview Health Project | &nbsp;&nbsp;Riverview Health Project | &nbsp;&nbsp;Riverview Health Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442542 |
| &nbsp;&nbsp;05/01/2051 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1286074 |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of Glencoe | &nbsp;&nbsp;City of Glencoe | &nbsp;&nbsp;City of Glencoe | &nbsp;&nbsp;City of Glencoe |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Glencoe Regional Health Services Project | &nbsp;&nbsp;Glencoe Regional Health Services Project | &nbsp;&nbsp;Glencoe Regional Health Services Project | &nbsp;&nbsp;Glencoe Regional Health Services Project |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;04/01/2023 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400247 |
| &nbsp;&nbsp;04/01/2024 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745474 |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500155 |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;1450161 |
| &nbsp;&nbsp;City of Maple Grove | &nbsp;&nbsp;City of Maple Grove | &nbsp;&nbsp;City of Maple Grove | &nbsp;&nbsp;City of Maple Grove |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Maple Grove Hospital Corp. | &nbsp;&nbsp;Maple Grove Hospital Corp. | &nbsp;&nbsp;Maple Grove Hospital Corp. | &nbsp;&nbsp;Maple Grove Hospital Corp. |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;4.000% | 10500000 | &nbsp;&nbsp;10222215 |
| &nbsp;&nbsp;North Memorial Health Care | &nbsp;&nbsp;North Memorial Health Care | &nbsp;&nbsp;North Memorial Health Care | &nbsp;&nbsp;North Memorial Health Care |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1036949 |
| &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1486593 |
| &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4171627 |
| &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6475000 | &nbsp;&nbsp;&nbsp;&nbsp;6623096 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;7027212 |
| &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;1129109 |
| &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1898589 |
| &nbsp;&nbsp;City of Plato | &nbsp;&nbsp;City of Plato | &nbsp;&nbsp;City of Plato | &nbsp;&nbsp;City of Plato |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Glencoe Regional Health Services | &nbsp;&nbsp;Glencoe Regional Health Services | &nbsp;&nbsp;Glencoe Regional Health Services | &nbsp;&nbsp;Glencoe Regional Health Services |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1810000 | &nbsp;&nbsp;&nbsp;&nbsp;1748348 |
| &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695459 |
| &nbsp;&nbsp;City of Rochester | &nbsp;&nbsp;City of Rochester | &nbsp;&nbsp;City of Rochester | &nbsp;&nbsp;City of Rochester |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mayo Clinic | &nbsp;&nbsp;Mayo Clinic | &nbsp;&nbsp;Mayo Clinic | &nbsp;&nbsp;Mayo Clinic |
| &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9255000 | &nbsp;&nbsp;11350215 |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/15/2057 | &nbsp;&nbsp;5.000% | 13000000 | &nbsp;&nbsp;14343312 |
| &nbsp;&nbsp;City of Shakopee | &nbsp;&nbsp;City of Shakopee | &nbsp;&nbsp;City of Shakopee | &nbsp;&nbsp;City of Shakopee |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;St. Francis Regional Medical Center | &nbsp;&nbsp;St. Francis Regional Medical Center | &nbsp;&nbsp;St. Francis Regional Medical Center | &nbsp;&nbsp;St. Francis Regional Medical Center |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1017847 |

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The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of St. Cloud | &nbsp;&nbsp;City of St. Cloud | &nbsp;&nbsp;City of St. Cloud | &nbsp;&nbsp;City of St. Cloud |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;CentraCare Health System | &nbsp;&nbsp;CentraCare Health System | &nbsp;&nbsp;CentraCare Health System | &nbsp;&nbsp;CentraCare Health System |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1745000 | &nbsp;&nbsp;&nbsp;&nbsp;1857471 |
| &nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp;3185507 |
| &nbsp;&nbsp;05/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3603407 |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5206895 |
| &nbsp;&nbsp;County of Chippewa | &nbsp;&nbsp;County of Chippewa | &nbsp;&nbsp;County of Chippewa | &nbsp;&nbsp;County of Chippewa |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Montevideo Hospital Project | &nbsp;&nbsp;Montevideo Hospital Project | &nbsp;&nbsp;Montevideo Hospital Project | &nbsp;&nbsp;Montevideo Hospital Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7660000 | &nbsp;&nbsp;&nbsp;&nbsp;7349761 |
| &nbsp;&nbsp;Duluth Economic Development Authority | &nbsp;&nbsp;Duluth Economic Development Authority | &nbsp;&nbsp;Duluth Economic Development Authority | &nbsp;&nbsp;Duluth Economic Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Essentia Health Obligation Group | &nbsp;&nbsp;Essentia Health Obligation Group | &nbsp;&nbsp;Essentia Health Obligation Group | &nbsp;&nbsp;Essentia Health Obligation Group |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3006228 |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1615000 | &nbsp;&nbsp;&nbsp;&nbsp;1675038 |
| &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991162 |
| &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1342102 |
| &nbsp;&nbsp;02/15/2058 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6158390 |
| &nbsp;&nbsp;St. Luke Hospital of Duluth | &nbsp;&nbsp;St. Luke Hospital of Duluth | &nbsp;&nbsp;St. Luke Hospital of Duluth | &nbsp;&nbsp;St. Luke Hospital of Duluth |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332080 |
| &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351315 |
| &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208648 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;St. Luke's Hospital | &nbsp;&nbsp;St. Luke's Hospital | &nbsp;&nbsp;St. Luke's Hospital | &nbsp;&nbsp;St. Luke's Hospital |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2420000 | &nbsp;&nbsp;&nbsp;&nbsp;2501041 |
| &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1209600 |
| &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601961 |
| &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2911730 |
| &nbsp;&nbsp;HealthPartners Obligation Group | &nbsp;&nbsp;HealthPartners Obligation Group | &nbsp;&nbsp;HealthPartners Obligation Group | &nbsp;&nbsp;HealthPartners Obligation Group |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3129354 |
| &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;4.000% | 10630000 | &nbsp;&nbsp;&nbsp;&nbsp;10733981 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**123930895** |
| &nbsp;&nbsp;**Joint Power Authority 3.5%** | &nbsp;&nbsp;**Joint Power Authority 3.5%** | &nbsp;&nbsp;**Joint Power Authority 3.5%** | &nbsp;&nbsp;**Joint Power Authority 3.5%** |
| &nbsp;&nbsp;Minnesota Municipal Power Agency | &nbsp;&nbsp;Minnesota Municipal Power Agency | &nbsp;&nbsp;Minnesota Municipal Power Agency | &nbsp;&nbsp;Minnesota Municipal Power Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259683 |
| &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259434 |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1037239 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530321 |
| &nbsp;&nbsp;Northern Municipal Power Agency | &nbsp;&nbsp;Northern Municipal Power Agency | &nbsp;&nbsp;Northern Municipal Power Agency | &nbsp;&nbsp;Northern Municipal Power Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225962 |
| &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182083 |
| &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191626 |
| &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418513 |
| &nbsp;&nbsp;Southern Minnesota Municipal Power Agency | &nbsp;&nbsp;Southern Minnesota Municipal Power Agency | &nbsp;&nbsp;Southern Minnesota Municipal Power Agency | &nbsp;&nbsp;Southern Minnesota Municipal Power Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1067714 |
| &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp;2695438 |
| &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2104343 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1091477 |
| &nbsp;&nbsp;Southern Minnesota Municipal Power Agency<sup>(e)</sup> | &nbsp;&nbsp;Southern Minnesota Municipal Power Agency<sup>(e)</sup> | &nbsp;&nbsp;Southern Minnesota Municipal Power Agency<sup>(e)</sup> | &nbsp;&nbsp;Southern Minnesota Municipal Power Agency<sup>(e)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation |
| &nbsp;&nbsp;Series 1994A (NPFGC) | &nbsp;&nbsp;Series 1994A (NPFGC) | &nbsp;&nbsp;Series 1994A (NPFGC) | &nbsp;&nbsp;Series 1994A (NPFGC) |
| &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;0.000% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9202596 |
| &nbsp;&nbsp;Western Minnesota Municipal Power Agency | &nbsp;&nbsp;Western Minnesota Municipal Power Agency | &nbsp;&nbsp;Western Minnesota Municipal Power Agency | &nbsp;&nbsp;Western Minnesota Municipal Power Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1063369 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20329798** |
| &nbsp;&nbsp;**Local Appropriation 2.5%** | &nbsp;&nbsp;**Local Appropriation 2.5%** | &nbsp;&nbsp;**Local Appropriation 2.5%** | &nbsp;&nbsp;**Local Appropriation 2.5%** |
| &nbsp;&nbsp;Anoka-Hennepin Independent School District No. 11 | &nbsp;&nbsp;Anoka-Hennepin Independent School District No. 11 | &nbsp;&nbsp;Anoka-Hennepin Independent School District No. 11 | &nbsp;&nbsp;Anoka-Hennepin Independent School District No. 11 |
| &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1737719 |
| &nbsp;&nbsp;Duluth Independent School District No. 709 | &nbsp;&nbsp;Duluth Independent School District No. 709 | &nbsp;&nbsp;Duluth Independent School District No. 709 | &nbsp;&nbsp;Duluth Independent School District No. 709 |
| &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation |
| &nbsp;&nbsp;School District Credit Enhancement Project | &nbsp;&nbsp;School District Credit Enhancement Project | &nbsp;&nbsp;School District Credit Enhancement Project | &nbsp;&nbsp;School District Credit Enhancement Project |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807175 |
| &nbsp;&nbsp;Northeastern Metropolitan Intermediate School District No. 916 | &nbsp;&nbsp;Northeastern Metropolitan Intermediate School District No. 916 | &nbsp;&nbsp;Northeastern Metropolitan Intermediate School District No. 916 | &nbsp;&nbsp;Northeastern Metropolitan Intermediate School District No. 916 |
| &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation |
| &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B |
| &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1045693 |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;5267043 |
| &nbsp;&nbsp;Plymouth Intermediate District No. 287 | &nbsp;&nbsp;Plymouth Intermediate District No. 287 | &nbsp;&nbsp;Plymouth Intermediate District No. 287 | &nbsp;&nbsp;Plymouth Intermediate District No. 287 |
| &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464160 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;St. Paul Independent School District No. 625 | &nbsp;&nbsp;St. Paul Independent School District No. 625 | &nbsp;&nbsp;St. Paul Independent School District No. 625 | &nbsp;&nbsp;St. Paul Independent School District No. 625 |
| &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation |
| &nbsp;&nbsp;Series 2019 (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019 (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019 (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019 (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538377 |
| &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509870 |
| &nbsp;&nbsp;Series 2020C | &nbsp;&nbsp;Series 2020C | &nbsp;&nbsp;Series 2020C | &nbsp;&nbsp;Series 2020C |
| &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;2.500% | 4285000 | &nbsp;&nbsp;&nbsp;&nbsp;3455272 |
| &nbsp;&nbsp;Zumbro Education District | &nbsp;&nbsp;Zumbro Education District | &nbsp;&nbsp;Zumbro Education District | &nbsp;&nbsp;Zumbro Education District |
| &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606121 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**14431430** |
| &nbsp;&nbsp;**Local General Obligation 22.0%** | &nbsp;&nbsp;**Local General Obligation 22.0%** | &nbsp;&nbsp;**Local General Obligation 22.0%** | &nbsp;&nbsp;**Local General Obligation 22.0%** |
| &nbsp;&nbsp;Anoka-Hennepin Independent School District No. 11 | &nbsp;&nbsp;Anoka-Hennepin Independent School District No. 11 | &nbsp;&nbsp;Anoka-Hennepin Independent School District No. 11 | &nbsp;&nbsp;Anoka-Hennepin Independent School District No. 11 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;School District Credit Enhancement Program | &nbsp;&nbsp;School District Credit Enhancement Program | &nbsp;&nbsp;School District Credit Enhancement Program | &nbsp;&nbsp;School District Credit Enhancement Program |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;02/01/2045 | &nbsp;&nbsp;3.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4365596 |
| &nbsp;&nbsp;Becker Independent School District No. 726<sup>(e)</sup> | &nbsp;&nbsp;Becker Independent School District No. 726<sup>(e)</sup> | &nbsp;&nbsp;Becker Independent School District No. 726<sup>(e)</sup> | &nbsp;&nbsp;Becker Independent School District No. 726<sup>(e)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;0.000% | 1335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798791 |
| &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;0.000% | 1335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760629 |
| &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;0.000% | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623051 |
| &nbsp;&nbsp;Blooming Prairie Independent School District No. 756 | &nbsp;&nbsp;Blooming Prairie Independent School District No. 756 | &nbsp;&nbsp;Blooming Prairie Independent School District No. 756 | &nbsp;&nbsp;Blooming Prairie Independent School District No. 756 |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;02/01/2045 | &nbsp;&nbsp;2.250% | 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962659 |
| &nbsp;&nbsp;Brainerd Independent School District No. 181 | &nbsp;&nbsp;Brainerd Independent School District No. 181 | &nbsp;&nbsp;Brainerd Independent School District No. 181 | &nbsp;&nbsp;Brainerd Independent School District No. 181 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building |
| &nbsp;&nbsp;Series 2018A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2018A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2018A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2018A (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;4.000% | 9800000 | &nbsp;&nbsp;10165411 |
| &nbsp;&nbsp;Chisago Lakes Independent School District No. 2144 | &nbsp;&nbsp;Chisago Lakes Independent School District No. 2144 | &nbsp;&nbsp;Chisago Lakes Independent School District No. 2144 | &nbsp;&nbsp;Chisago Lakes Independent School District No. 2144 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Minnesota School District Credit Enhancement Program | &nbsp;&nbsp;Minnesota School District Credit Enhancement Program | &nbsp;&nbsp;Minnesota School District Credit Enhancement Program | &nbsp;&nbsp;Minnesota School District Credit Enhancement Program |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;4.000% | 3145000 | &nbsp;&nbsp;&nbsp;&nbsp;3366783 |
| &nbsp;&nbsp;City of Elk River | &nbsp;&nbsp;City of Elk River | &nbsp;&nbsp;City of Elk River | &nbsp;&nbsp;City of Elk River |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;3.000% | 1755000 | &nbsp;&nbsp;&nbsp;&nbsp;1572249 |
| &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;4.000% | 4440000 | &nbsp;&nbsp;&nbsp;&nbsp;4610111 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Dilworth Glyndon Felton Independent School District No. 2164 | &nbsp;&nbsp;Dilworth Glyndon Felton Independent School District No. 2164 | &nbsp;&nbsp;Dilworth Glyndon Felton Independent School District No. 2164 | &nbsp;&nbsp;Dilworth Glyndon Felton Independent School District No. 2164 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;3.000% | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;998776 |
| &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;3.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;960349 |
| &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;3.000% | 1230000 | &nbsp;&nbsp;1175784 |
| &nbsp;&nbsp;Duluth Independent School District No. 709<sup>(e)</sup> | &nbsp;&nbsp;Duluth Independent School District No. 709<sup>(e)</sup> | &nbsp;&nbsp;Duluth Independent School District No. 709<sup>(e)</sup> | &nbsp;&nbsp;Duluth Independent School District No. 709<sup>(e)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021C | &nbsp;&nbsp;Series 2021C | &nbsp;&nbsp;Series 2021C | &nbsp;&nbsp;Series 2021C |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;0.000% | 1080000 | &nbsp;&nbsp;&nbsp;&nbsp;795609 |
| &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;0.000% | 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;758724 |
| &nbsp;&nbsp;Eden Prairie Independent School District No. 272 | &nbsp;&nbsp;Eden Prairie Independent School District No. 272 | &nbsp;&nbsp;Eden Prairie Independent School District No. 272 | &nbsp;&nbsp;Eden Prairie Independent School District No. 272 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2019B (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019B (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019B (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019B (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;3.000% | 3000000 | &nbsp;&nbsp;2735057 |
| &nbsp;&nbsp;Elk River Independent School District No. 728 | &nbsp;&nbsp;Elk River Independent School District No. 728 | &nbsp;&nbsp;Elk River Independent School District No. 728 | &nbsp;&nbsp;Elk River Independent School District No. 728 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;School District Credit Enhancement Program | &nbsp;&nbsp;School District Credit Enhancement Program | &nbsp;&nbsp;School District Credit Enhancement Program | &nbsp;&nbsp;School District Credit Enhancement Program |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;2.000% | 7000000 | &nbsp;&nbsp;6231609 |
| &nbsp;&nbsp;Hastings Independent School District No. 200<sup>(e)</sup> | &nbsp;&nbsp;Hastings Independent School District No. 200<sup>(e)</sup> | &nbsp;&nbsp;Hastings Independent School District No. 200<sup>(e)</sup> | &nbsp;&nbsp;Hastings Independent School District No. 200<sup>(e)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building |
| &nbsp;&nbsp;Series 2018A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2018A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2018A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2018A (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;0.000% | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;972769 |
| &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;0.000% | 2140000 | &nbsp;&nbsp;1529019 |
| &nbsp;&nbsp;Hennepin County Regional Railroad Authority | &nbsp;&nbsp;Hennepin County Regional Railroad Authority | &nbsp;&nbsp;Hennepin County Regional Railroad Authority | &nbsp;&nbsp;Hennepin County Regional Railroad Authority |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;5.000% | 4685000 | &nbsp;&nbsp;5247524 |
| &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;5.000% | 3965000 | &nbsp;&nbsp;4427401 |
| &nbsp;&nbsp;Lac Qui Parle Valley Independent School District No. 2853 | &nbsp;&nbsp;Lac Qui Parle Valley Independent School District No. 2853 | &nbsp;&nbsp;Lac Qui Parle Valley Independent School District No. 2853 | &nbsp;&nbsp;Lac Qui Parle Valley Independent School District No. 2853 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;2.500% | 2525000 | &nbsp;&nbsp;2029910 |
| &nbsp;&nbsp;Litchfield Independent School District No. 465 | &nbsp;&nbsp;Litchfield Independent School District No. 465 | &nbsp;&nbsp;Litchfield Independent School District No. 465 | &nbsp;&nbsp;Litchfield Independent School District No. 465 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;3.000% | 2260000 | &nbsp;&nbsp;2131122 |
| &nbsp;&nbsp;MACCRAY Independent School District No. 2180 | &nbsp;&nbsp;MACCRAY Independent School District No. 2180 | &nbsp;&nbsp;MACCRAY Independent School District No. 2180 | &nbsp;&nbsp;MACCRAY Independent School District No. 2180 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;2.250% | 2525000 | &nbsp;&nbsp;2016545 |
| &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;2.250% | 2580000 | &nbsp;&nbsp;2029242 |
| &nbsp;&nbsp;Mahtomedi Independent School District No. 832 | &nbsp;&nbsp;Mahtomedi Independent School District No. 832 | &nbsp;&nbsp;Mahtomedi Independent School District No. 832 | &nbsp;&nbsp;Mahtomedi Independent School District No. 832 |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building |
| &nbsp;&nbsp;Series 2014A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2014A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2014A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2014A (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;522846 |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;5.000% | 1140000 | &nbsp;&nbsp;1190730 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Maple River Independent School District No. 2135 | &nbsp;&nbsp;Maple River Independent School District No. 2135 | &nbsp;&nbsp;Maple River Independent School District No. 2135 | &nbsp;&nbsp;Maple River Independent School District No. 2135 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;School District Credit Enhancement Program | &nbsp;&nbsp;School District Credit Enhancement Program | &nbsp;&nbsp;School District Credit Enhancement Program | &nbsp;&nbsp;School District Credit Enhancement Program |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3230000 | &nbsp;&nbsp;&nbsp;&nbsp;3321749 |
| &nbsp;&nbsp;Marshall Independent School District No. 413 | &nbsp;&nbsp;Marshall Independent School District No. 413 | &nbsp;&nbsp;Marshall Independent School District No. 413 | &nbsp;&nbsp;Marshall Independent School District No. 413 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2019B (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019B (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019B (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019B (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2440000 | &nbsp;&nbsp;&nbsp;&nbsp;2256729 |
| &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2515000 | &nbsp;&nbsp;&nbsp;&nbsp;2298400 |
| &nbsp;&nbsp;Metropolitan Council | &nbsp;&nbsp;Metropolitan Council | &nbsp;&nbsp;Metropolitan Council | &nbsp;&nbsp;Metropolitan Council |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Minneapolis-Saint Paul Metropolitan Area | &nbsp;&nbsp;Minneapolis-Saint Paul Metropolitan Area | &nbsp;&nbsp;Minneapolis-Saint Paul Metropolitan Area | &nbsp;&nbsp;Minneapolis-Saint Paul Metropolitan Area |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3550000 | &nbsp;&nbsp;&nbsp;&nbsp;3657919 |
| &nbsp;&nbsp;Monticello Independent School District No. 882 | &nbsp;&nbsp;Monticello Independent School District No. 882 | &nbsp;&nbsp;Monticello Independent School District No. 882 | &nbsp;&nbsp;Monticello Independent School District No. 882 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building |
| &nbsp;&nbsp;Series 2016A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2016A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2016A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2016A (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1052546 |
| &nbsp;&nbsp;Moorhead Independent School District No. 152 | &nbsp;&nbsp;Moorhead Independent School District No. 152 | &nbsp;&nbsp;Moorhead Independent School District No. 152 | &nbsp;&nbsp;Moorhead Independent School District No. 152 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;5020215 |
| &nbsp;&nbsp;Mounds View Independent School District No. 621 | &nbsp;&nbsp;Mounds View Independent School District No. 621 | &nbsp;&nbsp;Mounds View Independent School District No. 621 | &nbsp;&nbsp;Mounds View Independent School District No. 621 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Student Credit Enhancement Program School Building | &nbsp;&nbsp;Student Credit Enhancement Program School Building | &nbsp;&nbsp;Student Credit Enhancement Program School Building | &nbsp;&nbsp;Student Credit Enhancement Program School Building |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6455000 | &nbsp;&nbsp;&nbsp;&nbsp;6590494 |
| &nbsp;&nbsp;Mountain Iron-Buhl Independent School District No. 712 | &nbsp;&nbsp;Mountain Iron-Buhl Independent School District No. 712 | &nbsp;&nbsp;Mountain Iron-Buhl Independent School District No. 712 | &nbsp;&nbsp;Mountain Iron-Buhl Independent School District No. 712 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building |
| &nbsp;&nbsp;Series 2016A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2016A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2016A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2016A (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1775000 | &nbsp;&nbsp;&nbsp;&nbsp;1847838 |
| &nbsp;&nbsp;North St. Paul-Maplewood-Oakdale Independent School District No. 622 | &nbsp;&nbsp;North St. Paul-Maplewood-Oakdale Independent School District No. 622 | &nbsp;&nbsp;North St. Paul-Maplewood-Oakdale Independent School District No. 622 | &nbsp;&nbsp;North St. Paul-Maplewood-Oakdale Independent School District No. 622 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7050000 | &nbsp;&nbsp;&nbsp;&nbsp;5986421 |
| &nbsp;&nbsp;Norwood Young America Independent School District No. 108 | &nbsp;&nbsp;Norwood Young America Independent School District No. 108 | &nbsp;&nbsp;Norwood Young America Independent School District No. 108 | &nbsp;&nbsp;Norwood Young America Independent School District No. 108 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;02/01/2045 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1126473 |
| &nbsp;&nbsp;Richfield Independent School District No. 280 | &nbsp;&nbsp;Richfield Independent School District No. 280 | &nbsp;&nbsp;Richfield Independent School District No. 280 | &nbsp;&nbsp;Richfield Independent School District No. 280 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Student Credit Enhancement Program School Building | &nbsp;&nbsp;Student Credit Enhancement Program School Building | &nbsp;&nbsp;Student Credit Enhancement Program School Building | &nbsp;&nbsp;Student Credit Enhancement Program School Building |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5091223 |
| &nbsp;&nbsp;Roseville Independent School District No. 623 | &nbsp;&nbsp;Roseville Independent School District No. 623 | &nbsp;&nbsp;Roseville Independent School District No. 623 | &nbsp;&nbsp;Roseville Independent School District No. 623 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;4.000% | 10000000 | &nbsp;&nbsp;10325878 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Russell Tyler Ruthton Independent School District No. 2902 | &nbsp;&nbsp;Russell Tyler Ruthton Independent School District No. 2902 | &nbsp;&nbsp;Russell Tyler Ruthton Independent School District No. 2902 | &nbsp;&nbsp;Russell Tyler Ruthton Independent School District No. 2902 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2019A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2019A (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;3.000% | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;1973557 |
| &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;3.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994292 |
| &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;3.000% | 1035000 | &nbsp;&nbsp;&nbsp;&nbsp;1006873 |
| &nbsp;&nbsp;Sartell-St. Stephen Independent School District No. 748<sup>(e)</sup> | &nbsp;&nbsp;Sartell-St. Stephen Independent School District No. 748<sup>(e)</sup> | &nbsp;&nbsp;Sartell-St. Stephen Independent School District No. 748<sup>(e)</sup> | &nbsp;&nbsp;Sartell-St. Stephen Independent School District No. 748<sup>(e)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building |
| &nbsp;&nbsp;Series 2016B (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2016B (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2016B (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2016B (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;0.000% | 1565000 | &nbsp;&nbsp;&nbsp;&nbsp;1178692 |
| &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;0.000% | 2585000 | &nbsp;&nbsp;&nbsp;&nbsp;1869860 |
| &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;0.000% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1043785 |
| &nbsp;&nbsp;Sauk Rapids-Rice Independent School District No. 47 | &nbsp;&nbsp;Sauk Rapids-Rice Independent School District No. 47 | &nbsp;&nbsp;Sauk Rapids-Rice Independent School District No. 47 | &nbsp;&nbsp;Sauk Rapids-Rice Independent School District No. 47 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;2.625% | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;1844047 |
| &nbsp;&nbsp;St. Francis Independent School District No. 15 | &nbsp;&nbsp;St. Francis Independent School District No. 15 | &nbsp;&nbsp;St. Francis Independent School District No. 15 | &nbsp;&nbsp;St. Francis Independent School District No. 15 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450628 |
| &nbsp;&nbsp;Watertown-Mayer Independent School District No. 111<sup>(e)</sup> | &nbsp;&nbsp;Watertown-Mayer Independent School District No. 111<sup>(e)</sup> | &nbsp;&nbsp;Watertown-Mayer Independent School District No. 111<sup>(e)</sup> | &nbsp;&nbsp;Watertown-Mayer Independent School District No. 111<sup>(e)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;0.000% | 2420000 | &nbsp;&nbsp;&nbsp;&nbsp;1582896 |
| &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;0.000% | 2175000 | &nbsp;&nbsp;&nbsp;&nbsp;1161856 |
| &nbsp;&nbsp;Worthington Independent School District No. 518 | &nbsp;&nbsp;Worthington Independent School District No. 518 | &nbsp;&nbsp;Worthington Independent School District No. 518 | &nbsp;&nbsp;Worthington Independent School District No. 518 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705607 |
| &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471829 |
| &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493065 |
| &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;3.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974416 |
| &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;3.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965586 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**128271170** |
| &nbsp;&nbsp;**Multi-Family 3.2%** | &nbsp;&nbsp;**Multi-Family 3.2%** | &nbsp;&nbsp;**Multi-Family 3.2%** | &nbsp;&nbsp;**Multi-Family 3.2%** |
| &nbsp;&nbsp;Anoka Housing & Redevelopment Authority | &nbsp;&nbsp;Anoka Housing & Redevelopment Authority | &nbsp;&nbsp;Anoka Housing & Redevelopment Authority | &nbsp;&nbsp;Anoka Housing & Redevelopment Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Woodland Park Apartments Project | &nbsp;&nbsp;Woodland Park Apartments Project | &nbsp;&nbsp;Woodland Park Apartments Project | &nbsp;&nbsp;Woodland Park Apartments Project |
| &nbsp;&nbsp;Series 2011A | &nbsp;&nbsp;Series 2011A | &nbsp;&nbsp;Series 2011A | &nbsp;&nbsp;Series 2011A |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;5.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2504749 |
| &nbsp;&nbsp;City of Crystal | &nbsp;&nbsp;City of Crystal | &nbsp;&nbsp;City of Crystal | &nbsp;&nbsp;City of Crystal |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Crystal Leased Housing Association | &nbsp;&nbsp;Crystal Leased Housing Association | &nbsp;&nbsp;Crystal Leased Housing Association | &nbsp;&nbsp;Crystal Leased Housing Association |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;5.250% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2411558 |
| &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;14th and Central Project | &nbsp;&nbsp;14th and Central Project | &nbsp;&nbsp;14th and Central Project | &nbsp;&nbsp;14th and Central Project |
| &nbsp;&nbsp;Series 2020A (FNMA) | &nbsp;&nbsp;Series 2020A (FNMA) | &nbsp;&nbsp;Series 2020A (FNMA) | &nbsp;&nbsp;Series 2020A (FNMA) |
| &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;2.350% | 4705468 | &nbsp;&nbsp;&nbsp;&nbsp;4184623 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of St. Anthony | &nbsp;&nbsp;City of St. Anthony | &nbsp;&nbsp;City of St. Anthony | &nbsp;&nbsp;City of St. Anthony |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Multifamily Housing Landings Silver Lake Village | &nbsp;&nbsp;Multifamily Housing Landings Silver Lake Village | &nbsp;&nbsp;Multifamily Housing Landings Silver Lake Village | &nbsp;&nbsp;Multifamily Housing Landings Silver Lake Village |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;6.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3015084 |
| &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;848 Payne Ave. Apartments Green Bonds | &nbsp;&nbsp;848 Payne Ave. Apartments Green Bonds | &nbsp;&nbsp;848 Payne Ave. Apartments Green Bonds | &nbsp;&nbsp;848 Payne Ave. Apartments Green Bonds |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;2.330% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4275051 |
| &nbsp;&nbsp;Northwest Multi-County Housing & Redevelopment Authority | &nbsp;&nbsp;Northwest Multi-County Housing & Redevelopment Authority | &nbsp;&nbsp;Northwest Multi-County Housing & Redevelopment Authority | &nbsp;&nbsp;Northwest Multi-County Housing & Redevelopment Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Pooled Housing Program | &nbsp;&nbsp;Pooled Housing Program | &nbsp;&nbsp;Pooled Housing Program | &nbsp;&nbsp;Pooled Housing Program |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;5.500% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2465029 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**18856094** |
| &nbsp;&nbsp;**Municipal Power 1.3%** | &nbsp;&nbsp;**Municipal Power 1.3%** | &nbsp;&nbsp;**Municipal Power 1.3%** | &nbsp;&nbsp;**Municipal Power 1.3%** |
| &nbsp;&nbsp;City of Rochester Electric Utility | &nbsp;&nbsp;City of Rochester Electric Utility | &nbsp;&nbsp;City of Rochester Electric Utility | &nbsp;&nbsp;City of Rochester Electric Utility |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2015E | &nbsp;&nbsp;Series 2015E | &nbsp;&nbsp;Series 2015E | &nbsp;&nbsp;Series 2015E |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995482 |
| &nbsp;&nbsp;Guam Power Authority<sup>(f)</sup> | &nbsp;&nbsp;Guam Power Authority<sup>(f)</sup> | &nbsp;&nbsp;Guam Power Authority<sup>(f)</sup> | &nbsp;&nbsp;Guam Power Authority<sup>(f)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3157122 |
| &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(c),(f)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(c),(f)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(c),(f)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(c),(f)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;0.000% | 5050000 | &nbsp;&nbsp;&nbsp;&nbsp;3522375 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**7674979** |
| &nbsp;&nbsp;**Nursing Home 2.9%** | &nbsp;&nbsp;**Nursing Home 2.9%** | &nbsp;&nbsp;**Nursing Home 2.9%** | &nbsp;&nbsp;**Nursing Home 2.9%** |
| &nbsp;&nbsp;City of Chatfield | &nbsp;&nbsp;City of Chatfield | &nbsp;&nbsp;City of Chatfield | &nbsp;&nbsp;City of Chatfield |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Chosen Valley Care Center | &nbsp;&nbsp;Chosen Valley Care Center | &nbsp;&nbsp;Chosen Valley Care Center | &nbsp;&nbsp;Chosen Valley Care Center |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430175 |
| &nbsp;&nbsp;09/01/2052 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1229498 |
| &nbsp;&nbsp;City of Oak Park Heights | &nbsp;&nbsp;City of Oak Park Heights | &nbsp;&nbsp;City of Oak Park Heights | &nbsp;&nbsp;City of Oak Park Heights |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Boutwells Landing Care Center | &nbsp;&nbsp;Boutwells Landing Care Center | &nbsp;&nbsp;Boutwells Landing Care Center | &nbsp;&nbsp;Boutwells Landing Care Center |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;5.250% | 1480000 | &nbsp;&nbsp;&nbsp;&nbsp;1458968 |
| &nbsp;&nbsp;Dakota County Community Development Agency | &nbsp;&nbsp;Dakota County Community Development Agency | &nbsp;&nbsp;Dakota County Community Development Agency | &nbsp;&nbsp;Dakota County Community Development Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Ebenezer Ridges Care Center TCU Project | &nbsp;&nbsp;Ebenezer Ridges Care Center TCU Project | &nbsp;&nbsp;Ebenezer Ridges Care Center TCU Project | &nbsp;&nbsp;Ebenezer Ridges Care Center TCU Project |
| &nbsp;&nbsp;Series 2014S | &nbsp;&nbsp;Series 2014S | &nbsp;&nbsp;Series 2014S | &nbsp;&nbsp;Series 2014S |
| &nbsp;&nbsp;09/01/2046 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1617867 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Duluth Economic Development Authority | &nbsp;&nbsp;Duluth Economic Development Authority | &nbsp;&nbsp;Duluth Economic Development Authority | &nbsp;&nbsp;Duluth Economic Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Benedictine Health System | &nbsp;&nbsp;Benedictine Health System | &nbsp;&nbsp;Benedictine Health System | &nbsp;&nbsp;Benedictine Health System |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;4.000% | 1625000 | &nbsp;&nbsp;&nbsp;&nbsp;1524019 |
| &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;4.000% | 3755000 | &nbsp;&nbsp;&nbsp;&nbsp;3092646 |
| &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul<sup>(d)</sup> | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul<sup>(d)</sup> | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul<sup>(d)</sup> | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul<sup>(d)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Episcopal Homes Obligation Group | &nbsp;&nbsp;Episcopal Homes Obligation Group | &nbsp;&nbsp;Episcopal Homes Obligation Group | &nbsp;&nbsp;Episcopal Homes Obligation Group |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784965 |
| &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Episcopal Homes Project | &nbsp;&nbsp;Episcopal Homes Project | &nbsp;&nbsp;Episcopal Homes Project | &nbsp;&nbsp;Episcopal Homes Project |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;5.000% | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1082202 |
| &nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;5.125% | 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;5390566 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**16610906** |
| &nbsp;&nbsp;**Other Bond Issue 0.7%** | &nbsp;&nbsp;**Other Bond Issue 0.7%** | &nbsp;&nbsp;**Other Bond Issue 0.7%** | &nbsp;&nbsp;**Other Bond Issue 0.7%** |
| &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492753 |
| &nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489974 |
| &nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830052 |
| &nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768924 |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;5.000% | 1580000 | &nbsp;&nbsp;&nbsp;&nbsp;1614807 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4196510** |
| &nbsp;&nbsp;**Other Utility 0.8%** | &nbsp;&nbsp;**Other Utility 0.8%** | &nbsp;&nbsp;**Other Utility 0.8%** | &nbsp;&nbsp;**Other Utility 0.8%** |
| &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919386 |
| &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837463 |
| &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683397 |
| &nbsp;&nbsp;St. Paul Port Authority | &nbsp;&nbsp;St. Paul Port Authority | &nbsp;&nbsp;St. Paul Port Authority | &nbsp;&nbsp;St. Paul Port Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017-3 | &nbsp;&nbsp;Series 2017-3 | &nbsp;&nbsp;Series 2017-3 | &nbsp;&nbsp;Series 2017-3 |
| &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;4.000% | 1360000 | &nbsp;&nbsp;&nbsp;&nbsp;1352007 |
| &nbsp;&nbsp;St. Paul Port Authority<sup>(b)</sup> | &nbsp;&nbsp;St. Paul Port Authority<sup>(b)</sup> | &nbsp;&nbsp;St. Paul Port Authority<sup>(b)</sup> | &nbsp;&nbsp;St. Paul Port Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017-4 | &nbsp;&nbsp;Series 2017-4 | &nbsp;&nbsp;Series 2017-4 | &nbsp;&nbsp;Series 2017-4 |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988996 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4781249** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Prepaid Gas 0.9%** | &nbsp;&nbsp;**Prepaid Gas 0.9%** | &nbsp;&nbsp;**Prepaid Gas 0.9%** | &nbsp;&nbsp;**Prepaid Gas 0.9%** |
| &nbsp;&nbsp;Minnesota Municipal Gas Agency | &nbsp;&nbsp;Minnesota Municipal Gas Agency | &nbsp;&nbsp;Minnesota Municipal Gas Agency | &nbsp;&nbsp;Minnesota Municipal Gas Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022A (Mandatory Put 12/01/27) | &nbsp;&nbsp;Series 2022A (Mandatory Put 12/01/27) | &nbsp;&nbsp;Series 2022A (Mandatory Put 12/01/27) | &nbsp;&nbsp;Series 2022A (Mandatory Put 12/01/27) |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;4.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5096389 |
| &nbsp;&nbsp;**Refunded / Escrowed 3.1%** | &nbsp;&nbsp;**Refunded / Escrowed 3.1%** | &nbsp;&nbsp;**Refunded / Escrowed 3.1%** | &nbsp;&nbsp;**Refunded / Escrowed 3.1%** |
| &nbsp;&nbsp;Centennial Independent School District No. 12<sup>(e)</sup> | &nbsp;&nbsp;Centennial Independent School District No. 12<sup>(e)</sup> | &nbsp;&nbsp;Centennial Independent School District No. 12<sup>(e)</sup> | &nbsp;&nbsp;Centennial Independent School District No. 12<sup>(e)</sup> |
| &nbsp;&nbsp;Prerefunded 02/01/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 02/01/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 02/01/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 02/01/25 Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2015A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2015A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2015A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2015A (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;0.000% | 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889760 |
| &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520729 |
| &nbsp;&nbsp;City of Rochester | &nbsp;&nbsp;City of Rochester | &nbsp;&nbsp;City of Rochester | &nbsp;&nbsp;City of Rochester |
| &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds |
| &nbsp;&nbsp;Olmsted Medical Center Project | &nbsp;&nbsp;Olmsted Medical Center Project | &nbsp;&nbsp;Olmsted Medical Center Project | &nbsp;&nbsp;Olmsted Medical Center Project |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656583 |
| &nbsp;&nbsp;Goodhue County Education District No. 6051 | &nbsp;&nbsp;Goodhue County Education District No. 6051 | &nbsp;&nbsp;Goodhue County Education District No. 6051 | &nbsp;&nbsp;Goodhue County Education District No. 6051 |
| &nbsp;&nbsp;Prerefunded 02/01/24 Certificate of Participation | &nbsp;&nbsp;Prerefunded 02/01/24 Certificate of Participation | &nbsp;&nbsp;Prerefunded 02/01/24 Certificate of Participation | &nbsp;&nbsp;Prerefunded 02/01/24 Certificate of Participation |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;5.000% | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1230450 |
| &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;5.000% | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1332987 |
| &nbsp;&nbsp;Hermantown Independent School District No. 700 | &nbsp;&nbsp;Hermantown Independent School District No. 700 | &nbsp;&nbsp;Hermantown Independent School District No. 700 | &nbsp;&nbsp;Hermantown Independent School District No. 700 |
| &nbsp;&nbsp;Prerefunded 02/01/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 02/01/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 02/01/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 02/01/24 Unlimited General Obligation Bonds |
| &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building |
| &nbsp;&nbsp;Series 2014A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2014A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2014A (School District Credit Enhancement Program) | &nbsp;&nbsp;Series 2014A (School District Credit Enhancement Program) |
| &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;5.000% | 4740000 | &nbsp;&nbsp;&nbsp;&nbsp;4853659 |
| &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul | &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul |
| &nbsp;&nbsp;Prerefunded 11/15/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/25 Revenue Bonds |
| &nbsp;&nbsp;HealthEast Care System Project | &nbsp;&nbsp;HealthEast Care System Project | &nbsp;&nbsp;HealthEast Care System Project | &nbsp;&nbsp;HealthEast Care System Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;5.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2671772 |
| &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1068709 |
| &nbsp;&nbsp;University of Minnesota | &nbsp;&nbsp;University of Minnesota | &nbsp;&nbsp;University of Minnesota | &nbsp;&nbsp;University of Minnesota |
| &nbsp;&nbsp;Prerefunded 08/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 08/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 08/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 08/01/23 Revenue Bonds |
| &nbsp;&nbsp;State Supported Biomed Science Research Facilities | &nbsp;&nbsp;State Supported Biomed Science Research Facilities | &nbsp;&nbsp;State Supported Biomed Science Research Facilities | &nbsp;&nbsp;State Supported Biomed Science Research Facilities |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;5.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5064782 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**18289431** |
| &nbsp;&nbsp;**Retirement Communities 5.0%** | &nbsp;&nbsp;**Retirement Communities 5.0%** | &nbsp;&nbsp;**Retirement Communities 5.0%** | &nbsp;&nbsp;**Retirement Communities 5.0%** |
| &nbsp;&nbsp;City of Anoka | &nbsp;&nbsp;City of Anoka | &nbsp;&nbsp;City of Anoka | &nbsp;&nbsp;City of Anoka |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Homestead at Anoka, Inc. Project | &nbsp;&nbsp;Homestead at Anoka, Inc. Project | &nbsp;&nbsp;Homestead at Anoka, Inc. Project | &nbsp;&nbsp;Homestead at Anoka, Inc. Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;4.750% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890457 |
| &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1274343 |
| &nbsp;&nbsp;City of Apple Valley | &nbsp;&nbsp;City of Apple Valley | &nbsp;&nbsp;City of Apple Valley | &nbsp;&nbsp;City of Apple Valley |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Apple Valley Senior Housing | &nbsp;&nbsp;Apple Valley Senior Housing | &nbsp;&nbsp;Apple Valley Senior Housing | &nbsp;&nbsp;Apple Valley Senior Housing |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;4.500% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2726912 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Orchard Path Phase II Project | &nbsp;&nbsp;Orchard Path Phase II Project | &nbsp;&nbsp;Orchard Path Phase II Project | &nbsp;&nbsp;Orchard Path Phase II Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;09/01/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;406102 |
| &nbsp;&nbsp;09/01/2061 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;674435 |
| &nbsp;&nbsp;City of Cloquet | &nbsp;&nbsp;City of Cloquet | &nbsp;&nbsp;City of Cloquet | &nbsp;&nbsp;City of Cloquet |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;HADC Cloquet LLC Project | &nbsp;&nbsp;HADC Cloquet LLC Project | &nbsp;&nbsp;HADC Cloquet LLC Project | &nbsp;&nbsp;HADC Cloquet LLC Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;382669 |
| &nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;355494 |
| &nbsp;&nbsp;City of Maple Plain | &nbsp;&nbsp;City of Maple Plain | &nbsp;&nbsp;City of Maple Plain | &nbsp;&nbsp;City of Maple Plain |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Haven Homes, Inc. Project | &nbsp;&nbsp;Haven Homes, Inc. Project | &nbsp;&nbsp;Haven Homes, Inc. Project | &nbsp;&nbsp;Haven Homes, Inc. Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/01/2057 | &nbsp;&nbsp;4.650% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;975656 |
| &nbsp;&nbsp;City of Moorhead | &nbsp;&nbsp;City of Moorhead | &nbsp;&nbsp;City of Moorhead | &nbsp;&nbsp;City of Moorhead |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Evercare Senior Living LLC | &nbsp;&nbsp;Evercare Senior Living LLC | &nbsp;&nbsp;Evercare Senior Living LLC | &nbsp;&nbsp;Evercare Senior Living LLC |
| &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 |
| &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;5.125% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;880235 |
| &nbsp;&nbsp;City of North Oaks | &nbsp;&nbsp;City of North Oaks | &nbsp;&nbsp;City of North Oaks | &nbsp;&nbsp;City of North Oaks |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Waverly Gardens Project | &nbsp;&nbsp;Waverly Gardens Project | &nbsp;&nbsp;Waverly Gardens Project | &nbsp;&nbsp;Waverly Gardens Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;4.250% | 5000000 | &nbsp;&nbsp;4680779 |
| &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;2008496 |
| &nbsp;&nbsp;City of Red Wing | &nbsp;&nbsp;City of Red Wing | &nbsp;&nbsp;City of Red Wing | &nbsp;&nbsp;City of Red Wing |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Benedictine Living Community | &nbsp;&nbsp;Benedictine Living Community | &nbsp;&nbsp;Benedictine Living Community | &nbsp;&nbsp;Benedictine Living Community |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;1303559 |
| &nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;506213 |
| &nbsp;&nbsp;City of Rochester | &nbsp;&nbsp;City of Rochester | &nbsp;&nbsp;City of Rochester | &nbsp;&nbsp;City of Rochester |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Homestead Rochester, Inc. Project | &nbsp;&nbsp;Homestead Rochester, Inc. Project | &nbsp;&nbsp;Homestead Rochester, Inc. Project | &nbsp;&nbsp;Homestead Rochester, Inc. Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;5.000% | 2400000 | &nbsp;&nbsp;1948079 |
| &nbsp;&nbsp;City of Sartell | &nbsp;&nbsp;City of Sartell | &nbsp;&nbsp;City of Sartell | &nbsp;&nbsp;City of Sartell |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Country Manor Campus LLC | &nbsp;&nbsp;Country Manor Campus LLC | &nbsp;&nbsp;Country Manor Campus LLC | &nbsp;&nbsp;Country Manor Campus LLC |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;4.500% | 2000000 | &nbsp;&nbsp;1655025 |
| &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;774032 |
| &nbsp;&nbsp;City of St. Joseph | &nbsp;&nbsp;City of St. Joseph | &nbsp;&nbsp;City of St. Joseph | &nbsp;&nbsp;City of St. Joseph |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Woodcrest of Country Manor Project | &nbsp;&nbsp;Woodcrest of Country Manor Project | &nbsp;&nbsp;Woodcrest of Country Manor Project | &nbsp;&nbsp;Woodcrest of Country Manor Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;1255157 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 13

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of St. Paul Park | &nbsp;&nbsp;City of St. Paul Park | &nbsp;&nbsp;City of St. Paul Park | &nbsp;&nbsp;City of St. Paul Park |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Presbyterian Homes Bloomington | &nbsp;&nbsp;Presbyterian Homes Bloomington | &nbsp;&nbsp;Presbyterian Homes Bloomington | &nbsp;&nbsp;Presbyterian Homes Bloomington |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257620 |
| &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280138 |
| &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998720 |
| &nbsp;&nbsp;City of Wayzata | &nbsp;&nbsp;City of Wayzata | &nbsp;&nbsp;City of Wayzata | &nbsp;&nbsp;City of Wayzata |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Folkstone Senior Living Co. | &nbsp;&nbsp;Folkstone Senior Living Co. | &nbsp;&nbsp;Folkstone Senior Living Co. | &nbsp;&nbsp;Folkstone Senior Living Co. |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151580 |
| &nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125916 |
| &nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140579 |
| &nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;1538842 |
| &nbsp;&nbsp;Dakota County Community Development Agency<sup>(d)</sup> | &nbsp;&nbsp;Dakota County Community Development Agency<sup>(d)</sup> | &nbsp;&nbsp;Dakota County Community Development Agency<sup>(d)</sup> | &nbsp;&nbsp;Dakota County Community Development Agency<sup>(d)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Walker Highviews Hills LLC | &nbsp;&nbsp;Walker Highviews Hills LLC | &nbsp;&nbsp;Walker Highviews Hills LLC | &nbsp;&nbsp;Walker Highviews Hills LLC |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;08/01/2051 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1394721 |
| &nbsp;&nbsp;Woodbury Housing & Redevelopment Authority | &nbsp;&nbsp;Woodbury Housing & Redevelopment Authority | &nbsp;&nbsp;Woodbury Housing & Redevelopment Authority | &nbsp;&nbsp;Woodbury Housing & Redevelopment Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;St. Therese of Woodbury | &nbsp;&nbsp;St. Therese of Woodbury | &nbsp;&nbsp;St. Therese of Woodbury | &nbsp;&nbsp;St. Therese of Woodbury |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1779125 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**29364884** |
| &nbsp;&nbsp;**Sales Tax 1.9%** | &nbsp;&nbsp;**Sales Tax 1.9%** | &nbsp;&nbsp;**Sales Tax 1.9%** | &nbsp;&nbsp;**Sales Tax 1.9%** |
| &nbsp;&nbsp;City of St. Paul | &nbsp;&nbsp;City of St. Paul | &nbsp;&nbsp;City of St. Paul | &nbsp;&nbsp;City of St. Paul |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2014G | &nbsp;&nbsp;Series 2014G | &nbsp;&nbsp;Series 2014G | &nbsp;&nbsp;Series 2014G |
| &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1297233 |
| &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(e),(f)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(e),(f)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(e),(f)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/01/2051 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1161264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510956 |
| &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 |
| &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;876694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386841 |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(e),(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(e),(f)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;0.000% | 24501000 | &nbsp;&nbsp;&nbsp;&nbsp;6728146 |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(f)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 |
| &nbsp;&nbsp;07/01/2058 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1970498 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10893674** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Single Family 3.6%** | &nbsp;&nbsp;**Single Family 3.6%** | &nbsp;&nbsp;**Single Family 3.6%** | &nbsp;&nbsp;**Single Family 3.6%** |
| &nbsp;&nbsp;Minneapolis/St. Paul Housing Finance Board | &nbsp;&nbsp;Minneapolis/St. Paul Housing Finance Board | &nbsp;&nbsp;Minneapolis/St. Paul Housing Finance Board | &nbsp;&nbsp;Minneapolis/St. Paul Housing Finance Board |
| &nbsp;&nbsp;Mortgage-Backed Revenue Bonds | &nbsp;&nbsp;Mortgage-Backed Revenue Bonds | &nbsp;&nbsp;Mortgage-Backed Revenue Bonds | &nbsp;&nbsp;Mortgage-Backed Revenue Bonds |
| &nbsp;&nbsp;City Living | &nbsp;&nbsp;City Living | &nbsp;&nbsp;City Living | &nbsp;&nbsp;City Living |
| &nbsp;&nbsp;Series 2011A (GNMA) | &nbsp;&nbsp;Series 2011A (GNMA) | &nbsp;&nbsp;Series 2011A (GNMA) | &nbsp;&nbsp;Series 2011A (GNMA) |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104697 |
| &nbsp;&nbsp;Minnesota Housing Finance Agency | &nbsp;&nbsp;Minnesota Housing Finance Agency | &nbsp;&nbsp;Minnesota Housing Finance Agency | &nbsp;&nbsp;Minnesota Housing Finance Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2021D (GNMA) | &nbsp;&nbsp;Series 2021D (GNMA) | &nbsp;&nbsp;Series 2021D (GNMA) | &nbsp;&nbsp;Series 2021D (GNMA) |
| &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;2.200% | 1680000 | &nbsp;&nbsp;&nbsp;&nbsp;1289022 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Mortgage-Backed Securities Pass-Through Program | &nbsp;&nbsp;Mortgage-Backed Securities Pass-Through Program | &nbsp;&nbsp;Mortgage-Backed Securities Pass-Through Program | &nbsp;&nbsp;Mortgage-Backed Securities Pass-Through Program |
| &nbsp;&nbsp;Series 2019 (GNMA) | &nbsp;&nbsp;Series 2019 (GNMA) | &nbsp;&nbsp;Series 2019 (GNMA) | &nbsp;&nbsp;Series 2019 (GNMA) |
| &nbsp;&nbsp;03/01/2049 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;611091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593904 |
| &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;&nbsp;791742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764064 |
| &nbsp;&nbsp;Series 2016 (GNMA / FNMA) | &nbsp;&nbsp;Series 2016 (GNMA / FNMA) | &nbsp;&nbsp;Series 2016 (GNMA / FNMA) | &nbsp;&nbsp;Series 2016 (GNMA / FNMA) |
| &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;2.950% | 2020622 | &nbsp;&nbsp;&nbsp;&nbsp;1918384 |
| &nbsp;&nbsp;Series 2019F | &nbsp;&nbsp;Series 2019F | &nbsp;&nbsp;Series 2019F | &nbsp;&nbsp;Series 2019F |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;2.750% | 1385000 | &nbsp;&nbsp;&nbsp;&nbsp;1225867 |
| &nbsp;&nbsp;Series 2020B (GNMA) | &nbsp;&nbsp;Series 2020B (GNMA) | &nbsp;&nbsp;Series 2020B (GNMA) | &nbsp;&nbsp;Series 2020B (GNMA) |
| &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;2.800% | 2605000 | &nbsp;&nbsp;&nbsp;&nbsp;2213116 |
| &nbsp;&nbsp;Series 2020E (GNMA) | &nbsp;&nbsp;Series 2020E (GNMA) | &nbsp;&nbsp;Series 2020E (GNMA) | &nbsp;&nbsp;Series 2020E (GNMA) |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;2.700% | 1295000 | &nbsp;&nbsp;&nbsp;&nbsp;1077600 |
| &nbsp;&nbsp;Series 2021B (GNMA) | &nbsp;&nbsp;Series 2021B (GNMA) | &nbsp;&nbsp;Series 2021B (GNMA) | &nbsp;&nbsp;Series 2021B (GNMA) |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;2.450% | 2510000 | &nbsp;&nbsp;&nbsp;&nbsp;1913056 |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;2.500% | 3445000 | &nbsp;&nbsp;&nbsp;&nbsp;2542150 |
| &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds |
| &nbsp;&nbsp;Series 2021F | &nbsp;&nbsp;Series 2021F | &nbsp;&nbsp;Series 2021F | &nbsp;&nbsp;Series 2021F |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;2.400% | 4380000 | &nbsp;&nbsp;&nbsp;&nbsp;3309734 |
| &nbsp;&nbsp;Series 2021H | &nbsp;&nbsp;Series 2021H | &nbsp;&nbsp;Series 2021H | &nbsp;&nbsp;Series 2021H |
| &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;2.550% | 2715000 | &nbsp;&nbsp;&nbsp;&nbsp;2262043 |
| &nbsp;&nbsp;Series 2022A (GNMA) | &nbsp;&nbsp;Series 2022A (GNMA) | &nbsp;&nbsp;Series 2022A (GNMA) | &nbsp;&nbsp;Series 2022A (GNMA) |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;2.750% | 2230000 | &nbsp;&nbsp;&nbsp;&nbsp;1839060 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**21052697** |
| &nbsp;&nbsp;**State Appropriated 1.5%** | &nbsp;&nbsp;**State Appropriated 1.5%** | &nbsp;&nbsp;**State Appropriated 1.5%** | &nbsp;&nbsp;**State Appropriated 1.5%** |
| &nbsp;&nbsp;State of Minnesota | &nbsp;&nbsp;State of Minnesota | &nbsp;&nbsp;State of Minnesota | &nbsp;&nbsp;State of Minnesota |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Appropriation | &nbsp;&nbsp;Appropriation | &nbsp;&nbsp;Appropriation | &nbsp;&nbsp;Appropriation |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;5.000% | 8880000 | &nbsp;&nbsp;&nbsp;&nbsp;8925671 |
| &nbsp;&nbsp;**State General Obligation 5.8%** | &nbsp;&nbsp;**State General Obligation 5.8%** | &nbsp;&nbsp;**State General Obligation 5.8%** | &nbsp;&nbsp;**State General Obligation 5.8%** |
| &nbsp;&nbsp;State of Minnesota | &nbsp;&nbsp;State of Minnesota | &nbsp;&nbsp;State of Minnesota | &nbsp;&nbsp;State of Minnesota |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Bidding Group 2 | &nbsp;&nbsp;Bidding Group 2 | &nbsp;&nbsp;Bidding Group 2 | &nbsp;&nbsp;Bidding Group 2 |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;4.000% | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6419701 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;5.000% | 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;6276406 |
| &nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;5.000% | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1555439 |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2247323 |
| &nbsp;&nbsp;Series 2021B | &nbsp;&nbsp;Series 2021B | &nbsp;&nbsp;Series 2021B | &nbsp;&nbsp;Series 2021B |
| &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;2.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;3634763 |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;5.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5795338 |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2020D | &nbsp;&nbsp;Series 2020D | &nbsp;&nbsp;Series 2020D | &nbsp;&nbsp;Series 2020D |
| &nbsp;&nbsp;08/01/2023 | &nbsp;&nbsp;5.000% | 7900000 | &nbsp;&nbsp;&nbsp;&nbsp;8003536 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**33932506** |
| &nbsp;&nbsp;**Student Loan 0.3%** | &nbsp;&nbsp;**Student Loan 0.3%** | &nbsp;&nbsp;**Student Loan 0.3%** | &nbsp;&nbsp;**Student Loan 0.3%** |
| &nbsp;&nbsp;Minnesota Office of Higher Education<sup>(b)</sup> | &nbsp;&nbsp;Minnesota Office of Higher Education<sup>(b)</sup> | &nbsp;&nbsp;Minnesota Office of Higher Education<sup>(b)</sup> | &nbsp;&nbsp;Minnesota Office of Higher Education<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;2.650% | 1780000 | &nbsp;&nbsp;&nbsp;&nbsp;1528254 |
| &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $613,817,962) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $613,817,962) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $613,817,962) | &nbsp;&nbsp;**574111094** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 0.9%** | &nbsp;&nbsp;**Money Market Funds 0.9%** | &nbsp;&nbsp;**Money Market Funds 0.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 1.662%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;268309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268309 |
| &nbsp;&nbsp;JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.588%<sup>(g)</sup> | &nbsp;&nbsp;4954953 | &nbsp;&nbsp;&nbsp;&nbsp;4954953 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $5,223,262) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $5,223,262) | &nbsp;&nbsp;&nbsp;&nbsp;**5223262** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $621,541,224)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $621,541,224)** | &nbsp;&nbsp;**581834356** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1602168** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**583436524** |

---

#### Notes to Portfolio of Investments
(a) Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as
of January 31, 2023.

(b) Income from this security may be subject to alternative minimum tax.

(c) Represents a security in default.

(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 January 31, 2023, the total value of these securities amounted to $6,473,485, which represents 1.11% of total
net assets.

(e) Zero coupon bond.

(f) Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At
January 31, 2023, the total value of these securities amounted to $16,275,938, which represents 2.79% of total net assets.

(g) The rate shown is the seven-day current annualized yield at January 31, 2023.

#### Abbreviation Legend
FNMA Federal National Mortgage Association <br> GNMA Government National Mortgage Association <br> NPFGC National Public Finance Guarantee Corporation

#### 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:

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 15

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Fair value measurements (continued)
**■** **Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.** 

**■** **Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).** 

**■** **Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).** 

**Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.**

**Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating Rate Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;574111094 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;574111094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5223262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5223262 |
| &nbsp;&nbsp;Total Investments in Securities | 5223262 | &nbsp;&nbsp;&nbsp;&nbsp;576611094 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;581834356 |

---

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.

16 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $621,541,224) | $581834356 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7143480 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9384 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;591870994 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12315 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5577878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22623 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8434470 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$583436524** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;644601356 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(61164832) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$583436524** |
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $320969477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;16116830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.54 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$17986263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.91 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$35279209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.92 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $190224543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9559354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.90 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7376605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.89 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$11600427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.93 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 17

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;10785868 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;10813642 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;1365963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9940 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;2222304 |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;2222264 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;8591378 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(8371928) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767882 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(7604046) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(8113095) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(8113095) |
| &nbsp;&nbsp;Net realized and unrealized loss | (15717141) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(7125763)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$8591378 | &nbsp;&nbsp;&nbsp;&nbsp;$17389703 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(7604046) | &nbsp;&nbsp;&nbsp;&nbsp;(11888347) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(8113095) | &nbsp;&nbsp;&nbsp;&nbsp;(81210344) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(7125763) | &nbsp;&nbsp;&nbsp;&nbsp;(75708988) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(4731647) | &nbsp;&nbsp;&nbsp;&nbsp;(10142005) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(588662) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755020) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(2930632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6832301) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(429770) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(8670401) | &nbsp;&nbsp;&nbsp;&nbsp;(18951957) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(58948346) | &nbsp;&nbsp;&nbsp;&nbsp;(62459830) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(74744510) | &nbsp;&nbsp;&nbsp;(157120775) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;658181034 | &nbsp;&nbsp;&nbsp;&nbsp;815301809 |
| &nbsp;&nbsp;**Net assets at end of period** | **$583436524** | &nbsp;&nbsp;**$658181034** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 19

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;2796617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54121511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59709697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;242813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10004049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (4521042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86717791) | &nbsp;&nbsp;&nbsp;&nbsp;(5677289) | &nbsp;&nbsp;&nbsp;&nbsp;(117834520) |
| &nbsp;&nbsp;Net decrease | (1481612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27942457) | &nbsp;&nbsp;&nbsp;&nbsp;(2384475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48120774) |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;362353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6959442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22853745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(521991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10005637) | &nbsp;&nbsp;&nbsp;&nbsp;(1045297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21511716) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(144805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2761846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926912 |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;183333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9383550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(394033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7602847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(674590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14361509) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(190196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3652754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4234737) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;4526219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86984170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110912003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;149809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6701166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (5743592) | &nbsp;&nbsp;&nbsp;&nbsp;(110755275) | &nbsp;&nbsp;&nbsp;&nbsp;(6428241) | &nbsp;&nbsp;&nbsp;&nbsp;(132167853) |
| &nbsp;&nbsp;Net decrease | (1067564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20900731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(867056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14554684) |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9573828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(148782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2855493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6785476) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1326024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989871 |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;172409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6705144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(306165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5882687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7600751) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(123398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2364534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466418) |
| &nbsp;&nbsp;**Total net decrease** | **(3076822)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(58948346)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3261483)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(62459830)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

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Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 21

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $20.33 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $22.88 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;(2.51) | &nbsp;&nbsp;(2.03) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.52) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.56 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.22 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.56) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $21.49 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.64) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $22.01 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $20.32 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $22.87 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;(2.51) | &nbsp;&nbsp;(1.98) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.57) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.55 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.56) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.21 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $21.47 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $22.00 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.80) |
| &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $20.33 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $22.88 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(2.50) | &nbsp;&nbsp;(2.19) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.56 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.22 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.40) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $21.49 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $22.01 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.56) |
| &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $20.32 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $22.86 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;(2.50) | &nbsp;&nbsp;(1.97) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.57) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.54 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.56) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.20 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $21.47 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $21.99 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.80) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $19.92 | (0.56%) | 0.80%<sup>(d),(e)</sup> | 0.80%<sup>(d),(e),(f)</sup> | 2.84%<sup>(d)</sup> | &nbsp;&nbsp;7% | $320969 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $20.33 | (8.97%) | 0.77%<sup>(e)</sup> | 0.77%<sup>(e),(f)</sup> | 2.20% | 19% | $357808 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.88 | 3.69% | 0.77% | 0.77%<sup>(f)</sup> | 2.15% | &nbsp;&nbsp;7% | $457218 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.56 | 4.17% | 0.77% | 0.77%<sup>(f)</sup> | 2.49% | 25% | $421457 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $22.22 | 6.50% | 0.78% | 0.78% | 2.95% | 18% | $414107 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $21.49 | 0.98% | 0.78% | 0.78%<sup>(f)</sup> | 2.90% | 17% | $402818 |
| &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $19.91 | (0.43%) | 0.55%<sup>(d),(e)</sup> | 0.55%<sup>(d),(e),(f)</sup> | 3.09%<sup>(d)</sup> | &nbsp;&nbsp;7% | &nbsp;&nbsp;$17986 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $20.32 | (8.74%) | 0.52%<sup>(e)</sup> | 0.52%<sup>(e),(f)</sup> | 2.48% | 19% | &nbsp;&nbsp;$21305 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.87 | 3.90% | 0.52% | 0.52%<sup>(f)</sup> | 2.39% | &nbsp;&nbsp;7% | &nbsp;&nbsp;$21987 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.55 | 4.44% | 0.52% | 0.52%<sup>(f)</sup> | 2.74% | 25% | &nbsp;&nbsp;$13938 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $22.21 | 6.77% | 0.53% | 0.53% | 3.19% | 18% | &nbsp;&nbsp;$12205 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $21.47 | 1.23% | 0.54% | 0.54%<sup>(f)</sup> | 3.16% | 17% | &nbsp;&nbsp;&nbsp;$7443 |
| &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $19.92 | (0.94%) | 1.55%<sup>(d),(e)</sup> | 1.55%<sup>(d),(e),(f)</sup> | 2.09%<sup>(d)</sup> | &nbsp;&nbsp;7% | &nbsp;&nbsp;$35279 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $20.33 | (9.65%) | 1.52%<sup>(e)</sup> | 1.52%<sup>(e),(f)</sup> | 1.45% | 19% | &nbsp;&nbsp;$39886 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.88 | 2.91% | 1.52% | 1.52%<sup>(f)</sup> | 1.41% | &nbsp;&nbsp;7% | &nbsp;&nbsp;$49588 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.56 | 3.40% | 1.53% | 1.53%<sup>(f)</sup> | 1.74% | 25% | &nbsp;&nbsp;$58885 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $22.22 | 5.70% | 1.53% | 1.53% | 2.20% | 18% | &nbsp;&nbsp;$58620 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $21.49 | 0.22% | 1.53% | 1.53%<sup>(f)</sup> | 2.14% | 17% | &nbsp;&nbsp;$63680 |
| &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $19.90 | (0.48%) | 0.55%<sup>(d),(e)</sup> | 0.55%<sup>(d),(e),(f)</sup> | 3.09%<sup>(d)</sup> | &nbsp;&nbsp;7% | $190225 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $20.32 | (8.70%) | 0.52%<sup>(e)</sup> | 0.52%<sup>(e),(f)</sup> | 2.45% | 19% | $215892 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.86 | 3.86% | 0.52% | 0.52%<sup>(f)</sup> | 2.39% | &nbsp;&nbsp;7% | $262778 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.54 | 4.44% | 0.52% | 0.52%<sup>(f)</sup> | 2.74% | 25% | $208340 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $22.20 | 6.76% | 0.53% | 0.53% | 3.19% | 18% | $156662 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $21.47 | 1.23% | 0.53% | 0.53%<sup>(f)</sup> | 3.15% | 17% | $119138 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 23

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $20.30 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $22.85 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;(2.51) | &nbsp;&nbsp;(1.98) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.57) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.53 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.55) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.18 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $21.45 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.68) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $21.98 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.80) |
| &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $20.34 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $22.90 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;(2.52) | &nbsp;&nbsp;(1.98) | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.58) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.58 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.57) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.23 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $21.50 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $22.04 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.80) |

---

---

| | |
|:---|:---|
| **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) | 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. |
| (d) | Annualized. |
| (e) | Ratios include interfund lending expense which is less than 0.01%. |
| (f) | 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.

24 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $19.89 | (0.43%) | 0.55%<sup>(d),(e)</sup> | 0.55%<sup>(d),(e)</sup> | 3.09%<sup>(d)</sup> | &nbsp;&nbsp;7% | &nbsp;&nbsp;$7377 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $20.30 | (8.76%) | 0.53%<sup>(e)</sup> | 0.53%<sup>(e)</sup> | 2.49% | 19% | &nbsp;&nbsp;$8937 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.85 | 3.99% | 0.53% | 0.53% | 2.39% | &nbsp;&nbsp;7% | &nbsp;&nbsp;$6991 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.53 | 4.24% | 0.54% | 0.54% | 2.72% | 25% | &nbsp;&nbsp;$5519 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $22.18 | 6.95% | 0.54% | 0.54% | 3.20% | 18% | &nbsp;&nbsp;$2683 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $21.45 | 1.21% | 0.55% | 0.55% | 3.15% | 17% | &nbsp;&nbsp;$2433 |
| &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $19.93 | (0.41%) | 0.50%<sup>(d),(e)</sup> | 0.50%<sup>(d),(e)</sup> | 3.14%<sup>(d)</sup> | &nbsp;&nbsp;7% | $11600 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $20.34 | (8.73%) | 0.48%<sup>(e)</sup> | 0.48%<sup>(e)</sup> | 2.50% | 19% | $14353 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $22.90 | 4.09% | 0.48% | 0.48% | 2.43% | &nbsp;&nbsp;7% | $16740 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $22.58 | 4.29% | 0.48% | 0.48% | 2.77% | 25% | $12274 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $22.23 | 6.80% | 0.49% | 0.49% | 3.24% | 18% | &nbsp;&nbsp;$9387 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $21.50 | 1.27% | 0.50% | 0.50% | 3.23% | 17% | &nbsp;&nbsp;$7339 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 25

------

[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Minnesota Tax-Exempt 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. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund's prospectus.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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.

26 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP 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 CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the 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 CCP 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

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 27

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

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 January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;767882 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — short | 13816029 |

---

28 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

\* Based on the ending daily outstanding amounts for the six months ended January 31, 2023.

#### 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 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 net tax-exempt and 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 pronouncement
*Tailored Shareholder Reports*

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 29

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.47% to 0.31% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.46% 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 "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. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. 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.

30 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 January 31, 2023, 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 (%)** |
| &nbsp;&nbsp;Class A | 0.06 |
| &nbsp;&nbsp;Advisor Class | 0.06 |
| &nbsp;&nbsp;Class C | 0.06 |
| &nbsp;&nbsp;Institutional Class | 0.06 |
| &nbsp;&nbsp;Institutional 2 Class | 0.06 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |

---

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 January 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $40.

#### 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 $457,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2022, 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 January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 3.00 &nbsp;&nbsp;&nbsp;&nbsp;0.75<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72674 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 |

---

(a) This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.

(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 Minnesota Tax-Exempt Fund \| Semiannual Report 2023 31

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Notes to Financial Statements (continued)

January 31, 2023 (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:

---

| | | |
|:---|:---|:---|
|  | **December 1, 2022<br> through<br> November 30, 2023** | **Prior to<br> December 1, 2022** |
| &nbsp;&nbsp;Class A | 0.84% | 0.84% |
| &nbsp;&nbsp;Advisor Class | 0.59 | 0.59 |
| &nbsp;&nbsp;Class C | 1.59 | 1.59 |
| &nbsp;&nbsp;Institutional Class | 0.59 | 0.59 |
| &nbsp;&nbsp;Institutional 2 Class | 0.58 | 0.60 |
| &nbsp;&nbsp;Institutional 3 Class | 0.54 | 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. 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 January 31, 2023, 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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;621541000 | 2087000 | (41794000) | (39707000) |

---

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 July 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** |
| &nbsp;&nbsp;(5057896) | (7770452) | (12828348) |

---

32 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 $40,849,777 and $101,279,586, respectively, for the six months ended January 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. 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 January 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;22 |

---

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at January 31, 2023.

Note 7. 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 27, 2022 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 $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended January 31, 2023.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 33

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[**Table of Contents**](#JOB_57_89479ea6-8770-4ffe-a37a-8933582f19ca_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Note 8. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

#### High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or

34 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Municipal securities risk
Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes. The value of municipal securities can be significantly affected by actual or expected political and legislative changes at the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market.

Issuers in a state, territory, commonwealth or possession in which the Fund invests may experience significant financial difficulties for various reasons, including as the result of events that cannot be reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest, labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in such state, territory, commonwealth or possession. The value of the Fund's shares will be negatively impacted to the extent it invests in such securities. The Fund's annual and semiannual reports show the Fund's investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund's investment exposures.

Because the Fund invests substantially in municipal securities issued by the state identified in the Fund's name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes impacting the state's financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.

Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023 35

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

#### Non-diversification risk
A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of a more diversified fund.

#### Shareholder concentration risk
At January 31, 2023, affiliated shareholders of record owned 64.9% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 9. 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 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

36 Columbia Minnesota Tax-Exempt Fund \| Semiannual Report 2023

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#### Columbia Minnesota Tax-Exempt Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgae630ec12.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 (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2023 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR199_07_N01_(03/23)

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![](img7d0f8ac01.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](imge3e7f9a32.jpg)

Columbia Government Money Market Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_bf4f1b59-9f39-413c-8090-dc0848e46813_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_d42fc35b-677d-421b-be47-ac95eca8e23b_1)<br>| 5 |
| [Portfolio of Investments](#xx_bca98fcc-2d55-423a-939c-2cff0b912a5b_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_62e3aaeb-bc55-47b9-8118-4057bc7b3b89_1)<br>| 9 |
| [Statement of Operations](#xx_62e3aaeb-bc55-47b9-8118-4057bc7b3b89_2)<br>| 10 |
| [Statement of Changes in Net Assets](#xx_62e3aaeb-bc55-47b9-8118-4057bc7b3b89_3)<br>| 11 |
| [Financial Highlights](#xx_0b31abfe-f617-4b1c-91ec-9353e1ce36ea_2)<br>| 14 |
| [Notes to Financial Statements](#xx_1bf60c40-580d-4a1e-9c19-a0991967dd04_1)<br>| 18 |

---

If you elect to receive the shareholder report for Columbia Government Money Market Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund's shareholder report is available at the Columbia funds' website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Monthly schedule of portfolio holdings

The Fund's portfolio holdings are filed with the SEC monthly on Form N-MFP. The Fund's Form N-MFP filings are available on the SEC's website at sec.gov and can be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Government Money Market Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal.

Portfolio management

#### John McColley

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;10/06/75 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;06/26/00 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;04/30/10 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;12/11/06 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/01/17 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;08/03/09 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |

---

**The Fund's share classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in fees associated with each share class.**

**The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The performance of different share classes may vary from that shown because of differences in fees and expenses. The Fund's returns reflect the effect of fee waivers/expense reimbursements, if any. Without such waivers/reimbursements, the Fund's returns would be lower. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

Prior to October 1, 2016, the Fund operated as a prime money market fund and invested in certain types of securities that the Fund is no longer permitted to hold to any significant extent (i.e., over 0.5% of total assets). Consequently, the performance information may have been different if the current investment limitations had been in effect during the period prior to the Fund's conversion to a government money market fund.

**The Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Fund seeks to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.**

Columbia Government Money Market Fund \| Semiannual Report 2023 3

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Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;8.2 |
| &nbsp;&nbsp;Treasury Bills | &nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| &nbsp;&nbsp;U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;76.7 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

4 Columbia Government Money Market Fund \| Semiannual Report 2023

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Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.50 | &nbsp;&nbsp;&nbsp;&nbsp;1023.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.50 | &nbsp;&nbsp;&nbsp;&nbsp;1023.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.50 | &nbsp;&nbsp;&nbsp;&nbsp;1023.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1015.00 | &nbsp;&nbsp;&nbsp;&nbsp;1024.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1015.30 | &nbsp;&nbsp;&nbsp;&nbsp;1024.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.50 | &nbsp;&nbsp;&nbsp;&nbsp;1023.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Government Money Market Fund \| Semiannual Report 2023 5

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## Portfolio of Investments January 31, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements 8.0%** | &nbsp;&nbsp;**Repurchase Agreements 8.0%** | &nbsp;&nbsp;**Repurchase Agreements 8.0%** | &nbsp;&nbsp;**Repurchase Agreements 8.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. | &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. | &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. | &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. |
| &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, |
| &nbsp;&nbsp;repurchase price $30,003,567<br> (collateralized by U.S. Treasury Securities, Total Market Value $30,600,037) | &nbsp;&nbsp;repurchase price $30,003,567<br> (collateralized by U.S. Treasury Securities, Total Market Value $30,600,037) | &nbsp;&nbsp;repurchase price $30,003,567<br> (collateralized by U.S. Treasury Securities, Total Market Value $30,600,037) | &nbsp;&nbsp;repurchase price $30,003,567<br> (collateralized by U.S. Treasury Securities, Total Market Value $30,600,037) |
|  | &nbsp;&nbsp;4.280% | 30000000 | &nbsp;&nbsp;30000000 |
| &nbsp;&nbsp;Tri-party TD Securities (USA) LLC | &nbsp;&nbsp;Tri-party TD Securities (USA) LLC | &nbsp;&nbsp;Tri-party TD Securities (USA) LLC | &nbsp;&nbsp;Tri-party TD Securities (USA) LLC |
| &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, |
| &nbsp;&nbsp;repurchase price $30,003,583<br> (collateralized by U.S. Treasury Securities, Total Market Value $30,600,069) | &nbsp;&nbsp;repurchase price $30,003,583<br> (collateralized by U.S. Treasury Securities, Total Market Value $30,600,069) | &nbsp;&nbsp;repurchase price $30,003,583<br> (collateralized by U.S. Treasury Securities, Total Market Value $30,600,069) | &nbsp;&nbsp;repurchase price $30,003,583<br> (collateralized by U.S. Treasury Securities, Total Market Value $30,600,069) |
|  | &nbsp;&nbsp;4.300% | 30000000 | &nbsp;&nbsp;30000000 |
| &nbsp;&nbsp;Total Repurchase Agreements<br> (Cost $60,000,000) | &nbsp;&nbsp;Total Repurchase Agreements<br> (Cost $60,000,000) | &nbsp;&nbsp;Total Repurchase Agreements<br> (Cost $60,000,000) | &nbsp;&nbsp;**60000000** |
| &nbsp;&nbsp;**Treasury Bills 8.9%** | &nbsp;&nbsp;**Treasury Bills 8.9%** | &nbsp;&nbsp;**Treasury Bills 8.9%** | &nbsp;&nbsp;**Treasury Bills 8.9%** |
| &nbsp;&nbsp;**United States 8.9%** | &nbsp;&nbsp;**United States 8.9%** | &nbsp;&nbsp;**United States 8.9%** | &nbsp;&nbsp;**United States 8.9%** |
| &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills |
| &nbsp;&nbsp;02/02/2023 | &nbsp;&nbsp;2.040% | 25000000 | &nbsp;&nbsp;24997208 |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;3.900% | 29000000 | &nbsp;&nbsp;28935024 |
| &nbsp;&nbsp;02/28/2023 | &nbsp;&nbsp;4.410% | 13000000 | &nbsp;&nbsp;12956125 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**66888357** |
| &nbsp;&nbsp;Total Treasury Bills<br> (Cost $66,888,357) | &nbsp;&nbsp;Total Treasury Bills<br> (Cost $66,888,357) | &nbsp;&nbsp;Total Treasury Bills<br> (Cost $66,888,357) | &nbsp;&nbsp;**66888357** |
| &nbsp;&nbsp;**U.S. Government & Agency Obligations 74.8%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 74.8%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 74.8%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 74.8%** |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. |
| &nbsp;&nbsp;05/12/2023 | &nbsp;&nbsp;2.290% | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4500000 |
| &nbsp;&nbsp;12/12/2023 | &nbsp;&nbsp;4.940% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| &nbsp;&nbsp;12/22/2023 | &nbsp;&nbsp;4.840% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8000000 |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp. Discount Notes | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. Discount Notes | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. Discount Notes | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. Discount Notes |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;4.140% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9976222 |
| &nbsp;&nbsp;04/26/2023 | &nbsp;&nbsp;4.670% | 13500000 | &nbsp;&nbsp;13354785 |
| &nbsp;&nbsp;Federal Farm Credit Banks Discount Notes | &nbsp;&nbsp;Federal Farm Credit Banks Discount Notes | &nbsp;&nbsp;Federal Farm Credit Banks Discount Notes | &nbsp;&nbsp;Federal Farm Credit Banks Discount Notes |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;4.110% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1995278 |
| &nbsp;&nbsp;03/01/2023 | &nbsp;&nbsp;4.420% | 11000000 | &nbsp;&nbsp;10961500 |
| &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp. |
| &nbsp;&nbsp;11/09/2023 | &nbsp;&nbsp;5.040% | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;6500000 |
| &nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;Federal Home Loan Banks |
| &nbsp;&nbsp;03/21/2023 | &nbsp;&nbsp;1.240% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 |
| &nbsp;&nbsp;03/21/2023 | &nbsp;&nbsp;1.290% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 |
| &nbsp;&nbsp;12/29/2023 | &nbsp;&nbsp;4.870% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8000000 |
| &nbsp;&nbsp;01/10/2024 | &nbsp;&nbsp;4.970% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5999457 |
| &nbsp;&nbsp;01/10/2024 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| &nbsp;&nbsp;01/26/2024 | &nbsp;&nbsp;5.050% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8000000 |
| &nbsp;&nbsp;Federal Home Loan Banks<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(a)</sup> |
| &nbsp;&nbsp;03/30/2023 | &nbsp;&nbsp;2.110% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 |
| &nbsp;&nbsp;Federal Home Loan Banks Discount Notes<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes<sup>(b)</sup> |
| &nbsp;&nbsp;02/01/2023 | &nbsp;&nbsp;0.000% | 18500000 | &nbsp;&nbsp;18500000 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** | &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** | &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** | &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes |
| &nbsp;&nbsp;02/03/2023 | &nbsp;&nbsp;2.860% | &nbsp;&nbsp;4352000 | &nbsp;&nbsp;&nbsp;&nbsp;4350977 |
| &nbsp;&nbsp;02/06/2023 | &nbsp;&nbsp;3.500% | 37202000 | &nbsp;&nbsp;&nbsp;&nbsp;37180630 |
| &nbsp;&nbsp;02/07/2023 | &nbsp;&nbsp;3.670% | 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;16988043 |
| &nbsp;&nbsp;02/08/2023 | &nbsp;&nbsp;3.750% | 33500000 | &nbsp;&nbsp;&nbsp;&nbsp;33472522 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;3.760% | 28000000 | &nbsp;&nbsp;&nbsp;&nbsp;27974067 |
| &nbsp;&nbsp;02/10/2023 | &nbsp;&nbsp;3.900% | 58000000 | &nbsp;&nbsp;&nbsp;&nbsp;57938090 |
| &nbsp;&nbsp;02/13/2023 | &nbsp;&nbsp;4.000% | 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;15977253 |
| &nbsp;&nbsp;02/14/2023 | &nbsp;&nbsp;4.030% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9984581 |
| &nbsp;&nbsp;02/15/2023 | &nbsp;&nbsp;4.030% | 30200000 | &nbsp;&nbsp;&nbsp;&nbsp;30150127 |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;4.090% | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;11977160 |
| &nbsp;&nbsp;02/22/2023 | &nbsp;&nbsp;4.220% | 35000000 | &nbsp;&nbsp;&nbsp;&nbsp;34911304 |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;4.270% | 11900000 | &nbsp;&nbsp;&nbsp;&nbsp;11868075 |
| &nbsp;&nbsp;02/24/2023 | &nbsp;&nbsp;4.320% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1994339 |
| &nbsp;&nbsp;02/27/2023 | &nbsp;&nbsp;4.200% | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;8972148 |
| &nbsp;&nbsp;03/01/2023 | &nbsp;&nbsp;4.350% | 10100000 | &nbsp;&nbsp;&nbsp;&nbsp;10065184 |
| &nbsp;&nbsp;03/03/2023 | &nbsp;&nbsp;4.270% | 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;17935008 |
| &nbsp;&nbsp;03/08/2023 | &nbsp;&nbsp;4.400% | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12943883 |
| &nbsp;&nbsp;03/10/2023 | &nbsp;&nbsp;4.450% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9953904 |
| &nbsp;&nbsp;03/14/2023 | &nbsp;&nbsp;4.470% | &nbsp;&nbsp;9709000 | &nbsp;&nbsp;&nbsp;&nbsp;9659314 |
| &nbsp;&nbsp;03/15/2023 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4973896 |
| &nbsp;&nbsp;03/24/2023 | &nbsp;&nbsp;4.530% | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;14903865 |
| &nbsp;&nbsp;04/04/2023 | &nbsp;&nbsp;4.550% | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;14883233 |
| &nbsp;&nbsp;04/05/2023 | &nbsp;&nbsp;4.560% | &nbsp;&nbsp;5640000 | &nbsp;&nbsp;&nbsp;&nbsp;5595289 |
| &nbsp;&nbsp;04/10/2023 | &nbsp;&nbsp;4.630% | 12512000 | &nbsp;&nbsp;&nbsp;&nbsp;12403549 |
| &nbsp;&nbsp;04/17/2023 | &nbsp;&nbsp;4.650% | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12875417 |
| &nbsp;&nbsp;04/19/2023 | &nbsp;&nbsp;4.650% | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;11881933 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(a)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;04/05/2023 | &nbsp;&nbsp;2.330% | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3750000 |
| &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $559,851,033) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $559,851,033) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $559,851,033) | &nbsp;&nbsp;**559851033** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 5.8%** | &nbsp;&nbsp;**U.S. Treasury Obligations 5.8%** | &nbsp;&nbsp;**U.S. Treasury Obligations 5.8%** | &nbsp;&nbsp;**U.S. Treasury Obligations 5.8%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> |
| &nbsp;&nbsp;3-month U.S. Treasury Index + 0.034%<br> 04/30/2023 | &nbsp;&nbsp;4.683% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8000078 |
| &nbsp;&nbsp;3-month U.S. Treasury Index + -0.015%<br> 01/31/2024 | &nbsp;&nbsp;4.634% | 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;19008445 |
| &nbsp;&nbsp;3-month U.S. Treasury Index + 0.037%<br> 07/31/2024 | &nbsp;&nbsp;4.686% | 16000000 | &nbsp;&nbsp;&nbsp;&nbsp;15995276 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $43,003,799) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $43,003,799) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $43,003,799) | &nbsp;&nbsp;&nbsp;&nbsp;**43003799** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Columbia Government Money Market Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $729,743,189)** | &nbsp;&nbsp;**729743189** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** | &nbsp;&nbsp;&nbsp;&nbsp;**18391153** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**748134342** |

---

#### Notes to Portfolio of Investments
(a) 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 January 31, 2023.

(b) Zero coupon bond.

(c) Variable rate security. The interest rate shown was the current rate as of January 31, 2023.

#### 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.

Short-term securities are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Bills |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66888357 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66888357 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government & Agency Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp;559851033 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;559851033 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43003799 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43003799 |
| &nbsp;&nbsp;Total Investments in Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;729743189 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;729743189 |

---

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 Government Money Market Fund \| Semiannual Report 2023 7

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

Fair value measurements (continued)

The Fund's assets assigned to the Level 2 input category represent certain short-term obligations which are valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Government Money Market Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $669,743,189) | $669743189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements (cost $60,000,000) | &nbsp;&nbsp;&nbsp;&nbsp;60000000 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;17548419 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8578 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26247 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;752167091 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43899 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032749 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$748134342** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;748387823 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253481) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$748134342** |
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $451431867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;451387621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$17100317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;17103636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$98775176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;98809844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $117178563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;117183289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$59761168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;59775964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;**Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3887251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3887267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Government Money Market Fund \| Semiannual Report 2023 9

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 10985127 |
| &nbsp;&nbsp;Total income | 10990289 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;1097914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;301692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9388 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;1719792 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;(551975) |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2501) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;1165316 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;9824973 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | **$9824973** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Government Money Market Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$9824973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$938103 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11112 |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9824973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949215 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(5898560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(612241) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26485) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(1368069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;(1385247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129098) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(861591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120536) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6600) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(9831034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1048167) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;138380726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90311602 |
| &nbsp;&nbsp;Total increase in net assets | &nbsp;&nbsp;&nbsp;138374665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90212650 |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;609759677 | &nbsp;&nbsp;&nbsp;&nbsp;519547027 |
| &nbsp;&nbsp;**Net assets at end of period** | **$748134342** | &nbsp;&nbsp;**$609759677** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Government Money Market Fund \| Semiannual Report 2023 11

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;212794486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212794488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122477570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122477570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5768838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5768837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (134622837) | &nbsp;&nbsp;&nbsp;&nbsp;(134622837) | &nbsp;&nbsp;&nbsp;&nbsp;(114573092) | &nbsp;&nbsp;&nbsp;&nbsp;(114573093) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;83940487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83940488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8502315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8502314 |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8701455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8701454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15149503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15149502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(9538694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9538694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8307486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8307486) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6868032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6868031 |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;30252576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30252576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42765056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42765056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(24637077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24637077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36762655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36762655) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6959108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6959108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153265 |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;64995817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64995817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86490850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86490850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(21126099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21126099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22337086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22337086) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;45254945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45254945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64282862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64282862 |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;25592104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25592104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58820671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58820670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(23713779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23713779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52869413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52869413) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6071785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6071784 |
| &nbsp;&nbsp;Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1798277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1798277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3370341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3370341) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1566655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1566654) |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;**138380726** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**138380726** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90311604** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90311602** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Government Money Market Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Government Money Market Fund \| Semiannual Report 2023 13

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

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, and is not annualized for periods of less than one year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Government Money Market Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | 1.45% | 0.54%<sup>(b)</sup> | 0.37%<sup>(b),(c)</sup> | 2.93%<sup>(b)</sup> | $451432 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | 0.17% | 0.61% | 0.17%<sup>(c),(e)</sup> | 0.15% | $367496 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | 0.01% | 0.63% | 0.08%<sup>(c),(e)</sup> | 0.01% | $359058 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | 0.90% | 0.63% | 0.39%<sup>(c),(e)</sup> | 0.82% | $395640 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | 1.83% | 0.65% | 0.50% | 1.83% | $380309 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | 0.90% | 0.66% | 0.51%<sup>(c)</sup> | 0.86% | $433330 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | 1.45% | 0.54%<sup>(b)</sup> | 0.38%<sup>(b),(c)</sup> | 2.86%<sup>(b)</sup> | &nbsp;&nbsp;$17100 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | 0.16% | 0.61% | 0.20%<sup>(c),(e)</sup> | 0.20% | &nbsp;&nbsp;$17684 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | 0.01% | 0.63% | 0.08%<sup>(c),(e)</sup> | 0.01% | &nbsp;&nbsp;$10818 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | 0.90% | 0.62% | 0.34%<sup>(c),(e)</sup> | 0.58% | &nbsp;&nbsp;$16598 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | 1.83% | 0.65% | 0.50% | 1.85% | &nbsp;&nbsp;&nbsp;$7541 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | 0.90% | 0.66% | 0.51%<sup>(c)</sup> | 0.85% | &nbsp;&nbsp;&nbsp;$7042 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | 1.45% | 0.54%<sup>(b)</sup> | 0.38%<sup>(b),(c)</sup> | 2.86%<sup>(b)</sup> | &nbsp;&nbsp;$98775 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | 0.17% | 0.61% | 0.17%<sup>(c),(e)</sup> | 0.15% | &nbsp;&nbsp;$91817 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | 0.01% | 0.63% | 0.08%<sup>(c),(e)</sup> | 0.01% | &nbsp;&nbsp;$85679 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | 0.90% | 0.63% | 0.37%<sup>(c),(e)</sup> | 0.74% | &nbsp;&nbsp;$94458 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | 1.83% | 0.65% | 0.50% | 1.82% | &nbsp;&nbsp;$69331 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | 0.90% | 0.65% | 0.51%<sup>(c)</sup> | 0.90% | &nbsp;&nbsp;$94239 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | 1.50% | 0.45%<sup>(b)</sup> | 0.28%<sup>(b)</sup> | 3.08%<sup>(b)</sup> | $117179 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | 0.20% | 0.49% | 0.25%<sup>(e)</sup> | 0.45% | &nbsp;&nbsp;$71925 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | 0.01% | 0.52% | 0.07%<sup>(e)</sup> | 0.01% | &nbsp;&nbsp;&nbsp;$7647 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | 1.00% | 0.51% | 0.29%<sup>(e)</sup> | 0.82% | &nbsp;&nbsp;&nbsp;$8354 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | 1.96% | 0.52% | 0.36% | 2.06% | &nbsp;&nbsp;&nbsp;$4674 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | 1.07% | 0.49% | 0.34% | 1.12% | &nbsp;&nbsp;&nbsp;$1919 |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | 1.53% | 0.40%<sup>(b)</sup> | 0.24%<sup>(b)</sup> | 2.97%<sup>(b)</sup> | &nbsp;&nbsp;$59761 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | 0.21% | 0.46% | 0.13%<sup>(e)</sup> | 0.20% | &nbsp;&nbsp;$57021 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | 0.01% | 0.47% | 0.08%<sup>(e)</sup> | 0.01% | &nbsp;&nbsp;$50960 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | 1.04% | 0.46% | 0.26%<sup>(e)</sup> | 0.97% | &nbsp;&nbsp;$63239 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | 2.02% | 0.47% | 0.31% | 2.06% | &nbsp;&nbsp;$69061 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | 1.08% | 0.46% | 0.33% | 1.38% | &nbsp;&nbsp;$10312 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Government Money Market Fund \| Semiannual Report 2023 15

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.00)<sup>(d)</sup> |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.00)<sup>(d)</sup> | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (b) | Annualized. |
| (c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (d) | Rounds to zero. |
| (e) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund's net expense ratio would increase by: |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7/31/2022** | &nbsp;&nbsp;**7/31/2021** | &nbsp;&nbsp;**7/31/2020** |
| &nbsp;&nbsp;Class A | 0.24% | &nbsp;&nbsp;0.36% | &nbsp;&nbsp;0.08% |
| &nbsp;&nbsp;Class C | 0.21% | &nbsp;&nbsp;0.36% | &nbsp;&nbsp;0.11% |
| &nbsp;&nbsp;Institutional Class | 0.24% | &nbsp;&nbsp;0.36% | &nbsp;&nbsp;0.09% |
| &nbsp;&nbsp;Institutional 2 Class | 0.04% | &nbsp;&nbsp;0.27% | &nbsp;&nbsp;0.06% |
| &nbsp;&nbsp;Institutional 3 Class | 0.13% | &nbsp;&nbsp;0.21% | &nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;Class R | 0.26% | &nbsp;&nbsp;0.37% | &nbsp;&nbsp;0.09% |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Government Money Market Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $1.00 | 1.45% | 0.54%<sup>(b)</sup> | 0.38%<sup>(b),(c)</sup> | 2.86%<sup>(b)</sup> | $3887 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $1.00 | 0.17% | 0.61% | 0.15%<sup>(c),(e)</sup> | 0.12% | $3818 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $1.00 | 0.01% | 0.63% | 0.07%<sup>(c),(e)</sup> | 0.01% | $5385 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $1.00 | 0.90% | 0.63% | 0.37%<sup>(c),(e)</sup> | 0.72% | $4606 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $1.00 | 1.82% | 0.65% | 0.50% | 1.84% | $2917 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $1.00 | 0.90% | 0.65% | 0.51%<sup>(c)</sup> | 0.87% | $3763 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Government Money Market Fund \| Semiannual Report 2023 17

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Government Money Market 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 R shares are available 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.

#### Security valuation
Certain securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Board of Trustees has established procedures intended to stabilize the Fund's net asset value for purposes of purchases and redemptions of Fund shares at $1.00 per share. These procedures include determinations, at such intervals as the Board of Trustees deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund's market-based net asset value deviates from $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board of Trustees will promptly consider what action, if any, should be initiated.

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.

#### Repurchase agreements
The Fund may invest in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or

18 Columbia Government Money Market Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

#### 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 as well as any related collateral received or pledged by the Fund as of January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **RBC Dominion<br> Securities ($)** | &nbsp;&nbsp;**TD Securities ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |
| &nbsp;&nbsp;Repurchase agreements | 30000000 | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;60000000 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **30000000** | &nbsp;&nbsp;**30000000** | &nbsp;&nbsp;**60000000** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(a)</sup> | 30000000 | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;60000000 |
| &nbsp;&nbsp;**Net amount <sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;&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.

(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.

#### Income recognition
Dividend income is recorded on the ex-dividend date.

Interest income, including amortization of premium and discount, is recognized daily.

#### 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 daily and paid monthly. Net realized capital gains, if any, are distributed at least annually after the fiscal year in which the capital gains were earned or more frequently to seek to maintain a net asset value of $1.00 per share, unless such capital gains are offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Columbia Government Money Market Fund \| Semiannual Report 2023 19

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.33% to 0.12% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.33% 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 "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

20 Columbia Government Money Market Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_13_cf4aec34-c81a-4f4a-bfa0-3d3ce35f5776_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. 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 January 31, 2023, 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 (%)** |
| &nbsp;&nbsp;Class A | 0.15 |
| &nbsp;&nbsp;Class C | 0.15 |
| &nbsp;&nbsp;Institutional Class | 0.15 |
| &nbsp;&nbsp;Institutional 2 Class | 0.06 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |
| &nbsp;&nbsp;Class R | 0.15 |

---

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 January 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $2,501.

#### 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 an annual rate of up to 0.10% of the Fund's average daily net assets attributable to Class A shares, and a fee at an annual rate of up to 0.75% and 0.50% of the Fund's average daily net assets attributable to Class C and Class R shares, respectively. For the six months ended January 31, 2023, the Fund did not pay fees for Class A, Class C and Class R shares. The contractual fee suspension on Class A, Class C and Class R shares is effective through November 30, 2023.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $433,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2022, 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
CDSCs received by the Distributor for distributing Fund shares for the six months ended January 31, 2023, if any, are listed below. These CDSCs are from the sale of shares issued by the Fund in exchange for shares of a non-money market fund subject to a CDSC that were subsequently redeemed within the CDSC timeframe imposed from the original purchase.

Columbia Government Money Market Fund \| Semiannual Report 2023 21

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A – &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9139 |
| &nbsp;&nbsp;Class C – &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1665 |

---

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:

---

| | | |
|:---|:---|:---|
|  | **December 1, 2022<br> through<br> November 30, 2023** | **Prior to<br> December 1, 2022** |
| &nbsp;&nbsp;Class A | 0.45% | 0.50% |
| &nbsp;&nbsp;Class C | 1.10 | 1.15 |
| &nbsp;&nbsp;Institutional Class | 0.35 | 0.40 |
| &nbsp;&nbsp;Institutional 2 Class | 0.26 | 0.29 |
| &nbsp;&nbsp;Institutional 3 Class | 0.21 | 0.25 |
| &nbsp;&nbsp;Class R | 0.85 | 0.90 |

---

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, from time to time, the Investment Manager and its affiliates may waive or absorb expenses of the Fund with the intent of allowing the Fund to avoid a negative net yield or to increase the Fund's positive net yield. The Fund's yield would be negative if Fund expenses exceed Fund income. Any such expense limitation is voluntary and may be revised or terminated at any time without notice to shareholders and, accordingly, any positive net yield resulting therefrom will cease. 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. The contractual expense cap includes distribution and shareholder services fees. As discussed above, the distribution and/or shareholder services fee is not charged to Class A, Class C and Class R shares.

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 January 31, 2023, the cost of all investments for federal income tax purposes was approximately $729,743,000. Tax cost of investments 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.

22 Columbia Government Money Market Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Note 5. 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.

As noted above, the Fund may only participate in the Interfund Program as a lending fund. The Fund did not lend money under the Interfund Program during the six months ended January 31, 2023.

Note 6. 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 27, 2022 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 $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended January 31, 2023.

Note 7. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Government money market fund risk
Although government money market funds (such as the Fund) may seek to preserve the value of shareholders' investment at $1.00 per share, the net asset values of such money market fund shares can fall, and in infrequent cases in the past have fallen, below $1.00 per share, potentially causing shareholders who redeem their shares at such net asset values to lose money from their original investment.

At times of (i) significant redemption activity by shareholders, including, for example, when a single investor or a few large investors make a significant redemption of Fund shares, (ii) insufficient levels of cash in the Fund's portfolio to satisfy redemption activity, and (iii) disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities, the Fund could be forced to sell portfolio securities at unfavorable prices in order to generate sufficient cash to

Columbia Government Money Market Fund \| Semiannual Report 2023 23

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

pay redeeming shareholders. Sales of portfolio securities at such times could result in losses to the Fund and cause the net asset value of Fund shares to fall below $1.00 per share. Additionally, in some cases, the default of a single portfolio security could cause the net asset value of Fund shares to fall below $1.00 per share. In addition, neither the Investment Manager nor any of its affiliates has a legal obligation to provide financial support to the Fund, and you should not expect that they or any person will provide financial support to the Fund at any time. The Fund may suspend redemptions or the payment of redemption proceeds when permitted by applicable regulations.

It is possible that, during periods of low prevailing interest rates or otherwise, the income from portfolio securities may be less than the amount needed to pay ongoing Fund operating expenses and may prevent payment of any dividends or distributions to Fund shareholders or cause the net asset value of Fund shares to fall below $1.00 per share. In such cases, the Fund may reduce or eliminate the payment of such dividends or distributions or seek to reduce certain of its operating expenses. There is no guarantee that such actions would enable the Fund to maintain a constant net asset value of $1.00 per share.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global

24 Columbia Government Money Market Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At January 31, 2023, one unaffiliated shareholder of record owned 21.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 36.9% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 8. 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 9. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Government Money Market Fund \| Semiannual Report 2023 25

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#### Columbia Government Money Market Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imge3e7f9a32.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 (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2023 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR200_07_N01_(03/23)

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![](img6fd0c2631.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](imge656ba822.jpg)

Columbia Short-Term Cash Fund

Shares of the Fund are issued solely in private placement transactions that do not involve any public offering within the meaning of Section 4(a)(2) of the Securities Act of 1933, as amended (the 1933 Act). Investments in the Fund may be made only by investment companies, common or commingled trust funds, or similar organizations or persons that are accredited investors within the meaning of Regulation D under the 1933 Act.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_af282a9a-00cb-4b02-bb20-f18f7fb96dc3_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_39159a98-45ba-47cf-afee-2816e3e9addc_1)<br>| 4 |
| [Portfolio of Investments](#xx_564299f0-6c18-4f04-944d-cd7541922600_1)<br>| 5 |
| [Statement of Assets and Liabilities](#xx_708939d0-f6ef-4258-8ce1-9d0b195f63fa_1)<br>| 9 |
| [Statement of Operations](#xx_708939d0-f6ef-4258-8ce1-9d0b195f63fa_2)<br>| 10 |
| [Statement of Changes in Net Assets](#xx_708939d0-f6ef-4258-8ce1-9d0b195f63fa_3)<br>| 11 |
| [Financial Highlights](#xx_304853c0-da35-4ba4-95cc-f43670c1d038_1)<br>| 12 |
| [Notes to Financial Statements](#xx_05b0a05c-73b4-404c-a0be-26cb377492c2_1)<br>| 13 |

---

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Short-Term Cash Fund (the Fund) holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary or searching the website of the SEC at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Monthly schedule of portfolio holdings

The Fund's portfolio holdings are filed with the SEC monthly on Form N-MFP. The Fund's Form N-MFP filings are available on the SEC's website at sec.gov and can be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Short-Term Cash Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Fund at a Glance

(Unaudited)

Portfolio management

#### John McColley

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Asset-Backed Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;Commercial Paper | &nbsp;&nbsp;&nbsp;21.8 |
| &nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp;&nbsp;25.4 |
| &nbsp;&nbsp;U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;39.5 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Category comprised of short-term asset-backed securities.

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

Columbia Short-Term Cash Fund \| Semiannual Report 2023 3

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Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1017.00 | &nbsp;&nbsp;&nbsp;&nbsp;1025.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |

---

Expenses paid during the period are equal to the annualized expense ratio as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

4 Columbia Short-Term Cash Fund \| Semiannual Report 2023

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## Portfolio of Investments January 31, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Commercial Paper 2.4%** | &nbsp;&nbsp;**Asset-Backed Commercial Paper 2.4%** | &nbsp;&nbsp;**Asset-Backed Commercial Paper 2.4%** | &nbsp;&nbsp;**Asset-Backed Commercial Paper 2.4%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;MetLife Short Term Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;MetLife Short Term Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;MetLife Short Term Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;MetLife Short Term Funding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;02/13/2023 | &nbsp;&nbsp;4.760% | 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;49915400 |
| &nbsp;&nbsp;02/14/2023 | &nbsp;&nbsp;4.760% | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;14972655 |
| &nbsp;&nbsp;02/15/2023 | &nbsp;&nbsp;4.760% | 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;49902350 |
| &nbsp;&nbsp;02/16/2023 | &nbsp;&nbsp;4.760% | 52900000 | &nbsp;&nbsp;&nbsp;&nbsp;52789756 |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;4.780% | 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;74774775 |
| &nbsp;&nbsp;03/16/2023 | &nbsp;&nbsp;4.830% | 52185000 | &nbsp;&nbsp;&nbsp;&nbsp;51883162 |
| &nbsp;&nbsp;03/20/2023 | &nbsp;&nbsp;4.830% | 29561000 | &nbsp;&nbsp;&nbsp;&nbsp;29374234 |
| &nbsp;&nbsp;03/24/2023 | &nbsp;&nbsp;4.840% | 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;49657300 |
| &nbsp;&nbsp;Total Asset-Backed Commercial Paper<br> (Cost $373,398,921) | &nbsp;&nbsp;Total Asset-Backed Commercial Paper<br> (Cost $373,398,921) | &nbsp;&nbsp;Total Asset-Backed Commercial Paper<br> (Cost $373,398,921) | &nbsp;&nbsp;**373269632** |
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 1.2%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 1.2%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 1.2%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 1.2%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Amur Equipment Finance Receivables XI LLC<sup>(a)</sup> | &nbsp;&nbsp;Amur Equipment Finance Receivables XI LLC<sup>(a)</sup> | &nbsp;&nbsp;Amur Equipment Finance Receivables XI LLC<sup>(a)</sup> | &nbsp;&nbsp;Amur Equipment Finance Receivables XI LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-2A Class A1 | &nbsp;&nbsp;Series 2022-2A Class A1 | &nbsp;&nbsp;Series 2022-2A Class A1 | &nbsp;&nbsp;Series 2022-2A Class A1 |
| &nbsp;&nbsp;09/20/2023 | &nbsp;&nbsp;3.994% | 12206022 | &nbsp;&nbsp;&nbsp;&nbsp;12188934 |
| &nbsp;&nbsp;ARI Fleet Lease Trust<sup>(a)</sup> | &nbsp;&nbsp;ARI Fleet Lease Trust<sup>(a)</sup> | &nbsp;&nbsp;ARI Fleet Lease Trust<sup>(a)</sup> | &nbsp;&nbsp;ARI Fleet Lease Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-A Class A1 | &nbsp;&nbsp;Series 2022-A Class A1 | &nbsp;&nbsp;Series 2022-A Class A1 | &nbsp;&nbsp;Series 2022-A Class A1 |
| &nbsp;&nbsp;04/17/2023 | &nbsp;&nbsp;1.495% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66701 |
| &nbsp;&nbsp;CarMax Auto Owner Trust | &nbsp;&nbsp;CarMax Auto Owner Trust | &nbsp;&nbsp;CarMax Auto Owner Trust | &nbsp;&nbsp;CarMax Auto Owner Trust |
| &nbsp;&nbsp;Series 2023-1 Class A1 | &nbsp;&nbsp;Series 2023-1 Class A1 | &nbsp;&nbsp;Series 2023-1 Class A1 | &nbsp;&nbsp;Series 2023-1 Class A1 |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;4.964% | 45000000 | &nbsp;&nbsp;&nbsp;&nbsp;45033615 |
| &nbsp;&nbsp;DLL Finance LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;DLL Finance LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;DLL Finance LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;DLL Finance LLC<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2023-1A Class A1 | &nbsp;&nbsp;Series 2023-1A Class A1 | &nbsp;&nbsp;Series 2023-1A Class A1 | &nbsp;&nbsp;Series 2023-1A Class A1 |
| &nbsp;&nbsp;02/20/2024 | &nbsp;&nbsp;5.014% | 23500000 | &nbsp;&nbsp;&nbsp;&nbsp;23500000 |
| &nbsp;&nbsp;Ford Credit Auto Lease Trust | &nbsp;&nbsp;Ford Credit Auto Lease Trust | &nbsp;&nbsp;Ford Credit Auto Lease Trust | &nbsp;&nbsp;Ford Credit Auto Lease Trust |
| &nbsp;&nbsp;Series 2023-A Class A1 | &nbsp;&nbsp;Series 2023-A Class A1 | &nbsp;&nbsp;Series 2023-A Class A1 | &nbsp;&nbsp;Series 2023-A Class A1 |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;4.959% | 22000000 | &nbsp;&nbsp;&nbsp;&nbsp;22009708 |
| &nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1 Class A1 | &nbsp;&nbsp;Series 2022-1 Class A1 | &nbsp;&nbsp;Series 2022-1 Class A1 | &nbsp;&nbsp;Series 2022-1 Class A1 |
| &nbsp;&nbsp;10/16/2023 | &nbsp;&nbsp;4.335% | 25895367 | &nbsp;&nbsp;&nbsp;&nbsp;25848380 |
| &nbsp;&nbsp;HPEFS Equipment Trust<sup>(a)</sup> | &nbsp;&nbsp;HPEFS Equipment Trust<sup>(a)</sup> | &nbsp;&nbsp;HPEFS Equipment Trust<sup>(a)</sup> | &nbsp;&nbsp;HPEFS Equipment Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-2A Class A1 | &nbsp;&nbsp;Series 2022-2A Class A1 | &nbsp;&nbsp;Series 2022-2A Class A1 | &nbsp;&nbsp;Series 2022-2A Class A1 |
| &nbsp;&nbsp;05/22/2023 | &nbsp;&nbsp;1.905% | &nbsp;&nbsp;5053604 | &nbsp;&nbsp;&nbsp;&nbsp;5045850 |
| &nbsp;&nbsp;Series 2022-3A Class A1 | &nbsp;&nbsp;Series 2022-3A Class A1 | &nbsp;&nbsp;Series 2022-3A Class A1 | &nbsp;&nbsp;Series 2022-3A Class A1 |
| &nbsp;&nbsp;10/20/2023 | &nbsp;&nbsp;4.331% | 42220397 | &nbsp;&nbsp;&nbsp;&nbsp;42162057 |
| &nbsp;&nbsp;NMEF Funding<sup>(a)</sup> | &nbsp;&nbsp;NMEF Funding<sup>(a)</sup> | &nbsp;&nbsp;NMEF Funding<sup>(a)</sup> | &nbsp;&nbsp;NMEF Funding<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-B Class A1 | &nbsp;&nbsp;Series 2022-B Class A1 | &nbsp;&nbsp;Series 2022-B Class A1 | &nbsp;&nbsp;Series 2022-B Class A1 |
| &nbsp;&nbsp;09/15/2023 | &nbsp;&nbsp;4.675% | 14494526 | &nbsp;&nbsp;&nbsp;&nbsp;14463285 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $190,436,697) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $190,436,697) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $190,436,697) | &nbsp;&nbsp;**190318530** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Certificates of Deposit 4.4%** | &nbsp;&nbsp;**Certificates of Deposit 4.4%** | &nbsp;&nbsp;**Certificates of Deposit 4.4%** | &nbsp;&nbsp;**Certificates of Deposit 4.4%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Australia & New Zealand Banking Group Ltd. | &nbsp;&nbsp;Australia & New Zealand Banking Group Ltd. | &nbsp;&nbsp;Australia & New Zealand Banking Group Ltd. | &nbsp;&nbsp;Australia & New Zealand Banking Group Ltd. |
| &nbsp;&nbsp;02/01/2023 | &nbsp;&nbsp;4.320% | 350000000 | &nbsp;&nbsp;&nbsp;&nbsp;350000000 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp;02/01/2023 | &nbsp;&nbsp;4.290% | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| &nbsp;&nbsp;Cooperatieve Rabobank UA | &nbsp;&nbsp;Cooperatieve Rabobank UA | &nbsp;&nbsp;Cooperatieve Rabobank UA | &nbsp;&nbsp;Cooperatieve Rabobank UA |
| &nbsp;&nbsp;02/01/2023 | &nbsp;&nbsp;4.000% | 140000000 | &nbsp;&nbsp;&nbsp;&nbsp;140001167 |
| &nbsp;&nbsp;Total Certificates of Deposit<br> (Cost $690,000,000) | &nbsp;&nbsp;Total Certificates of Deposit<br> (Cost $690,000,000) | &nbsp;&nbsp;Total Certificates of Deposit<br> (Cost $690,000,000) | &nbsp;&nbsp;&nbsp;&nbsp;**690001167** |
| &nbsp;&nbsp;**Commercial Paper 21.2%** | &nbsp;&nbsp;**Commercial Paper 21.2%** | &nbsp;&nbsp;**Commercial Paper 21.2%** | &nbsp;&nbsp;**Commercial Paper 21.2%** |
| &nbsp;&nbsp;**Banking 11.2%** | &nbsp;&nbsp;**Banking 11.2%** | &nbsp;&nbsp;**Banking 11.2%** | &nbsp;&nbsp;**Banking 11.2%** |
| &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;Bank of Montreal |
| &nbsp;&nbsp;02/13/2023 | &nbsp;&nbsp;4.580% | 140000000 | &nbsp;&nbsp;&nbsp;&nbsp;139772080 |
| &nbsp;&nbsp;03/07/2023 | &nbsp;&nbsp;4.690% | 150000000 | &nbsp;&nbsp;&nbsp;&nbsp;149329050 |
| &nbsp;&nbsp;04/04/2023 | &nbsp;&nbsp;4.780% | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24795525 |
| &nbsp;&nbsp;04/06/2023 | &nbsp;&nbsp;4.830% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99147000 |
| &nbsp;&nbsp;DNB Bank ASA<sup>(a)</sup> | &nbsp;&nbsp;DNB Bank ASA<sup>(a)</sup> | &nbsp;&nbsp;DNB Bank ASA<sup>(a)</sup> | &nbsp;&nbsp;DNB Bank ASA<sup>(a)</sup> |
| &nbsp;&nbsp;02/03/2023 | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29988780 |
| &nbsp;&nbsp;02/13/2023 | &nbsp;&nbsp;4.580% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99837100 |
| &nbsp;&nbsp;02/14/2023 | &nbsp;&nbsp;4.580% | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;199649000 |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;4.610% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99710600 |
| &nbsp;&nbsp;02/24/2023 | &nbsp;&nbsp;4.610% | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29909370 |
| &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a)</sup> | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a)</sup> | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a)</sup> | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a)</sup> |
| &nbsp;&nbsp;02/07/2023 | &nbsp;&nbsp;4.520% | &nbsp;&nbsp;36650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36618261 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;4.540% | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49944050 |
| &nbsp;&nbsp;02/14/2023 | &nbsp;&nbsp;4.580% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99824800 |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;4.620% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99734700 |
| &nbsp;&nbsp;02/22/2023 | &nbsp;&nbsp;4.630% | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49860900 |
| &nbsp;&nbsp;02/27/2023 | &nbsp;&nbsp;4.660% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99656800 |
| &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(a)</sup> | &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(a)</sup> | &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(a)</sup> | &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(a)</sup> |
| &nbsp;&nbsp;02/01/2023 | &nbsp;&nbsp;4.450% | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;199975600 |
| &nbsp;&nbsp;02/06/2023 | &nbsp;&nbsp;4.470% | 125000000 | &nbsp;&nbsp;&nbsp;&nbsp;124908250 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;4.470% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99889800 |
| &nbsp;&nbsp;03/31/2023 | &nbsp;&nbsp;4.590% | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49631650 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1782183316** |
| &nbsp;&nbsp;**Construction Machinery 2.7%** | &nbsp;&nbsp;**Construction Machinery 2.7%** | &nbsp;&nbsp;**Construction Machinery 2.7%** | &nbsp;&nbsp;**Construction Machinery 2.7%** |
| &nbsp;&nbsp;Caterpillar Financial Services Corp. | &nbsp;&nbsp;Caterpillar Financial Services Corp. | &nbsp;&nbsp;Caterpillar Financial Services Corp. | &nbsp;&nbsp;Caterpillar Financial Services Corp. |
| &nbsp;&nbsp;02/06/2023 | &nbsp;&nbsp;4.440% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99927000 |
| &nbsp;&nbsp;02/07/2023 | &nbsp;&nbsp;4.450% | &nbsp;&nbsp;90000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89923320 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;4.460% | 110000000 | &nbsp;&nbsp;&nbsp;&nbsp;109879110 |
| &nbsp;&nbsp;02/24/2023 | &nbsp;&nbsp;4.570% | 130000000 | &nbsp;&nbsp;&nbsp;&nbsp;129610780 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**429340210** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Short-Term Cash Fund \| Semiannual Report 2023 5

------

[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper (continued)** | &nbsp;&nbsp;**Commercial Paper (continued)** | &nbsp;&nbsp;**Commercial Paper (continued)** | &nbsp;&nbsp;**Commercial Paper (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Products 0.5%** | &nbsp;&nbsp;**Consumer Products 0.5%** | &nbsp;&nbsp;**Consumer Products 0.5%** | &nbsp;&nbsp;**Consumer Products 0.5%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Procter & Gamble Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Procter & Gamble Co. (The)<sup>(a)</sup> | &nbsp;&nbsp;Procter & Gamble Co. (The)<sup>(a)</sup> |
| &nbsp;&nbsp;04/17/2023 | &nbsp;&nbsp;4.820% | &nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49503550 |
| &nbsp;&nbsp;04/24/2023 | &nbsp;&nbsp;4.850% | &nbsp;&nbsp;&nbsp;&nbsp;22500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22254705 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71758255** |
| &nbsp;&nbsp;**Life Insurance 1.9%** | &nbsp;&nbsp;**Life Insurance 1.9%** | &nbsp;&nbsp;**Life Insurance 1.9%** | &nbsp;&nbsp;**Life Insurance 1.9%** |
| &nbsp;&nbsp;New York Life Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Capital Corp.<sup>(a)</sup> | &nbsp;&nbsp;New York Life Capital Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/03/2023 | &nbsp;&nbsp;4.480% | &nbsp;&nbsp;&nbsp;&nbsp;35160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35147061 |
| &nbsp;&nbsp;02/15/2023 | &nbsp;&nbsp;4.580% | &nbsp;&nbsp;&nbsp;&nbsp;20327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20288806 |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;&nbsp;&nbsp;17374000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17336889 |
| &nbsp;&nbsp;02/24/2023 | &nbsp;&nbsp;4.640% | &nbsp;&nbsp;&nbsp;&nbsp;45196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45058469 |
| &nbsp;&nbsp;03/06/2023 | &nbsp;&nbsp;4.680% | &nbsp;&nbsp;&nbsp;&nbsp;20700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20610183 |
| &nbsp;&nbsp;03/13/2023 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;&nbsp;&nbsp;55699000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55406357 |
| &nbsp;&nbsp;03/31/2023 | &nbsp;&nbsp;4.730% | &nbsp;&nbsp;&nbsp;&nbsp;58619000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58173964 |
| &nbsp;&nbsp;04/04/2023 | &nbsp;&nbsp;4.780% | &nbsp;&nbsp;&nbsp;&nbsp;33667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33391604 |
| &nbsp;&nbsp;Prudential Funding LLC | &nbsp;&nbsp;Prudential Funding LLC | &nbsp;&nbsp;Prudential Funding LLC | &nbsp;&nbsp;Prudential Funding LLC |
| &nbsp;&nbsp;02/01/2023 | &nbsp;&nbsp;4.380% | &nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14998200 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**300411533** |
| &nbsp;&nbsp;**Pharmaceuticals 4.9%** | &nbsp;&nbsp;**Pharmaceuticals 4.9%** | &nbsp;&nbsp;**Pharmaceuticals 4.9%** | &nbsp;&nbsp;**Pharmaceuticals 4.9%** |
| &nbsp;&nbsp;Novartis Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novartis Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novartis Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Novartis Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;02/08/2023 | &nbsp;&nbsp;4.480% | &nbsp;&nbsp;&nbsp;140000000 | &nbsp;&nbsp;&nbsp;&nbsp;139862520 |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;4.620% | &nbsp;&nbsp;&nbsp;&nbsp;44000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43883268 |
| &nbsp;&nbsp;02/27/2023 | &nbsp;&nbsp;4.660% | &nbsp;&nbsp;&nbsp;&nbsp;64000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63780352 |
| &nbsp;&nbsp;02/28/2023 | &nbsp;&nbsp;4.660% | &nbsp;&nbsp;&nbsp;105000000 | &nbsp;&nbsp;&nbsp;&nbsp;104625990 |
| &nbsp;&nbsp;Sanofi SA<sup>(a)</sup> | &nbsp;&nbsp;Sanofi SA<sup>(a)</sup> | &nbsp;&nbsp;Sanofi SA<sup>(a)</sup> | &nbsp;&nbsp;Sanofi SA<sup>(a)</sup> |
| &nbsp;&nbsp;03/28/2023 | &nbsp;&nbsp;4.680% | &nbsp;&nbsp;&nbsp;203500000 | &nbsp;&nbsp;&nbsp;&nbsp;202048435 |
| &nbsp;&nbsp;03/30/2023 | &nbsp;&nbsp;4.690% | &nbsp;&nbsp;&nbsp;217250000 | &nbsp;&nbsp;&nbsp;&nbsp;215642567 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**769843132** |
| &nbsp;&nbsp;Total Commercial Paper<br> (Cost $3,354,170,333) | &nbsp;&nbsp;Total Commercial Paper<br> (Cost $3,354,170,333) | &nbsp;&nbsp;Total Commercial Paper<br> (Cost $3,354,170,333) | &nbsp;&nbsp;**3353536446** |
| &nbsp;&nbsp;**Repurchase Agreements 24.6%** | &nbsp;&nbsp;**Repurchase Agreements 24.6%** | &nbsp;&nbsp;**Repurchase Agreements 24.6%** | &nbsp;&nbsp;**Repurchase Agreements 24.6%** |
| &nbsp;&nbsp;Tri-party Federal Reserve Bank of New York | &nbsp;&nbsp;Tri-party Federal Reserve Bank of New York | &nbsp;&nbsp;Tri-party Federal Reserve Bank of New York | &nbsp;&nbsp;Tri-party Federal Reserve Bank of New York |
| &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, |
| &nbsp;&nbsp;repurchase price $3,550,424,028<br> (collateralized by U.S. Treasury Securities, Total Market Value $3,550,424,056) | &nbsp;&nbsp;repurchase price $3,550,424,028<br> (collateralized by U.S. Treasury Securities, Total Market Value $3,550,424,056) | &nbsp;&nbsp;repurchase price $3,550,424,028<br> (collateralized by U.S. Treasury Securities, Total Market Value $3,550,424,056) | &nbsp;&nbsp;repurchase price $3,550,424,028<br> (collateralized by U.S. Treasury Securities, Total Market Value $3,550,424,056) |
|  | &nbsp;&nbsp;4.300% | 3550000000 | &nbsp;&nbsp;3550000000 |
| &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. | &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. | &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. | &nbsp;&nbsp;Tri-party RBC Dominion Securities, Inc. |
| &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, |
| &nbsp;&nbsp;repurchase price $300,035,667<br> (collateralized by U.S. Treasury Securities, Total Market Value $306,000,001) | &nbsp;&nbsp;repurchase price $300,035,667<br> (collateralized by U.S. Treasury Securities, Total Market Value $306,000,001) | &nbsp;&nbsp;repurchase price $300,035,667<br> (collateralized by U.S. Treasury Securities, Total Market Value $306,000,001) | &nbsp;&nbsp;repurchase price $300,035,667<br> (collateralized by U.S. Treasury Securities, Total Market Value $306,000,001) |
|  | &nbsp;&nbsp;4.340% | &nbsp;&nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;&nbsp;299999500 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements (continued)** | &nbsp;&nbsp;**Repurchase Agreements (continued)** | &nbsp;&nbsp;**Repurchase Agreements (continued)** | &nbsp;&nbsp;**Repurchase Agreements (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tri-party TD Securities (USA) LLC | &nbsp;&nbsp;Tri-party TD Securities (USA) LLC | &nbsp;&nbsp;Tri-party TD Securities (USA) LLC | &nbsp;&nbsp;Tri-party TD Securities (USA) LLC |
| &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, | &nbsp;&nbsp;dated 01/31/2023, matures 02/01/2023, |
| &nbsp;&nbsp;repurchase price $50,005,972<br> (collateralized by U.S. Treasury Securities, Total Market Value $51,000,027) | &nbsp;&nbsp;repurchase price $50,005,972<br> (collateralized by U.S. Treasury Securities, Total Market Value $51,000,027) | &nbsp;&nbsp;repurchase price $50,005,972<br> (collateralized by U.S. Treasury Securities, Total Market Value $51,000,027) | &nbsp;&nbsp;repurchase price $50,005,972<br> (collateralized by U.S. Treasury Securities, Total Market Value $51,000,027) |
|  | &nbsp;&nbsp;4.340% | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49999944 |
| &nbsp;&nbsp;Total Repurchase Agreements<br> (Cost $3,900,000,000) | &nbsp;&nbsp;Total Repurchase Agreements<br> (Cost $3,900,000,000) | &nbsp;&nbsp;Total Repurchase Agreements<br> (Cost $3,900,000,000) | &nbsp;&nbsp;**3899999444** |
| &nbsp;&nbsp;**U.S. Government & Agency Obligations 38.2%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 38.2%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 38.2%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 38.2%** |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. |
| &nbsp;&nbsp;05/12/2023 | &nbsp;&nbsp;5.060% | &nbsp;&nbsp;17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16867785 |
| &nbsp;&nbsp;12/12/2023 | &nbsp;&nbsp;4.960% | &nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14998413 |
| &nbsp;&nbsp;Federal Home Loan Banks<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(c)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(c)</sup> |
| &nbsp;&nbsp;SOFR + 0.050%<br> 03/01/2023 | &nbsp;&nbsp;4.350% | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;199969422 |
| &nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;Federal Home Loan Banks |
| &nbsp;&nbsp;01/10/2024 | &nbsp;&nbsp;4.990% | 123000000 | &nbsp;&nbsp;&nbsp;&nbsp;122963944 |
| &nbsp;&nbsp;01/10/2024 | &nbsp;&nbsp;4.950% | 130000000 | &nbsp;&nbsp;&nbsp;&nbsp;130049514 |
| &nbsp;&nbsp;01/26/2024 | &nbsp;&nbsp;5.140% | 116000000 | &nbsp;&nbsp;&nbsp;&nbsp;115896196 |
| &nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes | &nbsp;&nbsp;Federal Home Loan Banks Discount Notes |
| &nbsp;&nbsp;02/08/2023 | &nbsp;&nbsp;4.760% | &nbsp;&nbsp;90000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89906194 |
| &nbsp;&nbsp;02/10/2023 | &nbsp;&nbsp;5.060% | 333000000 | &nbsp;&nbsp;&nbsp;&nbsp;332538768 |
| &nbsp;&nbsp;02/15/2023 | &nbsp;&nbsp;4.690% | 245800000 | &nbsp;&nbsp;&nbsp;&nbsp;245327560 |
| &nbsp;&nbsp;02/16/2023 | &nbsp;&nbsp;5.070% | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp;249445287 |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;5.060% | 300000000 | &nbsp;&nbsp;&nbsp;&nbsp;299294106 |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;5.070% | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;199417736 |
| &nbsp;&nbsp;02/22/2023 | &nbsp;&nbsp;5.060% | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp;249239430 |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;5.070% | 125000000 | &nbsp;&nbsp;&nbsp;&nbsp;124601624 |
| &nbsp;&nbsp;02/24/2023 | &nbsp;&nbsp;4.910% | &nbsp;&nbsp;78000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77749165 |
| &nbsp;&nbsp;02/27/2023 | &nbsp;&nbsp;5.070% | 151000000 | &nbsp;&nbsp;&nbsp;&nbsp;150435754 |
| &nbsp;&nbsp;02/28/2023 | &nbsp;&nbsp;4.770% | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;199271368 |
| &nbsp;&nbsp;03/01/2023 | &nbsp;&nbsp;5.060% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99599344 |
| &nbsp;&nbsp;03/02/2023 | &nbsp;&nbsp;5.080% | &nbsp;&nbsp;85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84646710 |
| &nbsp;&nbsp;03/06/2023 | &nbsp;&nbsp;5.070% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99529637 |
| &nbsp;&nbsp;03/08/2023 | &nbsp;&nbsp;5.050% | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp;248759795 |
| &nbsp;&nbsp;03/09/2023 | &nbsp;&nbsp;5.080% | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;198976064 |
| &nbsp;&nbsp;03/10/2023 | &nbsp;&nbsp;5.060% | 125000000 | &nbsp;&nbsp;&nbsp;&nbsp;124344403 |
| &nbsp;&nbsp;03/14/2023 | &nbsp;&nbsp;5.080% | 150000000 | &nbsp;&nbsp;&nbsp;&nbsp;149129073 |
| &nbsp;&nbsp;03/15/2023 | &nbsp;&nbsp;4.880% | 190000000 | &nbsp;&nbsp;&nbsp;&nbsp;188913810 |
| &nbsp;&nbsp;03/16/2023 | &nbsp;&nbsp;5.070% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99392449 |
| &nbsp;&nbsp;03/17/2023 | &nbsp;&nbsp;5.060% | 125000000 | &nbsp;&nbsp;&nbsp;&nbsp;124224500 |
| &nbsp;&nbsp;03/21/2023 | &nbsp;&nbsp;5.070% | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;198646714 |
| &nbsp;&nbsp;03/22/2023 | &nbsp;&nbsp;5.060% | 250400000 | &nbsp;&nbsp;&nbsp;&nbsp;248676121 |
| &nbsp;&nbsp;03/23/2023 | &nbsp;&nbsp;5.070% | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;198592356 |
| &nbsp;&nbsp;03/24/2023 | &nbsp;&nbsp;4.780% | 269100000 | &nbsp;&nbsp;&nbsp;&nbsp;267279641 |
| &nbsp;&nbsp;03/28/2023 | &nbsp;&nbsp;5.080% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99227354 |
| &nbsp;&nbsp;03/29/2023 | &nbsp;&nbsp;4.960% | 300000000 | &nbsp;&nbsp;&nbsp;&nbsp;297692148 |
| &nbsp;&nbsp;03/30/2023 | &nbsp;&nbsp;5.070% | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99201355 |
| &nbsp;&nbsp;03/31/2023 | &nbsp;&nbsp;5.070% | 150000000 | &nbsp;&nbsp;&nbsp;&nbsp;148781369 |
| &nbsp;&nbsp;04/05/2023 | &nbsp;&nbsp;5.060% | 150000000 | &nbsp;&nbsp;&nbsp;&nbsp;148679996 |
| &nbsp;&nbsp;04/10/2023 | &nbsp;&nbsp;5.060% | &nbsp;&nbsp;44950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44523713 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Columbia Short-Term Cash Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** | &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** | &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** | &nbsp;&nbsp;**U.S. Government & Agency Obligations (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tennessee Valley Authority Discount Notes | &nbsp;&nbsp;Tennessee Valley Authority Discount Notes | &nbsp;&nbsp;Tennessee Valley Authority Discount Notes | &nbsp;&nbsp;Tennessee Valley Authority Discount Notes |
| &nbsp;&nbsp;02/22/2023 | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74790469 |
| &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $6,064,927,530) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $6,064,927,530) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $6,064,927,530) | &nbsp;&nbsp;**6061579287** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 5.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations 5.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations 5.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations 5.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> | &nbsp;&nbsp;U.S. Treasury<sup>(c)</sup> |
| &nbsp;&nbsp;3-month U.S. Treasury Index + 0.034%<br> 04/30/2023 | &nbsp;&nbsp;4.683% | 152862500 | &nbsp;&nbsp;&nbsp;&nbsp;152917188 |
| &nbsp;&nbsp;3-month U.S. Treasury Index + -0.015%<br> 01/31/2024 | &nbsp;&nbsp;4.634% | 361500000 | &nbsp;&nbsp;&nbsp;&nbsp;361367937 |
| &nbsp;&nbsp;3-month U.S. Treasury Index + 0.037%<br> 07/31/2024 | &nbsp;&nbsp;4.686% | 285000000 | &nbsp;&nbsp;&nbsp;&nbsp;284837162 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $799,426,354) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $799,426,354) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $799,426,354) | &nbsp;&nbsp;&nbsp;&nbsp;**799122287** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $15,372,359,835)** | &nbsp;&nbsp;**15367826793** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**478974217** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**15846801010** |

---

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At January 31, 2023, the total value of these securities amounted to $2,992,699,220, which represents 18.89% of total net assets.

(b) Represents a security purchased on a when-issued basis.

(c) Variable rate security. The interest rate shown was the current rate as of January 31, 2023.

#### 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.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Short-Term Cash Fund \| Semiannual Report 2023 7

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

**Fair value measurements (continued) Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Commercial Paper |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373269632 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373269632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190318530 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190318530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of Deposit |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690001167 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690001167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353536446 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353536446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899999444 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899999444 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government & Agency Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6061579287 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6061579287 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799122287 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799122287 |
| &nbsp;&nbsp;Total Investments in Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;15367826793 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15367826793 |

---

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.

8 Columbia Short-Term Cash Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $11,472,359,835) | $11467827348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements (cost $3,900,000,000) | &nbsp;&nbsp;&nbsp;&nbsp;3899999445 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553653483 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562148 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96077 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;15927138501 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56220930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50999 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80337491 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$15846801010** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;15851956060 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5155050) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$15846801010** |
| &nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;15852556976 |
| &nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9996 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Short-Term Cash Fund \| Semiannual Report 2023 9

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;265038772 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;265085479 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reports and communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity and surety fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitment fees for bank credit facility | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428096 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;264657383 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208036 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208036 |
| &nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212794 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | **$266870177** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Short-Term Cash Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$264657383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63253848 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6680900) |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266870177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56573178 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264757380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63454663) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264757380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63454663) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(1178330148) | &nbsp;&nbsp;&nbsp;&nbsp;(3124617787) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(1176217351) | &nbsp;&nbsp;&nbsp;&nbsp;(3131499272) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;17023018361 | &nbsp;&nbsp;&nbsp;&nbsp;20154517633 |
| &nbsp;&nbsp;**Net assets at end of period** | **$15846801010** | &nbsp;&nbsp;**$17023018361** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;36156148883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36141073141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94773615131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94747876135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (37335148150) | &nbsp;&nbsp;&nbsp;&nbsp;(37319403289) | &nbsp;&nbsp;&nbsp;&nbsp;(97898750207) | &nbsp;&nbsp;&nbsp;&nbsp;(97872493922) |
| &nbsp;&nbsp;**Total net decrease** | &nbsp;&nbsp;&nbsp;**(1178999267)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1178330148)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3125135076)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3124617787)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Short-Term Cash Fund \| Semiannual Report 2023 11

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

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 held for the periods shown. Total return assumes reinvestment of all dividends and distributions, if any. Total return is not annualized for periods of less than one year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended July 31,** |
| | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;&nbsp;**2018** |
| &nbsp;&nbsp;**Per share data** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.9995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.9999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.9999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.9999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.0000 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0152 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0000)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0002) |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0150 |
| &nbsp;&nbsp;**Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0151) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0151) |
| &nbsp;&nbsp;Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.9996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.9995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.9999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.9999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.9999 |
| &nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;**Ratios to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;Total gross expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(a)</sup> |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(a)</sup> |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;**Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of period (in thousands) | $15846801 | &nbsp;&nbsp;&nbsp;&nbsp;$17023018 | &nbsp;&nbsp;&nbsp;&nbsp;$20154518 | &nbsp;&nbsp;&nbsp;&nbsp;$14286658 | &nbsp;&nbsp;&nbsp;&nbsp;$13799707 | &nbsp;&nbsp;&nbsp;&nbsp;$14040107 |

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | Rounds to zero. |
| (b) | Annualized. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Short-Term Cash Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Short-Term Cash 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.

The Trust may issue an unlimited number of shares (without par value). Investments in the Fund may be made only by investment companies, common or commingled trust funds, or similar organizations or persons that are accredited investors within the meaning of Regulation D under the Securities Act of 1933, as amended.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

The Fund calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. Although the Fund is a money market fund, the net asset value of the Fund will fluctuate with changes in the values of the Fund's portfolio securities. As a result, the Fund's net asset value may be above or below $1.0000. Prior to October 1, 2016, the Fund maintained a stable net asset 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.

#### Repurchase agreements
The Fund may invest in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the

Columbia Short-Term Cash Fund \| Semiannual Report 2023 13

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

#### Asset- and mortgage-backed securities
The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

#### Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

#### 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 as well as any related collateral received or pledged by the Fund as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br> Reserve<br> Bank ($)** | &nbsp;&nbsp;**RBC<br> Dominion<br> Securities ($)** | &nbsp;&nbsp;**TD<br> Securities ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;Repurchase agreements | 3550000000 | &nbsp;&nbsp;299999500 | &nbsp;&nbsp;49999944 | &nbsp;&nbsp;3899999444 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **3550000000** | &nbsp;&nbsp;**299999500** | &nbsp;&nbsp;**49999944** | &nbsp;&nbsp;**3899999444** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(a)</sup> | 3550000000 | &nbsp;&nbsp;299999500 | &nbsp;&nbsp;49999944 | &nbsp;&nbsp;3899999444 |
| &nbsp;&nbsp;**Net amount <sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

(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.

#### Income recognition
Dividend income is recorded on the ex-dividend date.

Interest income, including amortization of premium and discount, is recognized daily.

#### 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.

14 Columbia Short-Term Cash Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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.

#### 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 after the fiscal year in which the capital gains were earned, unless offset by any available capital loss carryforward. 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 pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

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, subject to the policies set by the Board of Trustees, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Fund does not pay a management fee for the investment advisory or administrative services provided to the Fund, but it may pay taxes, brokerage commissions and nonadvisory expenses.

#### 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 "Compensation of board members" in the Statement of Operations.

Columbia Short-Term Cash Fund \| Semiannual Report 2023 15

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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
The Fund has a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, under which the Fund does not pay an annual fee to the Transfer Agent.

#### 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.

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 January 31, 2023, 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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;15372360000 | 147000 | (4680000) | (4533000) |

---

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. 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.

As noted above, the Fund may only participate in the Interfund Program as a lending fund. The Fund did not lend money under the Interfund Program during the six months ended January 31, 2023.

16 Columbia Short-Term Cash Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Note 6. 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 27, 2022 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 $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is disclosed as Commitment fees for bank credit facility in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended January 31, 2023.

Note 7. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, 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.

Columbia Short-Term Cash Fund \| Semiannual Report 2023 17

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Money market fund risk
At times of (i) significant redemption activity by shareholders, including, for example, when a single investor or a few large investors make a significant redemption of Fund shares, (ii) insufficient levels of cash in the Fund's portfolio to satisfy redemption activity, and (iii) disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities, the Fund could be forced to sell portfolio securities at unfavorable prices in order to generate sufficient cash to pay redeeming shareholders. Sales of portfolio securities at such times could result in losses to the Fund. In addition, neither the Investment Manager nor any of its affiliates has a legal obligation to provide financial support to the Fund, and you should not expect that they or any person will provide financial support to the Fund at any time. The Fund may suspend redemptions or the payment of redemption proceeds when permitted by applicable regulations.

If, at any time, the Fund's weekly liquid assets fall below 30% of its total assets and the Board of Trustees determines it is in the best interests of the Fund, the Fund may, as early as the same day and at any time during the day, impose a fee of up to 2% of the value of all shares redeemed and/or temporarily suspend redemptions (sometimes referred to as imposing redemption gates) for up to 10 business days. If, at the end of any business day, the Fund's weekly liquid assets fall below 10% of its total assets, the Fund must impose a fee, as of the beginning of the next business day, of 1% of the value of all shares redeemed, unless the Board of Trustees determines that imposing such a fee is not in the best interests of the Fund or the Board of Trustees determines that a lower or higher fee (not to exceed 2% of the value of all shares redeemed) would be in the best interests of the Fund. These determinations may affect the composition of the investment portfolio, performance and operating expenses of the Fund.

#### Shareholder concentration risk
At January 31, 2023, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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

18 Columbia Short-Term Cash Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 8. 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 9. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Short-Term Cash Fund \| Semiannual Report 2023 19

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[**Table of Contents**](#JOB_121_beefb390-b9e1-4413-a7c1-752d849818e6_TOC)

#### Columbia Short-Term Cash Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imge656ba822.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2023 Columbia Management Investment Advisers, LLC.

SAR224_07_N01_(03/23)

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![](img832170661.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](img75db8af82.jpg)

Columbia Limited Duration Credit Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_0fece5fa-12a4-47db-ab5f-0b21d5f071da_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_1a3d8c50-8a3f-424a-9b5b-a474e5816e76_1)<br>| 5 |
| [Portfolio of Investments](#xx_637af0ed-ee25-412a-baf5-e63c92f9d5e4_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_5790ba50-07ad-42be-a75d-e144cfd2dd6e_1)<br>| 11 |
| [Statement of Operations](#xx_5790ba50-07ad-42be-a75d-e144cfd2dd6e_3)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_5790ba50-07ad-42be-a75d-e144cfd2dd6e_4)<br>| 14 |
| [Financial Highlights](#xx_2f0223a9-c64e-49c0-80aa-ea3f34065f8c_1)<br>| 16 |
| [Notes to Financial Statements](#xx_7a63b2f6-9e87-49b7-9588-e549a14331ba_1)<br>| 20 |

---

If you elect to receive the shareholder report for Columbia Limited Duration Credit Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund's shareholder report is available at the Columbia funds' website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a level of current income consistent with preservation of capital.

Portfolio management

#### Tom Murphy, CFA
Lead Portfolio Manager

Managed Fund since 2003

#### Royce D. Wilson, CFA
Portfolio Manager

Managed Fund since 2012

#### John Dawson, CFA
Portfolio Manager

Managed Fund since 2020

#### Shannon Rinehart, CFA
Portfolio Manager

Managed Fund since February 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;06/19/03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;-3.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-2.69 | &nbsp;&nbsp;&nbsp;&nbsp;-6.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;02/28/13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;-2.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;06/19/03 | &nbsp;&nbsp;&nbsp;&nbsp;-0.04 | &nbsp;&nbsp;&nbsp;&nbsp;-3.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-1.03 | &nbsp;&nbsp;&nbsp;&nbsp;-4.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;-2.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;-3.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/19/13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;-2.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| &nbsp;&nbsp;Bloomberg U.S. 1-5 Year Corporate Index | &nbsp;&nbsp;Bloomberg U.S. 1-5 Year Corporate Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;-2.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |

---

**Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund's other share classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

The Bloomberg U.S. 1-5 Year Corporate Index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities between 1 and 5 years.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 3

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;90.2 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;28.8 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;60.1 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1003.40 | &nbsp;&nbsp;&nbsp;&nbsp;1021.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999.60 | &nbsp;&nbsp;&nbsp;&nbsp;1017.84 | &nbsp;&nbsp;&nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1004.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.20 | &nbsp;&nbsp;&nbsp;&nbsp;1023.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 5

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

## Portfolio of Investments January 31, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes 89.0%** | &nbsp;&nbsp;**Corporate Bonds & Notes 89.0%** | &nbsp;&nbsp;**Corporate Bonds & Notes 89.0%** | &nbsp;&nbsp;**Corporate Bonds & Notes 89.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Aerospace & Defense 3.6%** | &nbsp;&nbsp;**Aerospace & Defense 3.6%** | &nbsp;&nbsp;**Aerospace & Defense 3.6%** | &nbsp;&nbsp;**Aerospace & Defense 3.6%** |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;02/01/2026 | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;9240000 | &nbsp;&nbsp;&nbsp;&nbsp;8712258 |
| &nbsp;&nbsp;02/04/2026 | &nbsp;&nbsp;2.196% | &nbsp;&nbsp;9778000 | &nbsp;&nbsp;&nbsp;&nbsp;9028473 |
| &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;Howmet Aerospace, Inc. |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;5670000 | &nbsp;&nbsp;&nbsp;&nbsp;4947861 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**22688592** |
| &nbsp;&nbsp;**Automotive 0.7%** | &nbsp;&nbsp;**Automotive 0.7%** | &nbsp;&nbsp;**Automotive 0.7%** | &nbsp;&nbsp;**Automotive 0.7%** |
| &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. | &nbsp;&nbsp;General Motors Financial Co., Inc. |
| &nbsp;&nbsp;04/09/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3140000 | &nbsp;&nbsp;&nbsp;&nbsp;3112051 |
| &nbsp;&nbsp;04/10/2028 | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;1771000 | &nbsp;&nbsp;&nbsp;&nbsp;1543572 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4655623** |
| &nbsp;&nbsp;**Banking 14.5%** | &nbsp;&nbsp;**Banking 14.5%** | &nbsp;&nbsp;**Banking 14.5%** | &nbsp;&nbsp;**Banking 14.5%** |
| &nbsp;&nbsp;Bank of America Corp.<sup>(a)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(a)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(a)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;12/20/2028 | &nbsp;&nbsp;3.419% | 28371000 | &nbsp;&nbsp;26546986 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/22/2027 | &nbsp;&nbsp;2.251% | 17717000 | &nbsp;&nbsp;15890836 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a)</sup> |
| &nbsp;&nbsp;06/14/2030 | &nbsp;&nbsp;4.565% | 21359000 | &nbsp;&nbsp;20921108 |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;2.739% | &nbsp;&nbsp;5558000 | &nbsp;&nbsp;&nbsp;&nbsp;4856524 |
| &nbsp;&nbsp;Morgan Stanley<sup>(a)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(a)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(a)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(a)</sup> |
| &nbsp;&nbsp;05/04/2027 | &nbsp;&nbsp;1.593% | &nbsp;&nbsp;4435000 | &nbsp;&nbsp;&nbsp;&nbsp;3983934 |
| &nbsp;&nbsp;01/21/2028 | &nbsp;&nbsp;2.475% | &nbsp;&nbsp;6428000 | &nbsp;&nbsp;&nbsp;&nbsp;5862131 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(a)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(a)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(a)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(a)</sup> |
| &nbsp;&nbsp;06/17/2027 | &nbsp;&nbsp;3.196% | 10241000 | &nbsp;&nbsp;&nbsp;&nbsp;9694894 |
| &nbsp;&nbsp;06/02/2028 | &nbsp;&nbsp;2.393% | &nbsp;&nbsp;4179000 | &nbsp;&nbsp;&nbsp;&nbsp;3786660 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**91543073** |
| &nbsp;&nbsp;**Building Materials 0.7%** | &nbsp;&nbsp;**Building Materials 0.7%** | &nbsp;&nbsp;**Building Materials 0.7%** | &nbsp;&nbsp;**Building Materials 0.7%** |
| &nbsp;&nbsp;Ferguson Finance PLC<sup>(b)</sup> | &nbsp;&nbsp;Ferguson Finance PLC<sup>(b)</sup> | &nbsp;&nbsp;Ferguson Finance PLC<sup>(b)</sup> | &nbsp;&nbsp;Ferguson Finance PLC<sup>(b)</sup> |
| &nbsp;&nbsp;04/20/2027 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;4422000 | &nbsp;&nbsp;&nbsp;&nbsp;4294623 |
| &nbsp;&nbsp;**Cable and Satellite 4.6%** | &nbsp;&nbsp;**Cable and Satellite 4.6%** | &nbsp;&nbsp;**Cable and Satellite 4.6%** | &nbsp;&nbsp;**Cable and Satellite 4.6%** |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital | &nbsp;&nbsp;Charter Communications Operating LLC/Capital |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;2.250% | 15735000 | &nbsp;&nbsp;13184503 |
| &nbsp;&nbsp;Sky PLC<sup>(b)</sup> | &nbsp;&nbsp;Sky PLC<sup>(b)</sup> | &nbsp;&nbsp;Sky PLC<sup>(b)</sup> | &nbsp;&nbsp;Sky PLC<sup>(b)</sup> |
| &nbsp;&nbsp;09/16/2024 | &nbsp;&nbsp;3.750% | 16125000 | &nbsp;&nbsp;15847521 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**29032024** |
| &nbsp;&nbsp;**Electric 20.7%** | &nbsp;&nbsp;**Electric 20.7%** | &nbsp;&nbsp;**Electric 20.7%** | &nbsp;&nbsp;**Electric 20.7%** |
| &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;AES Corp. (The) |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;1.375% | 10375000 | &nbsp;&nbsp;&nbsp;&nbsp;9347260 |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;American Electric Power Co., Inc. |
| &nbsp;&nbsp;11/01/2025 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;1924000 | &nbsp;&nbsp;&nbsp;&nbsp;1737170 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;CenterPoint Energy, Inc. |
| &nbsp;&nbsp;09/01/2024 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;5228000 | &nbsp;&nbsp;&nbsp;&nbsp;5042035 |
| &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;CMS Energy Corp. |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;3.600% | 10450000 | &nbsp;&nbsp;&nbsp;&nbsp;10051104 |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;4790000 | &nbsp;&nbsp;&nbsp;&nbsp;4531475 |
| &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. |
| &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp;4.220% | &nbsp;&nbsp;5419000 | &nbsp;&nbsp;&nbsp;&nbsp;5356535 |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;8625000 | &nbsp;&nbsp;&nbsp;&nbsp;8256662 |
| &nbsp;&nbsp;Edison International | &nbsp;&nbsp;Edison International | &nbsp;&nbsp;Edison International | &nbsp;&nbsp;Edison International |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;1800953 |
| &nbsp;&nbsp;Emera U.S. Finance LP | &nbsp;&nbsp;Emera U.S. Finance LP | &nbsp;&nbsp;Emera U.S. Finance LP | &nbsp;&nbsp;Emera U.S. Finance LP |
| &nbsp;&nbsp;06/15/2024 | &nbsp;&nbsp;0.833% | &nbsp;&nbsp;3555000 | &nbsp;&nbsp;&nbsp;&nbsp;3341109 |
| &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP | &nbsp;&nbsp;Emera US Finance LP |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;3.550% | 12581000 | &nbsp;&nbsp;&nbsp;&nbsp;11930109 |
| &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;Eversource Energy |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;1.650% | &nbsp;&nbsp;7365000 | &nbsp;&nbsp;&nbsp;&nbsp;5919030 |
| &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(b)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(b)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(b)</sup> | &nbsp;&nbsp;FirstEnergy Transmission LLC<sup>(b)</sup> |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;4.350% | &nbsp;&nbsp;5450000 | &nbsp;&nbsp;&nbsp;&nbsp;5338103 |
| &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. | &nbsp;&nbsp;Georgia Power Co. |
| &nbsp;&nbsp;07/30/2023 | &nbsp;&nbsp;2.100% | 16520000 | &nbsp;&nbsp;&nbsp;&nbsp;16277664 |
| &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(c)</sup> |
| &nbsp;&nbsp;SOFR + 0.400%<br> 11/03/2023 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;9135000 | &nbsp;&nbsp;&nbsp;&nbsp;9124850 |
| &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(b)</sup> |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;5630000 | &nbsp;&nbsp;&nbsp;&nbsp;5513261 |
| &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;12/02/2027 | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;7563000 | &nbsp;&nbsp;&nbsp;&nbsp;6489300 |
| &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. | &nbsp;&nbsp;Pacific Gas and Electric Co. |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;8365000 | &nbsp;&nbsp;&nbsp;&nbsp;7493191 |
| &nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;Pinnacle West Capital Corp. |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;1.300% | &nbsp;&nbsp;2638000 | &nbsp;&nbsp;&nbsp;&nbsp;2422949 |
| &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. |
| &nbsp;&nbsp;11/08/2023 | &nbsp;&nbsp;0.841% | &nbsp;&nbsp;2322000 | &nbsp;&nbsp;&nbsp;&nbsp;2247106 |
| &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;WEC Energy Group, Inc. |
| &nbsp;&nbsp;09/15/2023 | &nbsp;&nbsp;0.550% | &nbsp;&nbsp;3380000 | &nbsp;&nbsp;&nbsp;&nbsp;3287551 |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;&nbsp;783000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755072 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;4464000 | &nbsp;&nbsp;&nbsp;&nbsp;4488078 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**130750567** |
| &nbsp;&nbsp;**Environmental 0.5%** | &nbsp;&nbsp;**Environmental 0.5%** | &nbsp;&nbsp;**Environmental 0.5%** | &nbsp;&nbsp;**Environmental 0.5%** |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(b)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(b)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(b)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;3380000 | &nbsp;&nbsp;&nbsp;&nbsp;3214348 |
| &nbsp;&nbsp;**Food and Beverage 3.5%** | &nbsp;&nbsp;**Food and Beverage 3.5%** | &nbsp;&nbsp;**Food and Beverage 3.5%** | &nbsp;&nbsp;**Food and Beverage 3.5%** |
| &nbsp;&nbsp;Bacardi Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(b)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(b)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.700% | 22948000 | &nbsp;&nbsp;&nbsp;&nbsp;22473320 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Health Care 7.4%** | &nbsp;&nbsp;**Health Care 7.4%** | &nbsp;&nbsp;**Health Care 7.4%** | &nbsp;&nbsp;**Health Care 7.4%** |
| &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(b)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;5.650% | 12665000 | &nbsp;&nbsp;13112914 |
| &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;5.250% | 12365000 | &nbsp;&nbsp;12386878 |
| &nbsp;&nbsp;HCA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;HCA, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;3452000 | &nbsp;&nbsp;&nbsp;&nbsp;3208674 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(c)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(c)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(c)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(c)</sup> |
| &nbsp;&nbsp;SOFR + 0.390%<br> 10/18/2023 | &nbsp;&nbsp;4.690% | 17890000 | &nbsp;&nbsp;17850697 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**46559163** |
| &nbsp;&nbsp;**Healthcare Insurance 2.7%** | &nbsp;&nbsp;**Healthcare Insurance 2.7%** | &nbsp;&nbsp;**Healthcare Insurance 2.7%** | &nbsp;&nbsp;**Healthcare Insurance 2.7%** |
| &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. | &nbsp;&nbsp;Aetna, Inc. |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;3051000 | &nbsp;&nbsp;&nbsp;&nbsp;2981895 |
| &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;Centene Corp. |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;2.450% | 16540000 | &nbsp;&nbsp;14343089 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**17324984** |
| &nbsp;&nbsp;**Independent Energy 0.4%** | &nbsp;&nbsp;**Independent Energy 0.4%** | &nbsp;&nbsp;**Independent Energy 0.4%** | &nbsp;&nbsp;**Independent Energy 0.4%** |
| &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;Canadian Natural Resources Ltd. |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;2.050% | &nbsp;&nbsp;1311000 | &nbsp;&nbsp;&nbsp;&nbsp;1227474 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;1408000 | &nbsp;&nbsp;&nbsp;&nbsp;1464264 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2691738** |
| &nbsp;&nbsp;**Life Insurance 11.1%** | &nbsp;&nbsp;**Life Insurance 11.1%** | &nbsp;&nbsp;**Life Insurance 11.1%** | &nbsp;&nbsp;**Life Insurance 11.1%** |
| &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;04/05/2027 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;1723000 | &nbsp;&nbsp;&nbsp;&nbsp;1646696 |
| &nbsp;&nbsp;Five Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(b)</sup> |
| &nbsp;&nbsp;11/15/2023 | &nbsp;&nbsp;4.419% | 13085000 | &nbsp;&nbsp;12980076 |
| &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(b)</sup> | &nbsp;&nbsp;Peachtree Corners Funding Trust<sup>(b)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;3.976% | 25334000 | &nbsp;&nbsp;24675001 |
| &nbsp;&nbsp;Principal Life Global Funding II<sup>(b)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(b)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(b)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(b)</sup> |
| &nbsp;&nbsp;11/21/2024 | &nbsp;&nbsp;2.250% | 22590000 | &nbsp;&nbsp;21535002 |
| &nbsp;&nbsp;08/16/2026 | &nbsp;&nbsp;1.250% | 10292000 | &nbsp;&nbsp;&nbsp;&nbsp;9074861 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**69911636** |
| &nbsp;&nbsp;**Media and Entertainment 4.4%** | &nbsp;&nbsp;**Media and Entertainment 4.4%** | &nbsp;&nbsp;**Media and Entertainment 4.4%** | &nbsp;&nbsp;**Media and Entertainment 4.4%** |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;4.054% | 17660000 | &nbsp;&nbsp;16204173 |
| &nbsp;&nbsp;Netflix, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Netflix, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;5.375% | 11280000 | &nbsp;&nbsp;11425419 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**27629592** |
| &nbsp;&nbsp;**Midstream 3.3%** | &nbsp;&nbsp;**Midstream 3.3%** | &nbsp;&nbsp;**Midstream 3.3%** | &nbsp;&nbsp;**Midstream 3.3%** |
| &nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(b)</sup> | &nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(b)</sup> | &nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(b)</sup> | &nbsp;&nbsp;Colorado Interstate Gas Co. LLC/Issuing Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;3709000 | &nbsp;&nbsp;&nbsp;&nbsp;3580502 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;MPLX LP |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;2380000 | &nbsp;&nbsp;&nbsp;&nbsp;2312904 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;4.500% | 10900000 | &nbsp;&nbsp;&nbsp;&nbsp;10653651 |
| &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;4.650% | &nbsp;&nbsp;4815000 | &nbsp;&nbsp;&nbsp;&nbsp;4643220 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**21190277** |
| &nbsp;&nbsp;**Natural Gas 0.8%** | &nbsp;&nbsp;**Natural Gas 0.8%** | &nbsp;&nbsp;**Natural Gas 0.8%** | &nbsp;&nbsp;**Natural Gas 0.8%** |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;4834618 |
| &nbsp;&nbsp;**Packaging 1.6%** | &nbsp;&nbsp;**Packaging 1.6%** | &nbsp;&nbsp;**Packaging 1.6%** | &nbsp;&nbsp;**Packaging 1.6%** |
| &nbsp;&nbsp;Berry Global, Inc. | &nbsp;&nbsp;Berry Global, Inc. | &nbsp;&nbsp;Berry Global, Inc. | &nbsp;&nbsp;Berry Global, Inc. |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;1.570% | 11441000 | &nbsp;&nbsp;&nbsp;&nbsp;10333462 |
| &nbsp;&nbsp;**Technology 4.1%** | &nbsp;&nbsp;**Technology 4.1%** | &nbsp;&nbsp;**Technology 4.1%** | &nbsp;&nbsp;**Technology 4.1%** |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;Fidelity National Information Services, Inc. |
| &nbsp;&nbsp;03/01/2024 | &nbsp;&nbsp;0.600% | &nbsp;&nbsp;1979000 | &nbsp;&nbsp;&nbsp;&nbsp;1887404 |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;4540000 | &nbsp;&nbsp;&nbsp;&nbsp;4501510 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. |
| &nbsp;&nbsp;09/01/2023 | &nbsp;&nbsp;2.670% | &nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp;2442513 |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;0.972% | &nbsp;&nbsp;7305000 | &nbsp;&nbsp;&nbsp;&nbsp;6993367 |
| &nbsp;&nbsp;09/01/2024 | &nbsp;&nbsp;0.983% | &nbsp;&nbsp;4188000 | &nbsp;&nbsp;&nbsp;&nbsp;3921780 |
| &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. | &nbsp;&nbsp;NXP BV/Funding LLC/USA, Inc. |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;4.400% | &nbsp;&nbsp;4021000 | &nbsp;&nbsp;&nbsp;&nbsp;3953553 |
| &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;VeriSign, Inc. |
| &nbsp;&nbsp;04/01/2025 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2245000 | &nbsp;&nbsp;&nbsp;&nbsp;2253678 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**25953805** |
| &nbsp;&nbsp;**Tobacco 1.7%** | &nbsp;&nbsp;**Tobacco 1.7%** | &nbsp;&nbsp;**Tobacco 1.7%** | &nbsp;&nbsp;**Tobacco 1.7%** |
| &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;BAT Capital Corp. |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;3.557% | &nbsp;&nbsp;7985000 | &nbsp;&nbsp;&nbsp;&nbsp;7447687 |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;Philip Morris International, Inc. |
| &nbsp;&nbsp;11/17/2029 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;3474000 | &nbsp;&nbsp;&nbsp;&nbsp;3628391 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**11076078** |
| &nbsp;&nbsp;**Wireless 2.7%** | &nbsp;&nbsp;**Wireless 2.7%** | &nbsp;&nbsp;**Wireless 2.7%** | &nbsp;&nbsp;**Wireless 2.7%** |
| &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup> | &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup> | &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup> | &nbsp;&nbsp;Sprint Spectrum Co. I/II/III LLC<sup>(b)</sup> |
| &nbsp;&nbsp;03/20/2028 | &nbsp;&nbsp;5.152% | &nbsp;&nbsp;5336000 | &nbsp;&nbsp;&nbsp;&nbsp;5324308 |
| &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;T-Mobile US, Inc. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;8850000 | &nbsp;&nbsp;&nbsp;&nbsp;8203682 |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;3468000 | &nbsp;&nbsp;&nbsp;&nbsp;3336186 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**16864176** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $596,610,709) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $596,610,709) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $596,610,709) | &nbsp;&nbsp;**563021699** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations 5.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations 5.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations 5.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations 5.6%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury |
| &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;9488000 | &nbsp;&nbsp;&nbsp;&nbsp;9488371 |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;2.875% | 16526700 | &nbsp;&nbsp;16099330 |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;9513000 | &nbsp;&nbsp;&nbsp;&nbsp;9513743 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $35,474,793) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $35,474,793) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $35,474,793) | &nbsp;&nbsp;**35101444** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 4.1%** | &nbsp;&nbsp;**Money Market Funds 4.1%** | &nbsp;&nbsp;**Money Market Funds 4.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559%<sup>(d),(e)</sup> | &nbsp;&nbsp;25827557 | &nbsp;&nbsp;&nbsp;&nbsp;25817226 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $25,818,995) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $25,818,995) | &nbsp;&nbsp;&nbsp;&nbsp;**25817226** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $657,904,497)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $657,904,497)** | &nbsp;&nbsp;**623940369** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8328613** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**632268982** |

---

At January 31, 2023, securities and/or cash totaling $1,541,729 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | 741 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;152385493 | &nbsp;&nbsp;&nbsp;&nbsp;278365 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | (614) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(70312594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1151994) |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | (91) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9941039) | &nbsp;&nbsp;&nbsp;&nbsp;28195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (11) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1333234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30357) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;28195 | &nbsp;&nbsp;&nbsp;&nbsp;(1182351) |

---

#### Notes to Portfolio of Investments
(a) 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 January 31, 2023.

(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 January 31, 2023, the total value of these securities amounted to $185,938,102, which represents 29.41% of
total net assets.

(c) Variable rate security. The interest rate shown was the current rate as of January 31, 2023.

(d) The rate shown is the seven-day current annualized yield at January 31, 2023.

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Notes to Portfolio of Investments (continued)
**(e)** **As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended January 31, 2023 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% |
|  | 17548686 | &nbsp;&nbsp;144556574 | &nbsp;&nbsp;(136286055) | &nbsp;&nbsp;(1979) | &nbsp;&nbsp;25817226 | &nbsp;&nbsp;2307 | &nbsp;&nbsp;240416 | &nbsp;&nbsp;25827557 |

---

#### Abbreviation Legend
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.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Fair value measurements (continued) The following table is a summary of the inputs used to value the Fund's investments at January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;563021699 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;563021699 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35101444 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35101444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 25817226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25817226 |
| &nbsp;&nbsp;Total Investments in Securities | 25817226 | &nbsp;&nbsp;&nbsp;&nbsp;598123143 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;623940369 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;306560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;(1182351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1182351) |
| &nbsp;&nbsp;Total | 24941435 | &nbsp;&nbsp;&nbsp;&nbsp;598123143 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;623064578 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $632,085,502) | $598123143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $25,818,995) | &nbsp;&nbsp;&nbsp;&nbsp;25817226 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541729 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4482788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10499 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18385 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;635423225 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37883 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154243 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$632268982** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;701845368 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(69576386) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$632268982** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Statement of Assets and Liabilities (continued)

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $184405279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;19303767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.85 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$68376971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7155115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.56 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9516637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.55 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $286446068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;29965152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.56 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$18496833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.56 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$65027194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.56 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$240416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;9639421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;9880161 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;1427558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11056 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;2166827 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;(254999) |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;1911808 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;7968353 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | (12772994) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1451758 |
| &nbsp;&nbsp;Net realized loss | (11318929) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;3572069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1979) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461710 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;4031800 |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(7287129) |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;**$681224** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 13

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$7968353 | &nbsp;&nbsp;&nbsp;&nbsp;$12117093 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(11318929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22201040) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54786645) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64870592) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(2365293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3722417) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(926441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1402681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175302) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(4016668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8556597) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1736446) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;(1234911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3444184) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(8887182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19037627) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(78570224) | &nbsp;&nbsp;&nbsp;&nbsp;(307503745) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(86776182) | &nbsp;&nbsp;&nbsp;&nbsp;(391411964) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;719045164 | &nbsp;&nbsp;1110457128 |
| &nbsp;&nbsp;**Net assets at end of period** | **$632268982** | &nbsp;&nbsp;&nbsp;**$719045164** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1693501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15922580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3696529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37587260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(2932806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27591177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6096618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60846549) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;(1005294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9470389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2056158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19812121) |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1864239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17473992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23259364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(1366521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12883916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3709834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36941272) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5516499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1240662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12279553) |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(353100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3331704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1544799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15307691) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(109370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1029690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1167970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11482817) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;8534362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80675300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13495137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135897800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3601175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7733870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (10858517) | &nbsp;&nbsp;&nbsp;&nbsp;(102183265) | &nbsp;&nbsp;&nbsp;&nbsp;(30610510) | &nbsp;&nbsp;&nbsp;&nbsp;(303031741) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;(1941057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17906790) | &nbsp;&nbsp;&nbsp;&nbsp;(16346073) | &nbsp;&nbsp;&nbsp;&nbsp;(159400071) |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8441150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30491727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(785891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7417706) | &nbsp;&nbsp;&nbsp;&nbsp;(10233374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99167098) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7052148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66938947) |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51661635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(6651278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62248094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9377988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92670207) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;(6090488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56965739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3950561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37590236) |
| &nbsp;&nbsp;**Total net decrease** | &nbsp;&nbsp;&nbsp;**(8404292)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(78570224)** | &nbsp;&nbsp;&nbsp;&nbsp;**(31813572)** | &nbsp;&nbsp;&nbsp;&nbsp;**(307503745)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 15

------

[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.43 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.38 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.97 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.66 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.88 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.44 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.38 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.97 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.66 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.89 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.43 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.38 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.97 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.66 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.88 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.44 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.39 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.98 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.89 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.44 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.39 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.98 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.89 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.20) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.55 | 0.34% | 0.83%<sup>(c)</sup> | 0.75%<sup>(c),(d)</sup> | 2.22%<sup>(c)</sup> | 22% | $184405 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.64 | (6.02%) | 0.81% | 0.76%<sup>(d)</sup> | 1.02% | 79% | $195763 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.43 | 1.43% | 0.82% | 0.77%<sup>(d)</sup> | 0.89% | 98% | $233349 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.38 | 6.09% | 0.83% | 0.79%<sup>(d)</sup> | 1.88% | 88% | $188642 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.97 | 5.75% | 0.84% | 0.80% | 2.34% | 99% | $173843 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;$9.66 | (0.55%) | 0.84%<sup>(e)</sup> | 0.80%<sup>(d),(e)</sup> | 1.74% | 79% | $179474 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.56 | 0.57% | 0.58%<sup>(c)</sup> | 0.50%<sup>(c),(d)</sup> | 2.49%<sup>(c)</sup> | 22% | &nbsp;&nbsp;$68377 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.64 | (5.88%) | 0.56% | 0.51%<sup>(d)</sup> | 1.27% | 79% | &nbsp;&nbsp;$63244 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.44 | 1.78% | 0.57% | 0.52%<sup>(d)</sup> | 1.14% | 98% | &nbsp;&nbsp;$81406 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.38 | 6.36% | 0.58% | 0.54%<sup>(d)</sup> | 2.12% | 88% | &nbsp;&nbsp;$58965 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.97 | 6.02% | 0.59% | 0.55% | 2.59% | 99% | &nbsp;&nbsp;$48340 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;$9.66 | (0.40%) | 0.59%<sup>(e)</sup> | 0.55%<sup>(d),(e)</sup> | 1.99% | 79% | &nbsp;&nbsp;$49745 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.55 | (0.04%) | 1.58%<sup>(c)</sup> | 1.50%<sup>(c),(d)</sup> | 1.47%<sup>(c)</sup> | 22% | &nbsp;&nbsp;&nbsp;$9517 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.64 | (6.73%) | 1.56% | 1.51%<sup>(d)</sup> | 0.20% | 79% | &nbsp;&nbsp;$10658 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.43 | 0.68% | 1.57% | 1.52%<sup>(d)</sup> | 0.16% | 98% | &nbsp;&nbsp;$23715 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.38 | 5.30% | 1.58% | 1.54%<sup>(d)</sup> | 1.13% | 88% | &nbsp;&nbsp;$22932 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.97 | 4.96% | 1.59% | 1.55% | 1.59% | 99% | &nbsp;&nbsp;$22797 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;$9.66 | (1.29%) | 1.59%<sup>(e)</sup> | 1.55%<sup>(d),(e)</sup> | 0.97% | 79% | &nbsp;&nbsp;$29079 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.56 | 0.47% | 0.58%<sup>(c)</sup> | 0.50%<sup>(c),(d)</sup> | 2.47%<sup>(c)</sup> | 22% | $286446 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.65 | (5.78%) | 0.56% | 0.51%<sup>(d)</sup> | 1.24% | 79% | $307759 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.44 | 1.68% | 0.57% | 0.52%<sup>(d)</sup> | 1.13% | 98% | $503810 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.39 | 6.35% | 0.58% | 0.54%<sup>(d)</sup> | 2.07% | 88% | $326594 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.98 | 6.01% | 0.59% | 0.55% | 2.59% | 99% | $166238 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;$9.67 | (0.30%) | 0.59%<sup>(e)</sup> | 0.55%<sup>(d),(e)</sup> | 1.98% | 79% | $163477 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.56 | 0.50% | 0.53%<sup>(c)</sup> | 0.45%<sup>(c)</sup> | 2.54%<sup>(c)</sup> | 22% | &nbsp;&nbsp;$18497 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.65 | (5.73%) | 0.51% | 0.46% | 1.29% | 79% | &nbsp;&nbsp;$17257 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.44 | 1.73% | 0.52% | 0.48% | 1.18% | 98% | &nbsp;&nbsp;$92315 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.39 | 6.41% | 0.52% | 0.48% | 2.20% | 88% | &nbsp;&nbsp;$61362 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.98 | 6.08% | 0.53% | 0.49% | 2.65% | 99% | &nbsp;&nbsp;$66741 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;$9.67 | (0.25%) | 0.53%<sup>(e)</sup> | 0.50%<sup>(e)</sup> | 2.06% | 79% | &nbsp;&nbsp;$74279 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 17

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.44 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.39 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.98 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.89 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.20) |

---

---

| | |
|:---|:---|
| **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) | Annualized. |
| (d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (e) | Ratios include interfund lending expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.56 | 0.52% | 0.48%<sup>(c)</sup> | 0.41%<sup>(c)</sup> | 2.51%<sup>(c)</sup> | 22% | &nbsp;&nbsp;$65027 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.65 | (5.69%) | 0.46% | 0.42% | 1.35% | 79% | $124365 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.44 | 1.78% | 0.47% | 0.43% | 1.25% | 98% | $175861 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.39 | 6.47% | 0.47% | 0.43% | 2.24% | 88% | $159121 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.98 | 6.13% | 0.48% | 0.44% | 2.70% | 99% | $177100 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;$9.67 | (0.20%) | 0.48%<sup>(e)</sup> | 0.45%<sup>(e)</sup> | 2.08% | 79% | $114340 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 19

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Limited Duration Credit 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. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund's prospectus.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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.

20 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP 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 CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the 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 CCP 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

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 21

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2023:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;306,560\* |

---

22 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,182,351\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin 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 January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;1451758 |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;461710 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 140564059 |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;80545106 |

---

\* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2023.

#### 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 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 Limited Duration Credit Fund \| Semiannual Report 2023 23

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Notes to Financial Statements (continued)

January 31, 2023 (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 pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.43% to 0.28% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.43% 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

24 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 "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. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. 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 January 31, 2023, 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 (%)** |
| &nbsp;&nbsp;Class A | 0.11 |
| &nbsp;&nbsp;Advisor Class | 0.11 |
| &nbsp;&nbsp;Class C | 0.11 |
| &nbsp;&nbsp;Institutional Class | 0.11 |
| &nbsp;&nbsp;Institutional 2 Class | 0.06 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |

---

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 January 31, 2023, 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

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 25

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 $495,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2022, 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 January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 3.00 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27469 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |

---

(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after
purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.

(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

The Fund's other share classes are not subject to sales charges.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **December 1, 2022<br> through<br> November 30, 2023** | **Prior to<br> December 1, 2022** |
| &nbsp;&nbsp;Class A | 0.74% | 0.76% |
| &nbsp;&nbsp;Advisor Class | 0.49 | 0.51 |
| &nbsp;&nbsp;Class C | 1.49 | 1.51 |
| &nbsp;&nbsp;Institutional Class | 0.49 | 0.51 |
| &nbsp;&nbsp;Institutional 2 Class | 0.44 | 0.46 |
| &nbsp;&nbsp;Institutional 3 Class | 0.39 | 0.42 |

---

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.

26 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (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 January 31, 2023, 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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;657904000 | 1266000 | (36105000) | (34839000) |

---

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 July 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** |
| &nbsp;&nbsp;(14030734) | (8765850) | (22796584) |

---

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 $138,350,754 and $217,106,104, respectively, for the six months ended January 31, 2023, of which $32,921,749 and $38,053,564, 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

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 Limited Duration Credit Fund \| Semiannual Report 2023 27

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

The Fund's activity in the Interfund Program during the six months ended January 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;6 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at January 31, 2023.

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 27, 2022 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 $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended January 31, 2023.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

28 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_67_f4cbf351-70a5-4eee-a697-dc0d25518f93_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

Columbia Limited Duration Credit Fund \| Semiannual Report 2023 29

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

#### Shareholder concentration risk
At January 31, 2023, affiliated shareholders of record owned 45.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

30 Columbia Limited Duration Credit Fund \| Semiannual Report 2023

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#### Columbia Limited Duration Credit Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img75db8af82.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 (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2023 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR183_07_N01_(03/23)

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![](imgdafb684f1.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](img2860d9042.jpg)

Columbia Income Opportunities Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_acbfa1da-d844-419d-8fe6-ae96cba2aacf_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_58568aad-9bfe-4f4a-a061-89c0e14f38b6_1)<br>| 5 |
| [Portfolio of Investments](#xx_62acbd96-375e-43ee-b8bc-836001e3d257_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_68404693-6c71-4d9d-94c3-21b3638f2e3b_1)<br>| 16 |
| [Statement of Operations](#xx_68404693-6c71-4d9d-94c3-21b3638f2e3b_3)<br>| 18 |
| [Statement of Changes in Net Assets](#xx_68404693-6c71-4d9d-94c3-21b3638f2e3b_4)<br>| 19 |
| [Financial Highlights](#xx_a3b09165-8f8a-48a5-be4c-bd4212398c70_2)<br>| 22 |
| [Notes to Financial Statements](#xx_21f65de6-3b0a-485f-bb90-14fae11331d6_1)<br>| 26 |

---

If you elect to receive the shareholder report for Columbia Income Opportunities Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund's shareholder report is available at the Columbia funds' website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Income Opportunities Fund \| Semiannual Report 2023

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Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a high total return through current income and capital appreciation.

Portfolio management

#### Brian Lavin, CFA
Lead Portfolio Manager

Managed Fund since 2003

#### Daniel DeYoung
Portfolio Manager

Managed Fund since 2019

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;06/19/03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;-4.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-4.09 | &nbsp;&nbsp;&nbsp;&nbsp;-9.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;-4.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;06/19/03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;-5.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-0.68 | &nbsp;&nbsp;&nbsp;&nbsp;-6.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;-4.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;-4.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;03/07/11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;-4.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;-4.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| &nbsp;&nbsp;ICE BofA BB-B US Cash Pay High Yield Constrained Index | &nbsp;&nbsp;ICE BofA BB-B US Cash Pay High Yield Constrained Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;-4.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 |

---

**Returns for Class A shares are shown with and without the maximum initial sales charge of 4.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund's other share classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.**

The ICE BofA BB-B US Cash Pay High Yield Constrained Index is an unmanaged index of high-yield bonds. The index is subject to a 2% cap on allocation to any one issuer. The 2% cap is intended to provide broad diversification and better reflect the overall character of the high yield market.

Effective July 1, 2022 the ICE BofA BB-B US Cash Pay High Yield Constrained Index includes transaction costs.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Income Opportunities Fund \| Semiannual Report 2023 3

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;92.1 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;46.0 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;49.0 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the average rating of Moody's, S&P and Fitch. When ratings are available from only two rating agencies, the average of the two rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1006.90 | &nbsp;&nbsp;&nbsp;&nbsp;1020.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.20 | &nbsp;&nbsp;&nbsp;&nbsp;1021.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1003.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.77 | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.20 | &nbsp;&nbsp;&nbsp;&nbsp;1021.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1007.40 | &nbsp;&nbsp;&nbsp;&nbsp;1022.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.80 | &nbsp;&nbsp;&nbsp;&nbsp;1022.47 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.60 | &nbsp;&nbsp;&nbsp;&nbsp;1019.31 | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Income Opportunities Fund \| Semiannual Report 2023 5

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

## Portfolio of Investments January 31, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 0.0%** | &nbsp;&nbsp;**Common Stocks 0.0%** | &nbsp;&nbsp;**Common Stocks 0.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 0.0%** | &nbsp;&nbsp;**Communication Services 0.0%** | &nbsp;&nbsp;**Communication Services 0.0%** |
| &nbsp;&nbsp;**Media 0.0%** | &nbsp;&nbsp;**Media 0.0%** | &nbsp;&nbsp;**Media 0.0%** |
| &nbsp;&nbsp;Haights Cross Communications, Inc.<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Telesat Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 |
| &nbsp;&nbsp;Ziff Davis Holdings, Inc.<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**995** |
| &nbsp;&nbsp;**Consumer Discretionary 0.0%** | &nbsp;&nbsp;**Consumer Discretionary 0.0%** | &nbsp;&nbsp;**Consumer Discretionary 0.0%** |
| &nbsp;&nbsp;**Auto Components 0.0%** | &nbsp;&nbsp;**Auto Components 0.0%** | &nbsp;&nbsp;**Auto Components 0.0%** |
| &nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;84698 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**84698** |
| &nbsp;&nbsp;**Industrials 0.0%** | &nbsp;&nbsp;**Industrials 0.0%** | &nbsp;&nbsp;**Industrials 0.0%** |
| &nbsp;&nbsp;**Commercial Services & Supplies 0.0%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.0%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.0%** |
| &nbsp;&nbsp;Quad/Graphics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | &nbsp;&nbsp;&nbsp;&nbsp;5724 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;&nbsp;&nbsp;**5724** |
| &nbsp;&nbsp;**Utilities —%** | &nbsp;&nbsp;**Utilities —%** | &nbsp;&nbsp;**Utilities —%** |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers —%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers —%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers —%** |
| &nbsp;&nbsp;Calpine Corp. Escrow<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;23187000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $3,191,147) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $3,191,147) | &nbsp;&nbsp;**91417** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Bonds 0.9%** | &nbsp;&nbsp;**Convertible Bonds 0.9%** | &nbsp;&nbsp;**Convertible Bonds 0.9%** | &nbsp;&nbsp;**Convertible Bonds 0.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Cable and Satellite 0.9%** | &nbsp;&nbsp;**Cable and Satellite 0.9%** | &nbsp;&nbsp;**Cable and Satellite 0.9%** | &nbsp;&nbsp;**Cable and Satellite 0.9%** |
| &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. | &nbsp;&nbsp;DISH Network Corp. |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;3.375% | 9741000 | &nbsp;&nbsp;6373460 |
| &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $8,641,919) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $8,641,919) | &nbsp;&nbsp;Total Convertible Bonds<br> (Cost $8,641,919) | &nbsp;&nbsp;**6373460** |
| &nbsp;&nbsp;**Corporate Bonds & Notes 91.3%** | &nbsp;&nbsp;**Corporate Bonds & Notes 91.3%** | &nbsp;&nbsp;**Corporate Bonds & Notes 91.3%** | &nbsp;&nbsp;**Corporate Bonds & Notes 91.3%** |
| &nbsp;&nbsp;**Aerospace & Defense 2.1%** | &nbsp;&nbsp;**Aerospace & Defense 2.1%** | &nbsp;&nbsp;**Aerospace & Defense 2.1%** | &nbsp;&nbsp;**Aerospace & Defense 2.1%** |
| &nbsp;&nbsp;Bombardier, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bombardier, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/15/2025 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;481000 | &nbsp;&nbsp;&nbsp;&nbsp;481421 |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;7.875% | 1135000 | &nbsp;&nbsp;1134983 |
| &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spirit AeroSystems, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;11/30/2029 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;824000 | &nbsp;&nbsp;&nbsp;&nbsp;894920 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;TransDigm, Inc.<sup>(d)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(d)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(d)</sup> | &nbsp;&nbsp;TransDigm, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;851000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868531 |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | 6335000 | &nbsp;&nbsp;&nbsp;&nbsp;6332645 |
| &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. | &nbsp;&nbsp;TransDigm, Inc. |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 3839000 | &nbsp;&nbsp;&nbsp;&nbsp;3666185 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798903 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | 1136000 | &nbsp;&nbsp;&nbsp;&nbsp;1027401 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15204989** |
| &nbsp;&nbsp;**Airlines 2.4%** | &nbsp;&nbsp;**Airlines 2.4%** | &nbsp;&nbsp;**Airlines 2.4%** | &nbsp;&nbsp;**Airlines 2.4%** |
| &nbsp;&nbsp;Air Canada<sup>(d)</sup> | &nbsp;&nbsp;Air Canada<sup>(d)</sup> | &nbsp;&nbsp;Air Canada<sup>(d)</sup> | &nbsp;&nbsp;Air Canada<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | 2026000 | &nbsp;&nbsp;&nbsp;&nbsp;1874528 |
| &nbsp;&nbsp;American Airlines, Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;11.750% | &nbsp;&nbsp;&nbsp;807000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898736 |
| &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> | &nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;04/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 6734341 | &nbsp;&nbsp;&nbsp;&nbsp;6604390 |
| &nbsp;&nbsp;04/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;149009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144253 |
| &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | 4203455 | &nbsp;&nbsp;&nbsp;&nbsp;4017621 |
| &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;06/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | 3844639 | &nbsp;&nbsp;&nbsp;&nbsp;3886178 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**17425706** |
| &nbsp;&nbsp;**Automotive 4.2%** | &nbsp;&nbsp;**Automotive 4.2%** | &nbsp;&nbsp;**Automotive 4.2%** | &nbsp;&nbsp;**Automotive 4.2%** |
| &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. | &nbsp;&nbsp;American Axle & Manufacturing, Inc. |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | 1087000 | &nbsp;&nbsp;&nbsp;&nbsp;1023633 |
| &nbsp;&nbsp;Clarios Global LP<sup>(d)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(d)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(d)</sup> | &nbsp;&nbsp;Clarios Global LP<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | 1239000 | &nbsp;&nbsp;&nbsp;&nbsp;1246830 |
| &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;Ford Motor Co. |
| &nbsp;&nbsp;02/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp;3.250% | 1627000 | &nbsp;&nbsp;&nbsp;&nbsp;1291978 |
| &nbsp;&nbsp;01/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 2224000 | &nbsp;&nbsp;&nbsp;&nbsp;1736926 |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;Ford Motor Credit Co. LLC |
| &nbsp;&nbsp;03/18/2024 | &nbsp;&nbsp;&nbsp;&nbsp;5.584% | 1920000 | &nbsp;&nbsp;&nbsp;&nbsp;1910386 |
| &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;4.063% | 1439000 | &nbsp;&nbsp;&nbsp;&nbsp;1395085 |
| &nbsp;&nbsp;06/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 2268000 | &nbsp;&nbsp;&nbsp;&nbsp;2222738 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114562 |
| &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.389% | 1730000 | &nbsp;&nbsp;&nbsp;&nbsp;1664477 |
| &nbsp;&nbsp;05/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.950% | &nbsp;&nbsp;&nbsp;707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678582 |
| &nbsp;&nbsp;08/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | 3098000 | &nbsp;&nbsp;&nbsp;&nbsp;2854481 |
| &nbsp;&nbsp;11/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.350% | 1280000 | &nbsp;&nbsp;&nbsp;&nbsp;1342366 |
| &nbsp;&nbsp;02/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2.900% | 1363000 | &nbsp;&nbsp;&nbsp;&nbsp;1137849 |
| &nbsp;&nbsp;11/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | 1780000 | &nbsp;&nbsp;&nbsp;&nbsp;1553954 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) | &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683473 |
| &nbsp;&nbsp;IAA Spinco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IAA Spinco, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 3571000 | &nbsp;&nbsp;&nbsp;&nbsp;3583260 |
| &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(d),(e)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(d),(e)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(d),(e)</sup> | &nbsp;&nbsp;IHO Verwaltungs GmbH<sup>(d),(e)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1551000 | &nbsp;&nbsp;&nbsp;&nbsp;1420214 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Columbia Income Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;KAR Auction Services, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 2723000 | &nbsp;&nbsp;&nbsp;&nbsp;2676329 |
| &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Panther BF Aggregator 2 LP/Finance Co., Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.500% | 1881000 | &nbsp;&nbsp;&nbsp;&nbsp;1875370 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**30412493** |
| &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.4%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.4%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.4%** | &nbsp;&nbsp;**Brokerage/Asset Managers/Exchanges 1.4%** |
| &nbsp;&nbsp;AG Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG Issuer LLC<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98281 |
| &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;AG TTMT Escrow Issuer LLC<sup>(d)</sup> |
| &nbsp;&nbsp;09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;8.625% | 2636000 | &nbsp;&nbsp;&nbsp;&nbsp;2718439 |
| &nbsp;&nbsp;NFP Corp<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% | 2070000 | &nbsp;&nbsp;&nbsp;&nbsp;1975473 |
| &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> | &nbsp;&nbsp;NFP Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | 5630000 | &nbsp;&nbsp;&nbsp;&nbsp;4923118 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**9715311** |
| &nbsp;&nbsp;**Building Materials 1.1%** | &nbsp;&nbsp;**Building Materials 1.1%** | &nbsp;&nbsp;**Building Materials 1.1%** | &nbsp;&nbsp;**Building Materials 1.1%** |
| &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;American Builders & Contractors Supply Co., Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | 2090000 | &nbsp;&nbsp;&nbsp;&nbsp;1907950 |
| &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Beacon Roofing Supply, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 3525000 | &nbsp;&nbsp;&nbsp;&nbsp;3359233 |
| &nbsp;&nbsp;SRS Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;SRS Distribution, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | 3064000 | &nbsp;&nbsp;&nbsp;&nbsp;2817038 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8084221** |
| &nbsp;&nbsp;**Cable and Satellite 6.6%** | &nbsp;&nbsp;**Cable and Satellite 6.6%** | &nbsp;&nbsp;**Cable and Satellite 6.6%** | &nbsp;&nbsp;**Cable and Satellite 6.6%** |
| &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;CCO Holdings LLC/Capital Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | 3355000 | &nbsp;&nbsp;&nbsp;&nbsp;3102724 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 5761000 | &nbsp;&nbsp;&nbsp;&nbsp;5037742 |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;2778695 |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 2106000 | &nbsp;&nbsp;&nbsp;&nbsp;1789591 |
| &nbsp;&nbsp;CSC Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;CSC Holdings LLC<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | 2194000 | &nbsp;&nbsp;&nbsp;&nbsp;1843042 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3.375% | 8186000 | &nbsp;&nbsp;&nbsp;&nbsp;5709866 |
| &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. | &nbsp;&nbsp;DISH DBS Corp. |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 5104000 | &nbsp;&nbsp;&nbsp;&nbsp;3245866 |
| &nbsp;&nbsp;DISH Network Corp.<sup>(d)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(d)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(d)</sup> | &nbsp;&nbsp;DISH Network Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;11.750% | 2749000 | &nbsp;&nbsp;&nbsp;&nbsp;2851021 |
| &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Radiate Holdco LLC/Finance, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 3932000 | &nbsp;&nbsp;&nbsp;&nbsp;3011844 |
| &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sirius XM Radio, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.125% | 1729000 | &nbsp;&nbsp;&nbsp;&nbsp;1558795 |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | 3996000 | &nbsp;&nbsp;&nbsp;&nbsp;3424462 |
| &nbsp;&nbsp;Videotron Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Videotron Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | 1844000 | &nbsp;&nbsp;&nbsp;&nbsp;1610891 |
| &nbsp;&nbsp;Virgin Media Finance PLC<sup>(d)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(d)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(d)</sup> | &nbsp;&nbsp;Virgin Media Finance PLC<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 3884000 | &nbsp;&nbsp;&nbsp;&nbsp;3261847 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;VZ Secured Financing BV<sup>(d)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(d)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(d)</sup> | &nbsp;&nbsp;VZ Secured Financing BV<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;5.000% | 3940000 | &nbsp;&nbsp;&nbsp;&nbsp;3374033 |
| &nbsp;&nbsp;Ziggo BV<sup>(d)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(d)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(d)</sup> | &nbsp;&nbsp;Ziggo BV<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.875% | 5856000 | &nbsp;&nbsp;&nbsp;&nbsp;5108480 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**47708899** |
| &nbsp;&nbsp;**Chemicals 4.0%** | &nbsp;&nbsp;**Chemicals 4.0%** | &nbsp;&nbsp;**Chemicals 4.0%** | &nbsp;&nbsp;**Chemicals 4.0%** |
| &nbsp;&nbsp;Avient Corp.<sup>(d)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(d)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(d)</sup> | &nbsp;&nbsp;Avient Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;7.125% | 1435000 | &nbsp;&nbsp;&nbsp;&nbsp;1451861 |
| &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(d)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(d)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(d)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;3.375% | 1877000 | &nbsp;&nbsp;&nbsp;&nbsp;1613807 |
| &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(d)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(d)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(d)</sup> | &nbsp;&nbsp;Axalta Coating Systems LLC/Dutch Holding B BV<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;4.750% | 1738000 | &nbsp;&nbsp;&nbsp;&nbsp;1641926 |
| &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(d)</sup> | &nbsp;&nbsp;Cheever Escrow Issuer LLC<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;7.125% | 1874000 | &nbsp;&nbsp;&nbsp;&nbsp;1835152 |
| &nbsp;&nbsp;Element Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Element Solutions, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;3.875% | 2766000 | &nbsp;&nbsp;&nbsp;&nbsp;2446092 |
| &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;HB Fuller Co. |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.250% | 1919000 | &nbsp;&nbsp;&nbsp;&nbsp;1699054 |
| &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> | &nbsp;&nbsp;Herens Holdco Sarl<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;4.750% | 2001000 | &nbsp;&nbsp;&nbsp;&nbsp;1642859 |
| &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Illuminate Buyer LLC/Holdings IV, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;9.000% | 1591000 | &nbsp;&nbsp;&nbsp;&nbsp;1424183 |
| &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(d)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(d)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(d)</sup> | &nbsp;&nbsp;INEOS Quattro Finance 2 Plc<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;&nbsp;679000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622987 |
| &nbsp;&nbsp;Ingevity Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ingevity Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;3.875% | 1868000 | &nbsp;&nbsp;&nbsp;&nbsp;1643400 |
| &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Innophos Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;9.375% | 1674000 | &nbsp;&nbsp;&nbsp;&nbsp;1652190 |
| &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Olympus Water US Holding Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;4.250% | 2184000 | &nbsp;&nbsp;&nbsp;&nbsp;1825761 |
| &nbsp;&nbsp;SPCM SA<sup>(d)</sup> | &nbsp;&nbsp;SPCM SA<sup>(d)</sup> | &nbsp;&nbsp;SPCM SA<sup>(d)</sup> | &nbsp;&nbsp;SPCM SA<sup>(d)</sup> |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752944 |
| &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(d)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(d)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(d)</sup> | &nbsp;&nbsp;Unifrax Escrow Issuer Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;859000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733608 |
| &nbsp;&nbsp;WR Grace Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;WR Grace Holdings LLC<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2024 | &nbsp;&nbsp;5.625% | 2185000 | &nbsp;&nbsp;&nbsp;&nbsp;2173886 |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;4.875% | 3036000 | &nbsp;&nbsp;&nbsp;&nbsp;2832624 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;5.625% | 3258000 | &nbsp;&nbsp;&nbsp;&nbsp;2713804 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**28706138** |
| &nbsp;&nbsp;**Construction Machinery 1.4%** | &nbsp;&nbsp;**Construction Machinery 1.4%** | &nbsp;&nbsp;**Construction Machinery 1.4%** | &nbsp;&nbsp;**Construction Machinery 1.4%** |
| &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(d)</sup> | &nbsp;&nbsp;H&E Equipment Services, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;3.875% | 5548000 | &nbsp;&nbsp;&nbsp;&nbsp;4893115 |
| &nbsp;&nbsp;Herc Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Herc Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.500% | 1737000 | &nbsp;&nbsp;&nbsp;&nbsp;1663755 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Income Opportunities Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ritchie Bros. Auctioneers, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;5.375% | 3740000 | &nbsp;&nbsp;&nbsp;&nbsp;3712238 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10269108** |
| &nbsp;&nbsp;**Consumer Cyclical Services 2.4%** | &nbsp;&nbsp;**Consumer Cyclical Services 2.4%** | &nbsp;&nbsp;**Consumer Cyclical Services 2.4%** | &nbsp;&nbsp;**Consumer Cyclical Services 2.4%** |
| &nbsp;&nbsp;APX Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;APX Group, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;6.750% | 1365000 | &nbsp;&nbsp;&nbsp;&nbsp;1338190 |
| &nbsp;&nbsp;Arches Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Arches Buyer, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.250% | 3007000 | &nbsp;&nbsp;&nbsp;&nbsp;2527363 |
| &nbsp;&nbsp;Match Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Match Group, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350296 |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;5.625% | 1794000 | &nbsp;&nbsp;&nbsp;&nbsp;1693318 |
| &nbsp;&nbsp;Staples, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Staples, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;7.500% | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;1158584 |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Uber Technologies, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;7.500% | 3225000 | &nbsp;&nbsp;&nbsp;&nbsp;3273951 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;4.500% | 7841000 | &nbsp;&nbsp;&nbsp;&nbsp;6992117 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**17333819** |
| &nbsp;&nbsp;**Consumer Products 1.7%** | &nbsp;&nbsp;**Consumer Products 1.7%** | &nbsp;&nbsp;**Consumer Products 1.7%** | &nbsp;&nbsp;**Consumer Products 1.7%** |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CD&R Smokey Buyer, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;6.750% | 3212000 | &nbsp;&nbsp;&nbsp;&nbsp;2914143 |
| &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;Newell Brands, Inc. |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583132 |
| &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831294 |
| &nbsp;&nbsp;Prestige Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Prestige Brands, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.125% | 3353000 | &nbsp;&nbsp;&nbsp;&nbsp;3217761 |
| &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791819 |
| &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. | &nbsp;&nbsp;Spectrum Brands, Inc. |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;5.750% | 1818000 | &nbsp;&nbsp;&nbsp;&nbsp;1804315 |
| &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Spectrum Brands, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875773 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114283 |
| &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Tempur Sealy International, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;3.875% | 1346000 | &nbsp;&nbsp;&nbsp;&nbsp;1110395 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**12242915** |
| &nbsp;&nbsp;**Diversified Manufacturing 1.2%** | &nbsp;&nbsp;**Diversified Manufacturing 1.2%** | &nbsp;&nbsp;**Diversified Manufacturing 1.2%** | &nbsp;&nbsp;**Diversified Manufacturing 1.2%** |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Chart Industries, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;973000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993935 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;9.500% | &nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347543 |
| &nbsp;&nbsp;Madison IAQ LLC<sup>(d)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(d)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(d)</sup> | &nbsp;&nbsp;Madison IAQ LLC<sup>(d)</sup> |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;4.125% | 1468000 | &nbsp;&nbsp;&nbsp;&nbsp;1292803 |
| &nbsp;&nbsp;Resideo Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Resideo Funding, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% | 1615000 | &nbsp;&nbsp;&nbsp;&nbsp;1328420 |
| &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Vertical US Newco, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.250% | 1249000 | &nbsp;&nbsp;&nbsp;&nbsp;1154076 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(d)</sup> | &nbsp;&nbsp;WESCO Distribution, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.125% | 3603000 | &nbsp;&nbsp;&nbsp;&nbsp;3660313 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160448 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8937538** |
| &nbsp;&nbsp;**Electric 5.4%** | &nbsp;&nbsp;**Electric 5.4%** | &nbsp;&nbsp;**Electric 5.4%** | &nbsp;&nbsp;**Electric 5.4%** |
| &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;Clearway Energy Operating LLC<sup>(d)</sup> |
| &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;4.750% | 1767000 | &nbsp;&nbsp;&nbsp;&nbsp;1666108 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.750% | 6550000 | &nbsp;&nbsp;&nbsp;&nbsp;5541356 |
| &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;3.750% | 2834000 | &nbsp;&nbsp;&nbsp;&nbsp;2340431 |
| &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;FirstEnergy Corp. |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;7.375% | 1142000 | &nbsp;&nbsp;&nbsp;&nbsp;1317481 |
| &nbsp;&nbsp;FirstEnergy Corp.<sup>(f)</sup> | &nbsp;&nbsp;FirstEnergy Corp.<sup>(f)</sup> | &nbsp;&nbsp;FirstEnergy Corp.<sup>(f)</sup> | &nbsp;&nbsp;FirstEnergy Corp.<sup>(f)</sup> |
| &nbsp;&nbsp;07/15/2047 | &nbsp;&nbsp;5.100% | &nbsp;&nbsp;&nbsp;852000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785905 |
| &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(d)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(d)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(d)</sup> | &nbsp;&nbsp;Leeward Renewable Energy Operations LLC<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.250% | 2646000 | &nbsp;&nbsp;&nbsp;&nbsp;2341151 |
| &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(d)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(d)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(d)</sup> | &nbsp;&nbsp;NextEra Energy Operating Partners LP<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;3.875% | 5194000 | &nbsp;&nbsp;&nbsp;&nbsp;4840440 |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;4.500% | 6418000 | &nbsp;&nbsp;&nbsp;&nbsp;6045750 |
| &nbsp;&nbsp;NRG Energy, Inc.<sup>(d)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(d)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(d)</sup> | &nbsp;&nbsp;NRG Energy, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.250% | 3876000 | &nbsp;&nbsp;&nbsp;&nbsp;3499450 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;3.625% | 2532000 | &nbsp;&nbsp;&nbsp;&nbsp;2007235 |
| &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(d)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(d)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(d)</sup> | &nbsp;&nbsp;Pattern Energy Operations LP/Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.500% | 1261000 | &nbsp;&nbsp;&nbsp;&nbsp;1157121 |
| &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;PG&E Corp. |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.000% | 1193000 | &nbsp;&nbsp;&nbsp;&nbsp;1116040 |
| &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(d)</sup> | &nbsp;&nbsp;TerraForm Power Operating LLC<sup>(d)</sup> |
| &nbsp;&nbsp;01/31/2028 | &nbsp;&nbsp;5.000% | 2922000 | &nbsp;&nbsp;&nbsp;&nbsp;2746546 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.750% | 2207000 | &nbsp;&nbsp;&nbsp;&nbsp;1993911 |
| &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(d)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(d)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(d)</sup> | &nbsp;&nbsp;Vistra Operations Co. LLC<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.375% | 1781000 | &nbsp;&nbsp;&nbsp;&nbsp;1567662 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**38966587** |
| &nbsp;&nbsp;**Environmental 1.2%** | &nbsp;&nbsp;**Environmental 1.2%** | &nbsp;&nbsp;**Environmental 1.2%** | &nbsp;&nbsp;**Environmental 1.2%** |
| &nbsp;&nbsp;Clean Harbors, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Clean Harbors, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Clean Harbors, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Clean Harbors, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277081 |
| &nbsp;&nbsp;GFL Environmental, Inc.<sup>(d)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(d)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(d)</sup> | &nbsp;&nbsp;GFL Environmental, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;4.250% | 3590000 | &nbsp;&nbsp;&nbsp;&nbsp;3474982 |
| &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Waste Pro USA, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.500% | 4819000 | &nbsp;&nbsp;&nbsp;&nbsp;4482154 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8234217** |
| &nbsp;&nbsp;**Finance Companies 2.1%** | &nbsp;&nbsp;**Finance Companies 2.1%** | &nbsp;&nbsp;**Finance Companies 2.1%** | &nbsp;&nbsp;**Finance Companies 2.1%** |
| &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;Navient Corp. |
| &nbsp;&nbsp;06/25/2025 | &nbsp;&nbsp;6.750% | 2470000 | &nbsp;&nbsp;&nbsp;&nbsp;2464690 |
| &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Provident Funding Associates LP/Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;6.375% | 4964000 | &nbsp;&nbsp;&nbsp;&nbsp;4652528 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Income Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Quicken Loans LLC/Co-Issuer, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603310 |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;3.875% | 2761000 | &nbsp;&nbsp;&nbsp;&nbsp;2248643 |
| &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Rocket Mortgage LLC/Co-Issuer, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;4.000% | 5075000 | &nbsp;&nbsp;&nbsp;&nbsp;4023667 |
| &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. | &nbsp;&nbsp;Springleaf Finance Corp. |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;6.125% | 1090000 | &nbsp;&nbsp;&nbsp;&nbsp;1081135 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15073973** |
| &nbsp;&nbsp;**Food and Beverage 2.6%** | &nbsp;&nbsp;**Food and Beverage 2.6%** | &nbsp;&nbsp;**Food and Beverage 2.6%** | &nbsp;&nbsp;**Food and Beverage 2.6%** |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;5.250% | 1872000 | &nbsp;&nbsp;&nbsp;&nbsp;1825462 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;6.000% | 1342000 | &nbsp;&nbsp;&nbsp;&nbsp;1335602 |
| &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> | &nbsp;&nbsp;FAGE International SA/USA Dairy Industry, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.625% | 6220000 | &nbsp;&nbsp;&nbsp;&nbsp;5843700 |
| &nbsp;&nbsp;Performance Food Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Performance Food Group, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;824000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830081 |
| &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(d)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(d)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(d)</sup> | &nbsp;&nbsp;Pilgrim's Pride Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;4.250% | 1463000 | &nbsp;&nbsp;&nbsp;&nbsp;1269100 |
| &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;456000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371167 |
| &nbsp;&nbsp;Post Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Post Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915046 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.625% | 1446000 | &nbsp;&nbsp;&nbsp;&nbsp;1396750 |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;909000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799946 |
| &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Primo Water Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/30/2029 | &nbsp;&nbsp;4.375% | 1407000 | &nbsp;&nbsp;&nbsp;&nbsp;1229307 |
| &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup> | &nbsp;&nbsp;Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;4.625% | 1787000 | &nbsp;&nbsp;&nbsp;&nbsp;1516352 |
| &nbsp;&nbsp;US Foods, Inc.<sup>(d)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(d)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(d)</sup> | &nbsp;&nbsp;US Foods, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;4.625% | 1417000 | &nbsp;&nbsp;&nbsp;&nbsp;1275801 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**18608314** |
| &nbsp;&nbsp;**Gaming 3.6%** | &nbsp;&nbsp;**Gaming 3.6%** | &nbsp;&nbsp;**Gaming 3.6%** | &nbsp;&nbsp;**Gaming 3.6%** |
| &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;Boyd Gaming Corp. |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;894000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850166 |
| &nbsp;&nbsp;Boyd Gaming Corp.<sup>(d)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(d)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(d)</sup> | &nbsp;&nbsp;Boyd Gaming Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;884000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793976 |
| &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(d),(g)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(d),(g)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(d),(g)</sup> | &nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(d),(g)</sup> |
| &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;7.000% | 2745000 | &nbsp;&nbsp;&nbsp;&nbsp;2797216 |
| &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Colt Merger Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;5.750% | 3207000 | &nbsp;&nbsp;&nbsp;&nbsp;3208917 |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.250% | 4539000 | &nbsp;&nbsp;&nbsp;&nbsp;4522007 |
| &nbsp;&nbsp;International Game Technology PLC<sup>(d)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(d)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(d)</sup> | &nbsp;&nbsp;International Game Technology PLC<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2025 | &nbsp;&nbsp;6.500% | 3329000 | &nbsp;&nbsp;&nbsp;&nbsp;3363502 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;4.125% | 1252000 | &nbsp;&nbsp;&nbsp;&nbsp;1191625 |
| &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(d)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(d)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(d)</sup> | &nbsp;&nbsp;Midwest Gaming Borrower LLC<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% | 3427000 | &nbsp;&nbsp;&nbsp;&nbsp;3030108 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Penn National Gaming, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.125% | 1057000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873900 |
| &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games Holdings LP/US FinCo, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;6.625% | 2339000 | &nbsp;&nbsp;&nbsp;&nbsp;2085330 |
| &nbsp;&nbsp;Scientific Games International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Scientific Games International, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;7.000% | 1338000 | &nbsp;&nbsp;&nbsp;&nbsp;1326853 |
| &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(d)</sup> | &nbsp;&nbsp;Wynn Las Vegas LLC/Capital Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;5.500% | 2172000 | &nbsp;&nbsp;&nbsp;&nbsp;2113606 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**26157206** |
| &nbsp;&nbsp;**Health Care 6.1%** | &nbsp;&nbsp;**Health Care 6.1%** | &nbsp;&nbsp;**Health Care 6.1%** | &nbsp;&nbsp;**Health Care 6.1%** |
| &nbsp;&nbsp;180 Medical, Inc.<sup>(d)</sup> | &nbsp;&nbsp;180 Medical, Inc.<sup>(d)</sup> | &nbsp;&nbsp;180 Medical, Inc.<sup>(d)</sup> | &nbsp;&nbsp;180 Medical, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;557000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495230 |
| &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645139 |
| &nbsp;&nbsp;AdaptHealth LLC<sup>(d)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(d)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(d)</sup> | &nbsp;&nbsp;AdaptHealth LLC<sup>(d)</sup> |
| &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413273 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;5.125% | 2804000 | &nbsp;&nbsp;&nbsp;&nbsp;2497745 |
| &nbsp;&nbsp;Avantor Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Avantor Funding, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;4.625% | 2632000 | &nbsp;&nbsp;&nbsp;&nbsp;2480635 |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;3.875% | 3787000 | &nbsp;&nbsp;&nbsp;&nbsp;3348514 |
| &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Catalent Pharma Solutions, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930904 |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;3.500% | 1141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942720 |
| &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;884000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819187 |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;923000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823878 |
| &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;989000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874462 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CHS/Community Health Systems, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;5.250% | 3945000 | &nbsp;&nbsp;&nbsp;&nbsp;3179600 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187456 |
| &nbsp;&nbsp;Hologic, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hologic, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hologic, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hologic, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;748000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715815 |
| &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Indigo Merger Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;&nbsp;832000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761318 |
| &nbsp;&nbsp;IQVIA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;IQVIA, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;5.000% | 2436000 | &nbsp;&nbsp;&nbsp;&nbsp;2368253 |
| &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Mozart Debt Merger Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;5.250% | 2254000 | &nbsp;&nbsp;&nbsp;&nbsp;1891607 |
| &nbsp;&nbsp;Select Medical Corp.<sup>(d)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(d)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(d)</sup> | &nbsp;&nbsp;Select Medical Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;6.250% | 4485000 | &nbsp;&nbsp;&nbsp;&nbsp;4379912 |
| &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;Teleflex, Inc. |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;4.625% | 2825000 | &nbsp;&nbsp;&nbsp;&nbsp;2698927 |
| &nbsp;&nbsp;Teleflex, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Teleflex, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Teleflex, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Teleflex, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.250% | 1089000 | &nbsp;&nbsp;&nbsp;&nbsp;1005921 |
| &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;Tenet Healthcare Corp. |
| &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;4.875% | 4325000 | &nbsp;&nbsp;&nbsp;&nbsp;4211559 |
| &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;897000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798333 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Income Opportunities Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tenet Healthcare Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;6.250% | 5764000 | &nbsp;&nbsp;&nbsp;&nbsp;5634310 |
| &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(d)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(d)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(d)</sup> | &nbsp;&nbsp;US Acute Care Solutions LLC<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;6.375% | 2120000 | &nbsp;&nbsp;&nbsp;&nbsp;1919956 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**44024654** |
| &nbsp;&nbsp;**Home Construction 0.4%** | &nbsp;&nbsp;**Home Construction 0.4%** | &nbsp;&nbsp;**Home Construction 0.4%** | &nbsp;&nbsp;**Home Construction 0.4%** |
| &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. | &nbsp;&nbsp;Shea Homes LP/Funding Corp. |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | 3172000 | &nbsp;&nbsp;&nbsp;&nbsp;2824772 |
| &nbsp;&nbsp;**Independent Energy 5.4%** | &nbsp;&nbsp;**Independent Energy 5.4%** | &nbsp;&nbsp;**Independent Energy 5.4%** | &nbsp;&nbsp;**Independent Energy 5.4%** |
| &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. | &nbsp;&nbsp;Apache Corp. |
| &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;5.100% | &nbsp;&nbsp;&nbsp;908000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791966 |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705903 |
| &nbsp;&nbsp;04/15/2043 | &nbsp;&nbsp;4.750% | 1839000 | &nbsp;&nbsp;&nbsp;&nbsp;1455691 |
| &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. | &nbsp;&nbsp;Callon Petroleum Co. |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;6.375% | 3427000 | &nbsp;&nbsp;&nbsp;&nbsp;3314913 |
| &nbsp;&nbsp;Callon Petroleum Co.<sup>(d)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(d)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(d)</sup> | &nbsp;&nbsp;Callon Petroleum Co.<sup>(d)</sup> |
| &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759576 |
| &nbsp;&nbsp;Centennial Resource Production LLC<sup>(d)</sup> | &nbsp;&nbsp;Centennial Resource Production LLC<sup>(d)</sup> | &nbsp;&nbsp;Centennial Resource Production LLC<sup>(d)</sup> | &nbsp;&nbsp;Centennial Resource Production LLC<sup>(d)</sup> |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362801 |
| &nbsp;&nbsp;CNX Resources Corp.<sup>(d)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(d)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(d)</sup> | &nbsp;&nbsp;CNX Resources Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;03/14/2027 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235933 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;6.000% | 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;1340035 |
| &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(d)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(d)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(d)</sup> | &nbsp;&nbsp;Colgate Energy Partners III LLC<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;5.875% | 2649000 | &nbsp;&nbsp;&nbsp;&nbsp;2488300 |
| &nbsp;&nbsp;Comstock Resources, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Comstock Resources, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;891000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820901 |
| &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;CrownRock LP/Finance, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;903000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834036 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(d)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(d)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(d)</sup> | &nbsp;&nbsp;Hilcorp Energy I LP/Finance Co.<sup>(d)</sup> |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;6.250% | 3081000 | &nbsp;&nbsp;&nbsp;&nbsp;2958032 |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;5.750% | 2565000 | &nbsp;&nbsp;&nbsp;&nbsp;2386188 |
| &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;Matador Resources Co. |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;5.875% | 3220000 | &nbsp;&nbsp;&nbsp;&nbsp;3169412 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;Occidental Petroleum Corp. |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;6.625% | 2838000 | &nbsp;&nbsp;&nbsp;&nbsp;3015525 |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;6.125% | 3502000 | &nbsp;&nbsp;&nbsp;&nbsp;3660968 |
| &nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889776 |
| &nbsp;&nbsp;09/15/2036 | &nbsp;&nbsp;6.450% | 3016000 | &nbsp;&nbsp;&nbsp;&nbsp;3173353 |
| &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;SM Energy Co. |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;6.500% | 1596000 | &nbsp;&nbsp;&nbsp;&nbsp;1526600 |
| &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. | &nbsp;&nbsp;Southwestern Energy Co. |
| &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;4.750% | 5293000 | &nbsp;&nbsp;&nbsp;&nbsp;4665455 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**38559360** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Leisure 2.2%** | &nbsp;&nbsp;**Leisure 2.2%** | &nbsp;&nbsp;**Leisure 2.2%** | &nbsp;&nbsp;**Leisure 2.2%** |
| &nbsp;&nbsp;Carnival Corp.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;7.625% | 1457000 | &nbsp;&nbsp;&nbsp;&nbsp;1326110 |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | 2642000 | &nbsp;&nbsp;&nbsp;&nbsp;2192241 |
| &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Carnival Holdings Bermuda Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;10.375% | 1709000 | &nbsp;&nbsp;&nbsp;&nbsp;1845339 |
| &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Cinemark USA, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | 3610000 | &nbsp;&nbsp;&nbsp;&nbsp;3244401 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35262 |
| &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;843000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779732 |
| &nbsp;&nbsp;NCL Corp., Ltd.<sup>(d)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(d)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(d)</sup> | &nbsp;&nbsp;NCL Corp., Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.875% | 1148000 | &nbsp;&nbsp;&nbsp;&nbsp;1068906 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;11.500% | &nbsp;&nbsp;&nbsp;461000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494636 |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;1019052 |
| &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 3694000 | &nbsp;&nbsp;&nbsp;&nbsp;3304495 |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;898000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780254 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**16090428** |
| &nbsp;&nbsp;**Lodging 0.3%** | &nbsp;&nbsp;**Lodging 0.3%** | &nbsp;&nbsp;**Lodging 0.3%** | &nbsp;&nbsp;**Lodging 0.3%** |
| &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hilton Domestic Operating Co., Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.375% | 1769000 | &nbsp;&nbsp;&nbsp;&nbsp;1761511 |
| &nbsp;&nbsp;**Media and Entertainment 2.9%** | &nbsp;&nbsp;**Media and Entertainment 2.9%** | &nbsp;&nbsp;**Media and Entertainment 2.9%** | &nbsp;&nbsp;**Media and Entertainment 2.9%** |
| &nbsp;&nbsp;Clear Channel International BV<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel International BV<sup>(d)</sup> |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.625% | 1773000 | &nbsp;&nbsp;&nbsp;&nbsp;1738068 |
| &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Clear Channel Worldwide Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 6342000 | &nbsp;&nbsp;&nbsp;&nbsp;5777066 |
| &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. | &nbsp;&nbsp;iHeartCommunications, Inc. |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;810652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777299 |
| &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;iHeartCommunications, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | 1515000 | &nbsp;&nbsp;&nbsp;&nbsp;1358256 |
| &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Outfront Media Capital LLC/Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 1335000 | &nbsp;&nbsp;&nbsp;&nbsp;1235767 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | 1222000 | &nbsp;&nbsp;&nbsp;&nbsp;1051675 |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | 3133000 | &nbsp;&nbsp;&nbsp;&nbsp;2691860 |
| &nbsp;&nbsp;Playtika Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;Playtika Holding Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | 3542000 | &nbsp;&nbsp;&nbsp;&nbsp;2942806 |
| &nbsp;&nbsp;Roblox Corp.<sup>(d)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(d)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(d)</sup> | &nbsp;&nbsp;Roblox Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | 2381000 | &nbsp;&nbsp;&nbsp;&nbsp;2006659 |
| &nbsp;&nbsp;Univision Communications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Univision Communications, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7.375% | 1529000 | &nbsp;&nbsp;&nbsp;&nbsp;1498898 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**21078354** |
| &nbsp;&nbsp;**Metals and Mining 3.3%** | &nbsp;&nbsp;**Metals and Mining 3.3%** | &nbsp;&nbsp;**Metals and Mining 3.3%** | &nbsp;&nbsp;**Metals and Mining 3.3%** |
| &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. | &nbsp;&nbsp;Allegheny Technologies, Inc. |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;603000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551724 |
| &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 2509000 | &nbsp;&nbsp;&nbsp;&nbsp;2278103 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Income Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Constellium SE<sup>(d)</sup> | &nbsp;&nbsp;Constellium SE<sup>(d)</sup> | &nbsp;&nbsp;Constellium SE<sup>(d)</sup> | &nbsp;&nbsp;Constellium SE<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;5.625% | 1467000 | &nbsp;&nbsp;&nbsp;&nbsp;1388304 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;3.750% | 7347000 | &nbsp;&nbsp;&nbsp;&nbsp;6278838 |
| &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Hudbay Minerals, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390613 |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;6.125% | 7705000 | &nbsp;&nbsp;&nbsp;&nbsp;7109577 |
| &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(d)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(d)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(d)</sup> | &nbsp;&nbsp;Kaiser Aluminum Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293251 |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;4.500% | 2862000 | &nbsp;&nbsp;&nbsp;&nbsp;2422029 |
| &nbsp;&nbsp;Novelis Corp.<sup>(d)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(d)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(d)</sup> | &nbsp;&nbsp;Novelis Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;3.250% | 1452000 | &nbsp;&nbsp;&nbsp;&nbsp;1314613 |
| &nbsp;&nbsp;01/30/2030 | &nbsp;&nbsp;4.750% | 1329000 | &nbsp;&nbsp;&nbsp;&nbsp;1214600 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619540 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**23861192** |
| &nbsp;&nbsp;**Midstream 5.8%** | &nbsp;&nbsp;**Midstream 5.8%** | &nbsp;&nbsp;**Midstream 5.8%** | &nbsp;&nbsp;**Midstream 5.8%** |
| &nbsp;&nbsp;CNX Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;CNX Midstream Partners LP<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;4.750% | 1841000 | &nbsp;&nbsp;&nbsp;&nbsp;1556915 |
| &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP | &nbsp;&nbsp;DCP Midstream Operating LP |
| &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;5.600% | 1662000 | &nbsp;&nbsp;&nbsp;&nbsp;1659284 |
| &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. | &nbsp;&nbsp;Delek Logistics Partners LP/Finance Corp. |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;6.750% | 2404000 | &nbsp;&nbsp;&nbsp;&nbsp;2346440 |
| &nbsp;&nbsp;DT Midstream, Inc.<sup>(d)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(d)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(d)</sup> | &nbsp;&nbsp;DT Midstream, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.125% | 1412000 | &nbsp;&nbsp;&nbsp;&nbsp;1245285 |
| &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> | &nbsp;&nbsp;EQM Midstream Partners LP<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;739000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727824 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;619000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620706 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;6.500% | 2379000 | &nbsp;&nbsp;&nbsp;&nbsp;2326779 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.500% | 2163000 | &nbsp;&nbsp;&nbsp;&nbsp;1896472 |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.750% | 2531000 | &nbsp;&nbsp;&nbsp;&nbsp;2143953 |
| &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP | &nbsp;&nbsp;EQM Midstream Partners LP |
| &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762662 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705759 |
| &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;6.500% | 3024000 | &nbsp;&nbsp;&nbsp;&nbsp;2345255 |
| &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Holly Energy Partners LP/Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;904000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895412 |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;5.000% | 3553000 | &nbsp;&nbsp;&nbsp;&nbsp;3308431 |
| &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP | &nbsp;&nbsp;NuStar Logistics LP |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.750% | 1770000 | &nbsp;&nbsp;&nbsp;&nbsp;1751322 |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;6.000% | 1402000 | &nbsp;&nbsp;&nbsp;&nbsp;1374059 |
| &nbsp;&nbsp;04/28/2027 | &nbsp;&nbsp;5.625% | 3054000 | &nbsp;&nbsp;&nbsp;&nbsp;2941611 |
| &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. | &nbsp;&nbsp;TransMontaigne Partners LP/TLP Finance Corp. |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;6.125% | 4225000 | &nbsp;&nbsp;&nbsp;&nbsp;3675721 |
| &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(d)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(d)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(d)</sup> | &nbsp;&nbsp;Venture Global Calcasieu Pass LLC<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;3.875% | 2560000 | &nbsp;&nbsp;&nbsp;&nbsp;2283563 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;4.125% | 3987000 | &nbsp;&nbsp;&nbsp;&nbsp;3537578 |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;3.875% | 2170000 | &nbsp;&nbsp;&nbsp;&nbsp;1828400 |
| &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP | &nbsp;&nbsp;Western Gas Partners LP |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;4.650% | 1753000 | &nbsp;&nbsp;&nbsp;&nbsp;1690460 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**41623891** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Oil Field Services 0.7%** | &nbsp;&nbsp;**Oil Field Services 0.7%** | &nbsp;&nbsp;**Oil Field Services 0.7%** | &nbsp;&nbsp;**Oil Field Services 0.7%** |
| &nbsp;&nbsp;Nabors Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Nabors Industries, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814057 |
| &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Transocean Sentry Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;5.375% | 2113265 | &nbsp;&nbsp;&nbsp;&nbsp;2108643 |
| &nbsp;&nbsp;Transocean Titan Financing Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Transocean Titan Financing Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Transocean Titan Financing Ltd.<sup>(d)</sup> | &nbsp;&nbsp;Transocean Titan Financing Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;8.375% | 2109000 | &nbsp;&nbsp;&nbsp;&nbsp;2188618 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5111318** |
| &nbsp;&nbsp;**Other REIT 1.7%** | &nbsp;&nbsp;**Other REIT 1.7%** | &nbsp;&nbsp;**Other REIT 1.7%** | &nbsp;&nbsp;**Other REIT 1.7%** |
| &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;3.750% | 2461000 | &nbsp;&nbsp;&nbsp;&nbsp;2171484 |
| &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> | &nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;4.250% | 4038000 | &nbsp;&nbsp;&nbsp;&nbsp;3558434 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;879000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730385 |
| &nbsp;&nbsp;Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;5.875% | 1120000 | &nbsp;&nbsp;&nbsp;&nbsp;1036257 |
| &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.875% | 1416000 | &nbsp;&nbsp;&nbsp;&nbsp;1231137 |
| &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(d)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(d)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(d)</sup> | &nbsp;&nbsp;RLJ Lodging Trust LP<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;969000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889951 |
| &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;Service Properties Trust |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;4.650% | 1652000 | &nbsp;&nbsp;&nbsp;&nbsp;1613209 |
| &nbsp;&nbsp;10/01/2024 | &nbsp;&nbsp;4.350% | &nbsp;&nbsp;&nbsp;771000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726825 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11957682** |
| &nbsp;&nbsp;**Packaging 2.3%** | &nbsp;&nbsp;**Packaging 2.3%** | &nbsp;&nbsp;**Packaging 2.3%** | &nbsp;&nbsp;**Packaging 2.3%** |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/PLC<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;682000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682029 |
| &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;4.000% | 4842000 | &nbsp;&nbsp;&nbsp;&nbsp;4009482 |
| &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Ardagh Packaging Finance PLC/Holdings USA, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/30/2025 | &nbsp;&nbsp;5.250% | 2694000 | &nbsp;&nbsp;&nbsp;&nbsp;2638403 |
| &nbsp;&nbsp;Canpack SA/US LLC<sup>(d)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(d)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(d)</sup> | &nbsp;&nbsp;Canpack SA/US LLC<sup>(d)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;3.875% | 3208000 | &nbsp;&nbsp;&nbsp;&nbsp;2662662 |
| &nbsp;&nbsp;Sealed Air Corp.<sup>(d)</sup> | &nbsp;&nbsp;Sealed Air Corp.<sup>(d)</sup> | &nbsp;&nbsp;Sealed Air Corp.<sup>(d)</sup> | &nbsp;&nbsp;Sealed Air Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263432 |
| &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(d)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(d)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(d)</sup> | &nbsp;&nbsp;Trivium Packaging Finance BV<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;5.500% | 6695000 | &nbsp;&nbsp;&nbsp;&nbsp;6432515 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**16688523** |
| &nbsp;&nbsp;**Pharmaceuticals 1.6%** | &nbsp;&nbsp;**Pharmaceuticals 1.6%** | &nbsp;&nbsp;**Pharmaceuticals 1.6%** | &nbsp;&nbsp;**Pharmaceuticals 1.6%** |
| &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Bausch Health Companies, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;6.125% | 1580000 | &nbsp;&nbsp;&nbsp;&nbsp;1077214 |
| &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;4.875% | 2366000 | &nbsp;&nbsp;&nbsp;&nbsp;1518763 |
| &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(d)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(d)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(d)</sup> | &nbsp;&nbsp;Grifols Escrow Issuer SA<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.750% | 1356000 | &nbsp;&nbsp;&nbsp;&nbsp;1179010 |
| &nbsp;&nbsp;Jazz Securities DAC<sup>(d)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(d)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(d)</sup> | &nbsp;&nbsp;Jazz Securities DAC<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;4.375% | 1315000 | &nbsp;&nbsp;&nbsp;&nbsp;1201323 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Income Opportunities Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Organon Finance 1 LLC<sup>(d)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(d)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(d)</sup> | &nbsp;&nbsp;Organon Finance 1 LLC<sup>(d)</sup> |
| &nbsp;&nbsp;04/30/2028 | &nbsp;&nbsp;4.125% | 3647000 | &nbsp;&nbsp;&nbsp;&nbsp;3309487 |
| &nbsp;&nbsp;04/30/2031 | &nbsp;&nbsp;5.125% | 3930000 | &nbsp;&nbsp;&nbsp;&nbsp;3538194 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11823991** |
| &nbsp;&nbsp;**Property & Casualty 1.2%** | &nbsp;&nbsp;**Property & Casualty 1.2%** | &nbsp;&nbsp;**Property & Casualty 1.2%** | &nbsp;&nbsp;**Property & Casualty 1.2%** |
| &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> | &nbsp;&nbsp;Alliant Holdings Intermediate LLC/Co-Issuer<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;4.250% | 7095000 | &nbsp;&nbsp;&nbsp;&nbsp;6506487 |
| &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(d),(h)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(d),(h)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(d),(h)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(d),(h)</sup> |
| &nbsp;&nbsp;12/01/2097 | &nbsp;&nbsp;0.000% | 4600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171 |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(h)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(h)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(h)</sup> | &nbsp;&nbsp;Lumbermens Mutual Casualty Co.<sup>(h)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;0.000% | 9865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513 |
| &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;MGIC Investment Corp. |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;491000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462676 |
| &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;Radian Group, Inc. |
| &nbsp;&nbsp;03/15/2025 | &nbsp;&nbsp;6.625% | &nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197251 |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;4.875% | 1162000 | &nbsp;&nbsp;&nbsp;&nbsp;1104984 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8275128** |
| &nbsp;&nbsp;**Restaurants 1.2%** | &nbsp;&nbsp;**Restaurants 1.2%** | &nbsp;&nbsp;**Restaurants 1.2%** | &nbsp;&nbsp;**Restaurants 1.2%** |
| &nbsp;&nbsp;IRB Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(d)</sup> | &nbsp;&nbsp;IRB Holding Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;7.000% | 6560000 | &nbsp;&nbsp;&nbsp;&nbsp;6581385 |
| &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;Yum! Brands, Inc. |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;5.375% | 1827000 | &nbsp;&nbsp;&nbsp;&nbsp;1730802 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8312187** |
| &nbsp;&nbsp;**Retailers 1.5%** | &nbsp;&nbsp;**Retailers 1.5%** | &nbsp;&nbsp;**Retailers 1.5%** | &nbsp;&nbsp;**Retailers 1.5%** |
| &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;4.625% | &nbsp;&nbsp;&nbsp;567000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500977 |
| &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;567000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489747 |
| &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Group 1 Automotive, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;663000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582374 |
| &nbsp;&nbsp;L Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(d)</sup> | &nbsp;&nbsp;L Brands, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;9.375% | &nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492599 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;6.625% | 2005000 | &nbsp;&nbsp;&nbsp;&nbsp;1959227 |
| &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. | &nbsp;&nbsp;L Brands, Inc. |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390522 |
| &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(d)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(d)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(d)</sup> | &nbsp;&nbsp;LCM Investments Holdings II LLC<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;4.875% | 2257000 | &nbsp;&nbsp;&nbsp;&nbsp;1862571 |
| &nbsp;&nbsp;Lithia Motors, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Lithia Motors, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740882 |
| &nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;Penske Automotive Group, Inc. |
| &nbsp;&nbsp;09/01/2025 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;916000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867756 |
| &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;PetSmart, Inc./Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;4.750% | 2294000 | &nbsp;&nbsp;&nbsp;&nbsp;2127418 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Wolverine World Wide, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771241 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10785314** |
| &nbsp;&nbsp;**Supermarkets 0.1%** | &nbsp;&nbsp;**Supermarkets 0.1%** | &nbsp;&nbsp;**Supermarkets 0.1%** | &nbsp;&nbsp;**Supermarkets 0.1%** |
| &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;SEG Holding LLC/Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;838000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797660 |
| &nbsp;&nbsp;**Technology 6.4%** | &nbsp;&nbsp;**Technology 6.4%** | &nbsp;&nbsp;**Technology 6.4%** | &nbsp;&nbsp;**Technology 6.4%** |
| &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(d)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(d)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(d)</sup> | &nbsp;&nbsp;Black Knight InfoServ LLC<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | 4055000 | &nbsp;&nbsp;&nbsp;&nbsp;3608084 |
| &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. | &nbsp;&nbsp;Block, Inc. |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746730 |
| &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(d)</sup> | &nbsp;&nbsp;Boxer Parent Co., Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;7.125% | 1027000 | &nbsp;&nbsp;&nbsp;&nbsp;1020255 |
| &nbsp;&nbsp;Camelot Finance SA<sup>(d)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(d)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(d)</sup> | &nbsp;&nbsp;Camelot Finance SA<sup>(d)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 1779000 | &nbsp;&nbsp;&nbsp;&nbsp;1692508 |
| &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(d)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(d)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(d)</sup> | &nbsp;&nbsp;Clarivate Science Holdings Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3.875% | 1124000 | &nbsp;&nbsp;&nbsp;&nbsp;1003555 |
| &nbsp;&nbsp;Entegris Escrow Corp.<sup>(d)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(d)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(d)</sup> | &nbsp;&nbsp;Entegris Escrow Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.750% | 1560000 | &nbsp;&nbsp;&nbsp;&nbsp;1463623 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.950% | 2153000 | &nbsp;&nbsp;&nbsp;&nbsp;2068103 |
| &nbsp;&nbsp;Gartner, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Gartner, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.625% | &nbsp;&nbsp;&nbsp;852000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764908 |
| &nbsp;&nbsp;HealthEquity, Inc.<sup>(d)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(d)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(d)</sup> | &nbsp;&nbsp;HealthEquity, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 2336000 | &nbsp;&nbsp;&nbsp;&nbsp;2090184 |
| &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Helios Software Holdings, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | 2775000 | &nbsp;&nbsp;&nbsp;&nbsp;2229459 |
| &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(d)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(d)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(d)</sup> | &nbsp;&nbsp;ION Trading Technologies Sarl<sup>(d)</sup> |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | 2719000 | &nbsp;&nbsp;&nbsp;&nbsp;2328860 |
| &nbsp;&nbsp;Iron Mountain, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Iron Mountain, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.875% | 1321000 | &nbsp;&nbsp;&nbsp;&nbsp;1246518 |
| &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Logan Merger Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 5227000 | &nbsp;&nbsp;&nbsp;&nbsp;2633010 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. |
| &nbsp;&nbsp;09/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;4.250% | 2205000 | &nbsp;&nbsp;&nbsp;&nbsp;2160813 |
| &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> | &nbsp;&nbsp;NCR Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 2061000 | &nbsp;&nbsp;&nbsp;&nbsp;1833290 |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 3842000 | &nbsp;&nbsp;&nbsp;&nbsp;3342886 |
| &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107671 |
| &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Neptune Bidco US, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;9.290% | 1181000 | &nbsp;&nbsp;&nbsp;&nbsp;1149319 |
| &nbsp;&nbsp;Picard Midco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Picard Midco, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.500% | 2198000 | &nbsp;&nbsp;&nbsp;&nbsp;1928619 |
| &nbsp;&nbsp;PTC, Inc.<sup>(d)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(d)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(d)</sup> | &nbsp;&nbsp;PTC, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;911000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848936 |
| &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Sabre GLBL, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;11.250% | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280888 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Income Opportunities Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Sensata Technologies BV<sup>(d)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(d)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(d)</sup> | &nbsp;&nbsp;Sensata Technologies BV<sup>(d)</sup> |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;5.875% | 1340000 | &nbsp;&nbsp;&nbsp;&nbsp;1314770 |
| &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Shift4 Payments LLC/Finance Sub, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;4.625% | 3288000 | &nbsp;&nbsp;&nbsp;&nbsp;3113731 |
| &nbsp;&nbsp;Synaptics, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Synaptics, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.000% | 1685000 | &nbsp;&nbsp;&nbsp;&nbsp;1463411 |
| &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tempo Acquisition LLC/Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;5.750% | 1675000 | &nbsp;&nbsp;&nbsp;&nbsp;1691379 |
| &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;ZoomInfo Technologies LLC/Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;3.875% | 4607000 | &nbsp;&nbsp;&nbsp;&nbsp;3974050 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**46105560** |
| &nbsp;&nbsp;**Wireless 3.2%** | &nbsp;&nbsp;**Wireless 3.2%** | &nbsp;&nbsp;**Wireless 3.2%** | &nbsp;&nbsp;**Wireless 3.2%** |
| &nbsp;&nbsp;Altice France SA<sup>(d)</sup> | &nbsp;&nbsp;Altice France SA<sup>(d)</sup> | &nbsp;&nbsp;Altice France SA<sup>(d)</sup> | &nbsp;&nbsp;Altice France SA<sup>(d)</sup> |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;8.125% | 3063000 | &nbsp;&nbsp;&nbsp;&nbsp;2870696 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;5.500% | 3438000 | &nbsp;&nbsp;&nbsp;&nbsp;2853877 |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;5.125% | 2921000 | &nbsp;&nbsp;&nbsp;&nbsp;2294022 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;SBA Communications Corp. |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;3.875% | 3615000 | &nbsp;&nbsp;&nbsp;&nbsp;3339477 |
| &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. | &nbsp;&nbsp;Sprint Capital Corp. |
| &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;6.875% | 5588000 | &nbsp;&nbsp;&nbsp;&nbsp;5990158 |
| &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(d)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(d)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(d)</sup> | &nbsp;&nbsp;Vmed O2 UK Financing I PLC<sup>(d)</sup> |
| &nbsp;&nbsp;01/31/2031 | &nbsp;&nbsp;4.250% | 3244000 | &nbsp;&nbsp;&nbsp;&nbsp;2721685 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;4.750% | 3314000 | &nbsp;&nbsp;&nbsp;&nbsp;2825187 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**22895102** |
| &nbsp;&nbsp;**Wirelines 1.6%** | &nbsp;&nbsp;**Wirelines 1.6%** | &nbsp;&nbsp;**Wirelines 1.6%** | &nbsp;&nbsp;**Wirelines 1.6%** |
| &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(d)</sup> | &nbsp;&nbsp;Front Range BidCo, Inc.<sup>(d)</sup> |
| &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;904000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718520 |
| &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(d)</sup> | &nbsp;&nbsp;Frontier Communications Holdings LLC<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;5.875% | 1315000 | &nbsp;&nbsp;&nbsp;&nbsp;1254856 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;8.750% | 1598000 | &nbsp;&nbsp;&nbsp;&nbsp;1655381 |
| &nbsp;&nbsp;Iliad Holding SAS<sup>(d)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(d)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(d)</sup> | &nbsp;&nbsp;Iliad Holding SAS<sup>(d)</sup> |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;6.500% | 5133000 | &nbsp;&nbsp;&nbsp;&nbsp;4858433 |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;7.000% | 3302000 | &nbsp;&nbsp;&nbsp;&nbsp;3100361 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**11587551** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $713,256,102) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $713,256,102) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $713,256,102) | &nbsp;&nbsp;**657245612** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(i)</sup> 0.6%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(i)</sup> 0.6%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(i)</sup> 0.6%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(i)</sup> 0.6%** |
| &nbsp;&nbsp;**Canada 0.6%** | &nbsp;&nbsp;**Canada 0.6%** | &nbsp;&nbsp;**Canada 0.6%** | &nbsp;&nbsp;**Canada 0.6%** |
| &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(d)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(d)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(d)</sup> | &nbsp;&nbsp;NOVA Chemicals Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.250% | 3587000 | &nbsp;&nbsp;&nbsp;&nbsp;3333535 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535891 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3869426** |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $3,877,374) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $3,877,374) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $3,877,374) | &nbsp;&nbsp;&nbsp;&nbsp;**3869426** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Senior Loans 2.9%** | &nbsp;&nbsp;**Senior Loans 2.9%** | &nbsp;&nbsp;**Senior Loans 2.9%** | &nbsp;&nbsp;**Senior Loans 2.9%** |
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Cyclical Services 0.5%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.5%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.5%** | &nbsp;&nbsp;**Consumer Cyclical Services 0.5%** |
| &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;8th Avenue Food & Provisions, Inc.<sup>(j),(k)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> 10/01/2025 | &nbsp;&nbsp;8.320% | 4645015 | &nbsp;&nbsp;&nbsp;&nbsp;4011296 |
| &nbsp;&nbsp;**Health Care 0.4%** | &nbsp;&nbsp;**Health Care 0.4%** | &nbsp;&nbsp;**Health Care 0.4%** | &nbsp;&nbsp;**Health Care 0.4%** |
| &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;Surgery Center Holdings, Inc.<sup>(j),(k)</sup> |
| &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan | &nbsp;&nbsp;Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.750%<br> Floor 0.750%<br> 08/31/2026 | &nbsp;&nbsp;8.210% | 2906602 | &nbsp;&nbsp;&nbsp;&nbsp;2898609 |
| &nbsp;&nbsp;**Media and Entertainment 0.5%** | &nbsp;&nbsp;**Media and Entertainment 0.5%** | &nbsp;&nbsp;**Media and Entertainment 0.5%** | &nbsp;&nbsp;**Media and Entertainment 0.5%** |
| &nbsp;&nbsp;Cengage Learning, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;Cengage Learning, Inc.<sup>(j),(k)</sup> |
| &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan | &nbsp;&nbsp;Tranche B 1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 4.750%<br> Floor 1.000%<br> 07/14/2026 | &nbsp;&nbsp;9.880% | 3694673 | &nbsp;&nbsp;&nbsp;&nbsp;3515482 |
| &nbsp;&nbsp;**Technology 1.5%** | &nbsp;&nbsp;**Technology 1.5%** | &nbsp;&nbsp;**Technology 1.5%** | &nbsp;&nbsp;**Technology 1.5%** |
| &nbsp;&nbsp;Ascend Learning LLC<sup>(j),(k)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(j),(k)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(j),(k)</sup> | &nbsp;&nbsp;Ascend Learning LLC<sup>(j),(k)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 0.500%<br> 12/11/2028 | &nbsp;&nbsp;8.070% | 4087710 | &nbsp;&nbsp;&nbsp;&nbsp;3891622 |
| &nbsp;&nbsp;UKG, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(j),(k)</sup> | &nbsp;&nbsp;UKG, Inc.<sup>(j),(k)</sup> |
| &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan | &nbsp;&nbsp;1st Lien Term Loan |
| &nbsp;&nbsp;3-month USD LIBOR + 3.750%<br> 05/04/2026 | &nbsp;&nbsp;8.575% | 1497690 | &nbsp;&nbsp;&nbsp;&nbsp;1481680 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.250%<br> Floor 0.500%<br> 05/04/2026 | &nbsp;&nbsp;8.032% | 5374149 | &nbsp;&nbsp;&nbsp;&nbsp;5280800 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10654102** |
| &nbsp;&nbsp;Total Senior Loans<br> (Cost $22,189,573) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $22,189,573) | &nbsp;&nbsp;Total Senior Loans<br> (Cost $22,189,573) | &nbsp;&nbsp;**21079489** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 3.5%** | &nbsp;&nbsp;**Money Market Funds 3.5%** | &nbsp;&nbsp;**Money Market Funds 3.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559%<sup>(l),(m)</sup> | &nbsp;&nbsp;24957800 | &nbsp;&nbsp;&nbsp;&nbsp;24947817 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $24,945,345) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $24,945,345) | &nbsp;&nbsp;&nbsp;&nbsp;**24947817** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $776,101,460)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $776,101,460)** | &nbsp;&nbsp;**713607221** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6053325** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**719660546** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Income Opportunities Fund \| Semiannual Report 2023 13

------

[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Notes to Portfolio of Investments
(a) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2023, the total value of these securities amounted to $62, which represents less than
0.01% of total net assets.

(b) Non-income producing investment.

(c) Valuation based on significant unobservable inputs.

(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 January 31, 2023, the total value of these securities amounted to $540,344,594, which represents 75.08% of
total net assets.

(e) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

(f) 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 January 31, 2023.

(g) Represents a security purchased on a when-issued basis.

(h) Represents a security in default.

(i) Principal and interest may not be guaranteed by a governmental entity.

(j) The stated interest rate represents the weighted average interest rate at January 31, 2023 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. These base lending rates are primarily the LIBOR and other short-term rates. 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.

(k) Variable rate security. The interest rate shown was the current rate as of January 31, 2023.

(l) The rate shown is the seven-day current annualized yield at January 31, 2023.

(m) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended January 31, 2023 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% |
|  | 26788697 | &nbsp;&nbsp;94014313 | &nbsp;&nbsp;(95855587) | &nbsp;&nbsp;394 | &nbsp;&nbsp;24947817 | &nbsp;&nbsp;952 | &nbsp;&nbsp;372846 | &nbsp;&nbsp;24957800 |

---

#### Abbreviation Legend
LIBOR London Interbank Offered 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.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

**Fair value measurements (continued) Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.**

**The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.**

**The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.**

#### The following table is a summary of the inputs used to value the Fund's investments at January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&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\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;657245612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;657245612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21079489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21079489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 24947817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24947817 |
| &nbsp;&nbsp;Total Investments in Securities | 25039172 | &nbsp;&nbsp;&nbsp;&nbsp;688567987 | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;713607221 |

---

\* 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 Income Opportunities Fund \| Semiannual Report 2023 15

------

[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $751,156,115) | $688659404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $24,945,345) | &nbsp;&nbsp;&nbsp;&nbsp;24947817 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73056 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;10654362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12077 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11878 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;727945673 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38449 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285127 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$719660546** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;800370657 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(80710111) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$719660546** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Statement of Assets and Liabilities (continued)

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $216849129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;25634290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.88 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$18656100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.49 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7076975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.45 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $192577663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;22716123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.48 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $141692707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;16700093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.48 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $142442011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;16813276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.47 |
| &nbsp;&nbsp;**Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$365961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.46 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Income Opportunities Fund \| Semiannual Report 2023 17

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;21513203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;21887364 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;2390808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11688 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;3222678 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;(408522) |
| &nbsp;&nbsp;Fees waived by transfer agent |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2909) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3516) |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;2807371 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;19079993 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | (13804474) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 |
| &nbsp;&nbsp;Net realized loss | (13803522) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(988792) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(988398) |
| &nbsp;&nbsp;Net realized and unrealized loss | (14791920) |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | &nbsp;&nbsp;**$4288073** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$19079993 | &nbsp;&nbsp;&nbsp;&nbsp;$37313647 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(13803522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141724 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(988398) | &nbsp;&nbsp;&nbsp;(101507765) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288073 | &nbsp;&nbsp;&nbsp;&nbsp;(61052394) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(5878248) | &nbsp;&nbsp;&nbsp;&nbsp;(19000531) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(561323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2134723) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(677664) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(5382367) | &nbsp;&nbsp;&nbsp;&nbsp;(17983042) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;(3789562) | &nbsp;&nbsp;&nbsp;&nbsp;(10279556) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;(4195109) | &nbsp;&nbsp;&nbsp;&nbsp;(14112849) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27402) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(19990076) | &nbsp;&nbsp;&nbsp;&nbsp;(64215767) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(33921085) | &nbsp;&nbsp;&nbsp;&nbsp;(51726510) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(49623088) | &nbsp;&nbsp;&nbsp;(176994671) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;769283634 | &nbsp;&nbsp;&nbsp;&nbsp;946278305 |
| &nbsp;&nbsp;**Net assets at end of period** | **$719660546** | &nbsp;&nbsp;**$769283634** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Income Opportunities Fund \| Semiannual Report 2023 19

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;2263233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18889307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7368457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67505118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;638504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5285443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17101778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (4690255) | &nbsp;&nbsp;&nbsp;&nbsp;(39141782) | &nbsp;&nbsp;&nbsp;&nbsp;(11051880) | &nbsp;&nbsp;&nbsp;&nbsp;(101559839) |
| &nbsp;&nbsp;Net decrease | (1788518) | &nbsp;&nbsp;&nbsp;&nbsp;(14967032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1852834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16952943) |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;591017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5007201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12198938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1138635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9418483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2218615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20724951) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(480234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3851978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6403822) |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(213343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1775973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3808889) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(132731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1744389) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1589065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13289185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23235066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;567303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15833340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (3234237) | &nbsp;&nbsp;&nbsp;&nbsp;(27061838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8120179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75695735) |
| &nbsp;&nbsp;Net decrease | (1077869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9066963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3971931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36627329) |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;3257158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27133504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4661464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43564103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;455441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10274442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (3067249) | &nbsp;&nbsp;&nbsp;&nbsp;(25712151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2922277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26628737) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;645350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5203493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27209808 |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;2127887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17750090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22177383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;157707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4707435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (3507059) | &nbsp;&nbsp;&nbsp;&nbsp;(29183601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4860961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44069827) |
| &nbsp;&nbsp;Net decrease | (1221465) | &nbsp;&nbsp;&nbsp;&nbsp;(10126161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2016192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17185009) |
| &nbsp;&nbsp;Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114848) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22826) |
| &nbsp;&nbsp;**Total net decrease** | **(4056805)** | &nbsp;&nbsp;&nbsp;&nbsp;**(33921085)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5894586)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(51726510)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

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Columbia Income Opportunities Fund \| Semiannual Report 2023 21

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.63 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;&nbsp;$9.96 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(0.66) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.87 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;(0.21)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.42) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.06 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.66 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;&nbsp;$9.99 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.69) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$9.70 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.91 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;(0.23)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.64 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.09 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.62 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;&nbsp;$9.95 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(0.73) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$9.66 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.86 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.21)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.60 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.05 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.65 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;&nbsp;$9.98 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(0.64) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.69) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$9.69 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.89 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;(0.21)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.08 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.66 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;&nbsp;$9.99 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$9.70 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.49) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.90 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;(0.21)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.08 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.47) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $8.46 | 0.69% | 1.07%<sup>(c)</sup> | 0.96%<sup>(c),(d)</sup> | 4.96%<sup>(c)</sup> | 12% | $216849 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $8.63 | (6.99%) | 1.05% | 0.95%<sup>(d)</sup> | 4.10% | 34% | $236681 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.96 | 7.85% | 1.15% | 1.01%<sup>(d)</sup> | 4.18% | 58% | $291523 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.67 | 2.32% | 1.09% | 1.04%<sup>(d)</sup> | 4.45% | 56% | $314014 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $9.87 | 7.62% | 1.04% | 1.04% | 4.69% | 43% | $373159 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $9.61 | (0.12%) | 1.04% | 1.03%<sup>(d)</sup> | 4.45% | 46% | $421366 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $8.49 | 0.82% | 0.82%<sup>(c)</sup> | 0.71%<sup>(c),(d)</sup> | 5.20%<sup>(c)</sup> | 12% | &nbsp;&nbsp;$18656 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $8.66 | (6.73%) | 0.80% | 0.70%<sup>(d)</sup> | 4.33% | 34% | &nbsp;&nbsp;$23192 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.99 | 8.11% | 0.90% | 0.76%<sup>(d)</sup> | 4.42% | 58% | &nbsp;&nbsp;$33674 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.70 | 2.48% | 0.84% | 0.79%<sup>(d)</sup> | 4.70% | 56% | &nbsp;&nbsp;$11317 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $9.91 | 7.99% | 0.79% | 0.79% | 4.93% | 43% | &nbsp;&nbsp;$15240 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $9.64 | 0.15% | 0.79% | 0.79%<sup>(d)</sup> | 4.73% | 46% | &nbsp;&nbsp;$15072 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $8.45 | 0.30% | 1.82%<sup>(c)</sup> | 1.71%<sup>(c),(d)</sup> | 4.21%<sup>(c)</sup> | 12% | &nbsp;&nbsp;&nbsp;$7077 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $8.62 | (7.70%) | 1.80% | 1.70%<sup>(d)</sup> | 3.33% | 34% | &nbsp;&nbsp;&nbsp;$8365 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.95 | 7.04% | 1.90% | 1.77%<sup>(d)</sup> | 3.43% | 58% | &nbsp;&nbsp;$11626 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.66 | 1.55% | 1.84% | 1.79%<sup>(d)</sup> | 3.70% | 56% | &nbsp;&nbsp;$26465 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $9.86 | 6.82% | 1.79% | 1.79% | 3.95% | 43% | &nbsp;&nbsp;$36860 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $9.60 | (0.87%) | 1.78% | 1.78%<sup>(d)</sup> | 3.69% | 46% | &nbsp;&nbsp;$53674 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $8.48 | 0.82% | 0.82%<sup>(c)</sup> | 0.71%<sup>(c),(d)</sup> | 5.21%<sup>(c)</sup> | 12% | $192578 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $8.65 | (6.74%) | 0.80% | 0.70%<sup>(d)</sup> | 4.34% | 34% | $205801 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.98 | 8.11% | 0.91% | 0.77%<sup>(d)</sup> | 4.46% | 58% | $277062 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.69 | 2.58% | 0.87% | 0.78%<sup>(d)</sup> | 4.76% | 56% | $702635 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $9.89 | 7.89% | 0.79% | 0.79% | 4.94% | 43% | $323071 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $9.63 | 0.14% | 0.78% | 0.78%<sup>(d)</sup> | 4.65% | 46% | $340274 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $8.48 | 0.74% | 0.75%<sup>(c)</sup> | 0.64%<sup>(c)</sup> | 5.29%<sup>(c)</sup> | 12% | $141693 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $8.66 | (6.66%) | 0.73% | 0.63% | 4.44% | 34% | $138972 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.99 | 8.24% | 0.74% | 0.64% | 4.55% | 58% | $131971 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.70 | 2.65% | 0.73% | 0.71% | 4.79% | 56% | $108883 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $9.90 | 8.08% | 0.72% | 0.72% | 5.01% | 43% | &nbsp;&nbsp;$80781 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $9.63 | 0.21% | 0.72% | 0.71% | 4.77% | 46% | &nbsp;&nbsp;$76460 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Income Opportunities Fund \| Semiannual Report 2023 23

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.64 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;&nbsp;$9.97 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$9.69 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.49) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.89 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;(0.21)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.62 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.49) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.07 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.63 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;&nbsp;$9.96 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(1.05) | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.64) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.87 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;(0.22)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.61 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.06 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.41) |

---

---

| | |
|:---|:---|
| **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) | Annualized. |
| (d) | The benefits derived from expense reductions had an impact of 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 the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $8.47 | 0.88% | 0.70%<sup>(c)</sup> | 0.59%<sup>(c)</sup> | 5.33%<sup>(c)</sup> | 12% | $142442 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $8.64 | (6.64%) | 0.68% | 0.58% | 4.46% | 34% | $155887 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.97 | 8.19% | 0.68% | 0.61% | 4.61% | 58% | $199959 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.69 | 2.70% | 0.68% | 0.66% | 4.83% | 56% | $399854 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $9.89 | 8.13% | 0.67% | 0.67% | 5.06% | 43% | $430191 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $9.62 | 0.26% | 0.67% | 0.66% | 4.84% | 46% | $507399 |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $8.46 | 0.56% | 1.32%<sup>(c)</sup> | 1.21%<sup>(c),(d)</sup> | 4.72%<sup>(c)</sup> | 12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$366 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $8.63 | (7.23%) | 1.30% | 1.20%<sup>(d)</sup> | 3.86% | 34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$385 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.96 | 7.59% | 1.40% | 1.26%<sup>(d)</sup> | 3.93% | 58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$464 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.67 | 2.06% | 1.32% | 1.29%<sup>(d)</sup> | 4.16% | 56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$486 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $9.87 | 7.35% | 1.29% | 1.29% | 4.44% | 43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$949 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $9.61 | (0.37%) | 1.28% | 1.28%<sup>(d)</sup> | 4.15% | 46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$827 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Income Opportunities Fund \| Semiannual Report 2023 25

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Income 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. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R 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.

#### 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.

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

26 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, 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.

#### 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.

Columbia Income Opportunities Fund \| Semiannual Report 2023 27

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 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.

#### 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.

28 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 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 pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.66% to 0.40% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.65% of the Fund's average daily net assets.

Columbia Income Opportunities Fund \| Semiannual Report 2023 29

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

#### 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 "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. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. 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 December 1, 2022, Institutional 2 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.05% and Institutional 3 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to each share class.

For the six months ended January 31, 2023, 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 (%)** |
| &nbsp;&nbsp;Class A | 0.13 |
| &nbsp;&nbsp;Advisor Class | 0.13 |
| &nbsp;&nbsp;Class C | 0.13 |
| &nbsp;&nbsp;Institutional Class | 0.13 |
| &nbsp;&nbsp;Institutional 2 Class | 0.05 |
| &nbsp;&nbsp;Institutional 3 Class | 0.00 |
| &nbsp;&nbsp;Class R | 0.13 |

---

30 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 January 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $360.

#### 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 $884,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2022, 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 January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 4.75 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17976 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |

---

(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after
purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.

(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

The Fund's other share classes are not subject to sales charges.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> November 30, 2023** |
| &nbsp;&nbsp;Class A | 0.96% |
| &nbsp;&nbsp;Advisor Class | 0.71 |
| &nbsp;&nbsp;Class C | 1.71 |
| &nbsp;&nbsp;Institutional Class | 0.71 |
| &nbsp;&nbsp;Institutional 2 Class | 0.64 |
| &nbsp;&nbsp;Institutional 3 Class | 0.59 |
| &nbsp;&nbsp;Class R | 1.21 |

---

Columbia Income Opportunities Fund \| Semiannual Report 2023 31

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 December 1, 2022, is the Transfer Agent's contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.05% for Institutional 2 Class and 0.00% for Institutional 3 Class of the average daily net assets attributable to each share class. 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 January 31, 2023, 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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;776101000 | 3556000 | (66050000) | (62494000) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at July 31, 2022 as arising on August 1, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Late year<br> ordinary losses ($)** | **Post-October<br> capital losses ($)** |
| &nbsp;&nbsp;— | 2870959 |

---

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 $80,450,787 and $113,714,333, respectively, for the six months ended January 31, 2023. 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. In addition,

32 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

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 January 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;3 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at January 31, 2023.

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 27, 2022 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 $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended January 31, 2023.

Note 9. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

Columbia Income Opportunities Fund \| Semiannual Report 2023 33

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

#### High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

34 Columbia Income Opportunities Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At January 31, 2023, two unaffiliated shareholders of record owned 28.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 35.5% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

Columbia Income Opportunities Fund \| Semiannual Report 2023 35

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[**Table of Contents**](#JOB_97_b296e085-d923-4bc8-be2f-682610a4e159_TOC)

#### Columbia Income Opportunities Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img2860d9042.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 (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2023 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR164_07_N01_(03/23)

------

![](img99ccab9e1.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](img1a2e79a92.jpg)

Columbia Disciplined Core Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_60ea5e36-7406-4c99-ab0e-0aea36182b84_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_c0bf8660-1190-45e3-9278-b6136fcf7fa6_1)<br>| 5 |
| [Portfolio of Investments](#xx_7756c7af-4199-4b09-bf4b-e7a2346831f1_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_79d08f31-80e2-4eb5-9ebd-3eb72d14d145_1)<br>| 11 |
| [Statement of Operations](#xx_79d08f31-80e2-4eb5-9ebd-3eb72d14d145_3)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_79d08f31-80e2-4eb5-9ebd-3eb72d14d145_4)<br>| 14 |
| [Financial Highlights](#xx_a86c59a5-9389-4af0-abf8-9b10ea2e89dc_1)<br>| 16 |
| [Notes to Financial Statements](#xx_64b8f0af-6b77-4938-9855-00b151de56ca_1)<br>| 20 |

---

If you elect to receive the shareholder report for Columbia Disciplined Core Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund's shareholder report is available at the Columbia funds' website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Disciplined Core Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Raghavendran Sivaraman, Ph.D., CFA
Co-Portfolio Manager

Managed Fund since 2019

#### Oleg Nusinzon, CFA
Co-Portfolio Manager

Managed Fund since 2021

Morningstar style box<sup>TM</sup>

![](img348419143.jpg)

The Morningstar Style Box is based on a fund's portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;04/24/03 | &nbsp;&nbsp;&nbsp;&nbsp;-0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;12.01 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-5.80 | &nbsp;&nbsp;&nbsp;&nbsp;-14.03 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;11.34 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/19/13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.52 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;04/24/03 | &nbsp;&nbsp;&nbsp;&nbsp;-0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-9.43 | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp;&nbsp;&nbsp;11.17 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-1.30 | &nbsp;&nbsp;&nbsp;&nbsp;-10.28 | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp;&nbsp;&nbsp;11.17 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.57 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;12/11/06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.46 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;&nbsp;12.37 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;06/01/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.42 | &nbsp;&nbsp;&nbsp;&nbsp;8.49 | &nbsp;&nbsp;&nbsp;&nbsp;12.31 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;12/11/06 | &nbsp;&nbsp;&nbsp;&nbsp;-0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.98 | &nbsp;&nbsp;&nbsp;&nbsp;7.88 | &nbsp;&nbsp;&nbsp;&nbsp;11.74 |
| &nbsp;&nbsp;S&P 500 Index | &nbsp;&nbsp;S&P 500 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.22 | &nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;12.68 |

---

**Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund's other share classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Disciplined Core Fund \| Semiannual Report 2023 3

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.2 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;10.8 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;11.6 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;14.8 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.2 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;26.7 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Disciplined Core Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999.60 | &nbsp;&nbsp;&nbsp;&nbsp;1020.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1001.40 | &nbsp;&nbsp;&nbsp;&nbsp;1021.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996.40 | &nbsp;&nbsp;&nbsp;&nbsp;1016.71 | &nbsp;&nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.70 | &nbsp;&nbsp;&nbsp;&nbsp;1021.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1001.50 | &nbsp;&nbsp;&nbsp;&nbsp;1021.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1001.40 | &nbsp;&nbsp;&nbsp;&nbsp;1022.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998.60 | &nbsp;&nbsp;&nbsp;&nbsp;1019.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Disciplined Core Fund \| Semiannual Report 2023 5

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

## Portfolio of Investments January 31, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.2%** | &nbsp;&nbsp;**Common Stocks 98.2%** | &nbsp;&nbsp;**Common Stocks 98.2%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 7.5%** | &nbsp;&nbsp;**Communication Services 7.5%** | &nbsp;&nbsp;**Communication Services 7.5%** |
| &nbsp;&nbsp;**Entertainment 0.9%** | &nbsp;&nbsp;**Entertainment 0.9%** | &nbsp;&nbsp;**Entertainment 0.9%** |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290883 | &nbsp;&nbsp;&nbsp;&nbsp;37430825 |
| &nbsp;&nbsp;**Interactive Media & Services 6.0%** | &nbsp;&nbsp;**Interactive Media & Services 6.0%** | &nbsp;&nbsp;**Interactive Media & Services 6.0%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;1767109 | &nbsp;&nbsp;174661053 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;447774 | &nbsp;&nbsp;&nbsp;&nbsp;66704893 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;241365946 |
| &nbsp;&nbsp;**Media 0.6%** | &nbsp;&nbsp;**Media 0.6%** | &nbsp;&nbsp;**Media 0.6%** |
| &nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;630935 | &nbsp;&nbsp;&nbsp;&nbsp;21413934 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**300210705** |
| &nbsp;&nbsp;**Consumer Discretionary 10.6%** | &nbsp;&nbsp;**Consumer Discretionary 10.6%** | &nbsp;&nbsp;**Consumer Discretionary 10.6%** |
| &nbsp;&nbsp;**Automobiles 0.6%** | &nbsp;&nbsp;**Automobiles 0.6%** | &nbsp;&nbsp;**Automobiles 0.6%** |
| &nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;151233 | &nbsp;&nbsp;&nbsp;&nbsp;26196580 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** |
| &nbsp;&nbsp;Expedia Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;529771 | &nbsp;&nbsp;&nbsp;&nbsp;60552825 |
| &nbsp;&nbsp;**Household Durables 2.2%** | &nbsp;&nbsp;**Household Durables 2.2%** | &nbsp;&nbsp;**Household Durables 2.2%** |
| &nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;424856 | &nbsp;&nbsp;&nbsp;&nbsp;43505254 |
| &nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;761769 | &nbsp;&nbsp;&nbsp;&nbsp;43337039 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;86842293 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.4%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.4%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 1.4%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500121 | &nbsp;&nbsp;&nbsp;&nbsp;51577479 |
| &nbsp;&nbsp;Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49266 | &nbsp;&nbsp;&nbsp;&nbsp;6778016 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;58355495 |
| &nbsp;&nbsp;**Specialty Retail 4.2%** | &nbsp;&nbsp;**Specialty Retail 4.2%** | &nbsp;&nbsp;**Specialty Retail 4.2%** |
| &nbsp;&nbsp;AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20622 | &nbsp;&nbsp;&nbsp;&nbsp;50293965 |
| &nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;694111 | &nbsp;&nbsp;&nbsp;&nbsp;31936047 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72740 | &nbsp;&nbsp;&nbsp;&nbsp;57635539 |
| &nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55851 | &nbsp;&nbsp;&nbsp;&nbsp;28705180 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;168570731 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.7%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.7%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.7%** |
| &nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211846 | &nbsp;&nbsp;&nbsp;&nbsp;26237127 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**426755051** |
| &nbsp;&nbsp;**Consumer Staples 6.2%** | &nbsp;&nbsp;**Consumer Staples 6.2%** | &nbsp;&nbsp;**Consumer Staples 6.2%** |
| &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** | &nbsp;&nbsp;**Food & Staples Retailing 1.5%** |
| &nbsp;&nbsp;Kroger Co. (The) | &nbsp;&nbsp;1324397 | &nbsp;&nbsp;&nbsp;&nbsp;59107838 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Food Products 1.3%** | &nbsp;&nbsp;**Food Products 1.3%** | &nbsp;&nbsp;**Food Products 1.3%** |
| &nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;307762 | &nbsp;&nbsp;&nbsp;&nbsp;25498082 |
| &nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;342199 | &nbsp;&nbsp;&nbsp;&nbsp;26814713 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;52312795 |
| &nbsp;&nbsp;**Household Products 1.1%** | &nbsp;&nbsp;**Household Products 1.1%** | &nbsp;&nbsp;**Household Products 1.1%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;325117 | &nbsp;&nbsp;&nbsp;&nbsp;46290158 |
| &nbsp;&nbsp;**Tobacco 2.3%** | &nbsp;&nbsp;**Tobacco 2.3%** | &nbsp;&nbsp;**Tobacco 2.3%** |
| &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;1255456 | &nbsp;&nbsp;&nbsp;&nbsp;56545738 |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;326335 | &nbsp;&nbsp;&nbsp;&nbsp;34017161 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;90562899 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**248273690** |
| &nbsp;&nbsp;**Energy 5.5%** | &nbsp;&nbsp;**Energy 5.5%** | &nbsp;&nbsp;**Energy 5.5%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 5.5%** |
| &nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;127019 | &nbsp;&nbsp;&nbsp;&nbsp;4149711 |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;834978 | &nbsp;&nbsp;&nbsp;&nbsp;96865798 |
| &nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;425843 | &nbsp;&nbsp;&nbsp;&nbsp;54729342 |
| &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;453793 | &nbsp;&nbsp;&nbsp;&nbsp;63544634 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;219289485 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**219289485** |
| &nbsp;&nbsp;**Financials 11.4%** | &nbsp;&nbsp;**Financials 11.4%** | &nbsp;&nbsp;**Financials 11.4%** |
| &nbsp;&nbsp;**Banks 3.0%** | &nbsp;&nbsp;**Banks 3.0%** | &nbsp;&nbsp;**Banks 3.0%** |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;611439 | &nbsp;&nbsp;&nbsp;&nbsp;31929345 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;1885355 | &nbsp;&nbsp;&nbsp;&nbsp;88366589 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;120295934 |
| &nbsp;&nbsp;**Capital Markets 3.2%** | &nbsp;&nbsp;**Capital Markets 3.2%** | &nbsp;&nbsp;**Capital Markets 3.2%** |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp;&nbsp;30208860 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;695507 | &nbsp;&nbsp;&nbsp;&nbsp;67693696 |
| &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;333285 | &nbsp;&nbsp;&nbsp;&nbsp;30438919 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;128341475 |
| &nbsp;&nbsp;**Consumer Finance 1.1%** | &nbsp;&nbsp;**Consumer Finance 1.1%** | &nbsp;&nbsp;**Consumer Finance 1.1%** |
| &nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;389216 | &nbsp;&nbsp;&nbsp;&nbsp;46316704 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Columbia Disciplined Core Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Insurance 4.1%** | &nbsp;&nbsp;**Insurance 4.1%** | &nbsp;&nbsp;**Insurance 4.1%** |
| &nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33473 | &nbsp;&nbsp;&nbsp;&nbsp;10667175 |
| &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;505511 | &nbsp;&nbsp;&nbsp;&nbsp;17910255 |
| &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;434134 | &nbsp;&nbsp;&nbsp;&nbsp;75934378 |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;806342 | &nbsp;&nbsp;&nbsp;&nbsp;58879093 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;163390901 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**458345014** |
| &nbsp;&nbsp;**Health Care 14.5%** | &nbsp;&nbsp;**Health Care 14.5%** | &nbsp;&nbsp;**Health Care 14.5%** |
| &nbsp;&nbsp;**Biotechnology 2.6%** | &nbsp;&nbsp;**Biotechnology 2.6%** | &nbsp;&nbsp;**Biotechnology 2.6%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;267638 | &nbsp;&nbsp;&nbsp;&nbsp;39543514 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15585 | &nbsp;&nbsp;&nbsp;&nbsp;3933654 |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;134614 | &nbsp;&nbsp;&nbsp;&nbsp;15527725 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24329 | &nbsp;&nbsp;&nbsp;&nbsp;18452817 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87698 | &nbsp;&nbsp;&nbsp;&nbsp;28335224 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;105792934 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 2.0%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.0%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.0%** |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;459775 | &nbsp;&nbsp;&nbsp;&nbsp;50828126 |
| &nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;349929 | &nbsp;&nbsp;&nbsp;&nbsp;28473723 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;79301849 |
| &nbsp;&nbsp;**Health Care Providers & Services 3.5%** | &nbsp;&nbsp;**Health Care Providers & Services 3.5%** | &nbsp;&nbsp;**Health Care Providers & Services 3.5%** |
| &nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;411114 | &nbsp;&nbsp;&nbsp;&nbsp;31758556 |
| &nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;161449 | &nbsp;&nbsp;&nbsp;&nbsp;12308872 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;505143 | &nbsp;&nbsp;&nbsp;&nbsp;44563715 |
| &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35721 | &nbsp;&nbsp;&nbsp;&nbsp;18278436 |
| &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88684 | &nbsp;&nbsp;&nbsp;&nbsp;33582857 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;140492436 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 2.0%** | &nbsp;&nbsp;**Life Sciences Tools & Services 2.0%** | &nbsp;&nbsp;**Life Sciences Tools & Services 2.0%** |
| &nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40766 | &nbsp;&nbsp;&nbsp;&nbsp;6199694 |
| &nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;329886 | &nbsp;&nbsp;&nbsp;&nbsp;75679147 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;81878841 |
| &nbsp;&nbsp;**Pharmaceuticals 4.4%** | &nbsp;&nbsp;**Pharmaceuticals 4.4%** | &nbsp;&nbsp;**Pharmaceuticals 4.4%** |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;1102266 | &nbsp;&nbsp;&nbsp;&nbsp;80079625 |
| &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;1970861 | &nbsp;&nbsp;&nbsp;&nbsp;87033222 |
| &nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;605764 | &nbsp;&nbsp;&nbsp;&nbsp;7366090 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;174478937 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**581944997** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Industrials 8.0%** | &nbsp;&nbsp;**Industrials 8.0%** | &nbsp;&nbsp;**Industrials 8.0%** |
| &nbsp;&nbsp;**Aerospace & Defense 3.3%** | &nbsp;&nbsp;**Aerospace & Defense 3.3%** | &nbsp;&nbsp;**Aerospace & Defense 3.3%** |
| &nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;303422 | &nbsp;&nbsp;&nbsp;&nbsp;70715532 |
| &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125327 | &nbsp;&nbsp;&nbsp;&nbsp;58058986 |
| &nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79325 | &nbsp;&nbsp;&nbsp;&nbsp;5778826 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;134553344 |
| &nbsp;&nbsp;**Air Freight & Logistics 0.7%** | &nbsp;&nbsp;**Air Freight & Logistics 0.7%** | &nbsp;&nbsp;**Air Freight & Logistics 0.7%** |
| &nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;162060 | &nbsp;&nbsp;&nbsp;&nbsp;30018374 |
| &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** | &nbsp;&nbsp;**Airlines 0.2%** |
| &nbsp;&nbsp;Delta Air Lines, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;107961 | &nbsp;&nbsp;&nbsp;&nbsp;4221275 |
| &nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99820 | &nbsp;&nbsp;&nbsp;&nbsp;3570561 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7791836 |
| &nbsp;&nbsp;**Building Products 0.3%** | &nbsp;&nbsp;**Building Products 0.3%** | &nbsp;&nbsp;**Building Products 0.3%** |
| &nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;258018 | &nbsp;&nbsp;&nbsp;&nbsp;13726558 |
| &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** |
| &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107994 | &nbsp;&nbsp;&nbsp;&nbsp;47921258 |
| &nbsp;&nbsp;**Machinery 1.8%** | &nbsp;&nbsp;**Machinery 1.8%** | &nbsp;&nbsp;**Machinery 1.8%** |
| &nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88144 | &nbsp;&nbsp;&nbsp;&nbsp;5996436 |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;166847 | &nbsp;&nbsp;&nbsp;&nbsp;54392122 |
| &nbsp;&nbsp;Snap-On, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41714 | &nbsp;&nbsp;&nbsp;&nbsp;10375523 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;70764081 |
| &nbsp;&nbsp;**Professional Services 0.2%** | &nbsp;&nbsp;**Professional Services 0.2%** | &nbsp;&nbsp;**Professional Services 0.2%** |
| &nbsp;&nbsp;Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75788 | &nbsp;&nbsp;&nbsp;&nbsp;6363160 |
| &nbsp;&nbsp;**Road & Rail 0.3%** | &nbsp;&nbsp;**Road & Rail 0.3%** | &nbsp;&nbsp;**Road & Rail 0.3%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;365596 | &nbsp;&nbsp;&nbsp;&nbsp;11304228 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**322442839** |
| &nbsp;&nbsp;**Information Technology 26.2%** | &nbsp;&nbsp;**Information Technology 26.2%** | &nbsp;&nbsp;**Information Technology 26.2%** |
| &nbsp;&nbsp;**Communications Equipment 2.1%** | &nbsp;&nbsp;**Communications Equipment 2.1%** | &nbsp;&nbsp;**Communications Equipment 2.1%** |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;1735439 | &nbsp;&nbsp;&nbsp;&nbsp;84463816 |
| &nbsp;&nbsp;**IT Services 2.5%** | &nbsp;&nbsp;**IT Services 2.5%** | &nbsp;&nbsp;**IT Services 2.5%** |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;269256 | &nbsp;&nbsp;&nbsp;&nbsp;99786274 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.9%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.9%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 4.9%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;849298 | &nbsp;&nbsp;&nbsp;&nbsp;63824745 |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96455 | &nbsp;&nbsp;&nbsp;&nbsp;48237145 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;643380 | &nbsp;&nbsp;&nbsp;&nbsp;85704650 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;197766540 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Core Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Software 10.0%** | &nbsp;&nbsp;**Software 10.0%** | &nbsp;&nbsp;**Software 10.0%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44785957 |
| &nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21447149 |
| &nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;1224210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64075151 |
| &nbsp;&nbsp;Microsoft Corp.<sup>(b)</sup> | &nbsp;&nbsp;1088506 | &nbsp;&nbsp;&nbsp;&nbsp;269742672 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;400050929 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.7%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.7%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 6.7%** |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;1879673 | &nbsp;&nbsp;&nbsp;&nbsp;271218017 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**1053285576** |
| &nbsp;&nbsp;**Materials 2.7%** | &nbsp;&nbsp;**Materials 2.7%** | &nbsp;&nbsp;**Materials 2.7%** |
| &nbsp;&nbsp;**Chemicals 1.2%** | &nbsp;&nbsp;**Chemicals 1.2%** | &nbsp;&nbsp;**Chemicals 1.2%** |
| &nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15762331 |
| &nbsp;&nbsp;Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;608633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30151679 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45914010 |
| &nbsp;&nbsp;**Metals & Mining 1.5%** | &nbsp;&nbsp;**Metals & Mining 1.5%** | &nbsp;&nbsp;**Metals & Mining 1.5%** |
| &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;366011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61863179 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**107777189** |
| &nbsp;&nbsp;**Real Estate 3.1%** | &nbsp;&nbsp;**Real Estate 3.1%** | &nbsp;&nbsp;**Real Estate 3.1%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.1%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.1%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 3.1%** |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;2005999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37813081 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24621203 |
| &nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;1788485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61577538 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;124011822 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**124011822** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Utilities 2.5%** | &nbsp;&nbsp;**Utilities 2.5%** | &nbsp;&nbsp;**Utilities 2.5%** |
| &nbsp;&nbsp;**Electric Utilities 2.5%** | &nbsp;&nbsp;**Electric Utilities 2.5%** | &nbsp;&nbsp;**Electric Utilities 2.5%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66428405 |
| &nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33972401 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;100400806 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**100400806** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $2,961,020,329) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $2,961,020,329) | &nbsp;&nbsp;**3942737174** |
| &nbsp;&nbsp;**Money Market Funds 1.7%** | &nbsp;&nbsp;**Money Market Funds 1.7%** | &nbsp;&nbsp;**Money Market Funds 1.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559%<sup>(c),(d)</sup> | &nbsp;&nbsp;70368266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70340119 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $70,337,736) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $70,337,736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70340119** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $3,031,358,065)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $3,031,358,065)** | &nbsp;&nbsp;**4013077293** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2679426** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**4015756719** |

---

At January 31, 2023, securities and/or cash totaling $6,938,680 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 401 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;82004500 | &nbsp;&nbsp;&nbsp;&nbsp;1635726 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(c) The rate shown is the seven-day current annualized yield at January 31, 2023.

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Disciplined Core Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Notes to Portfolio of Investments (continued)
**(d)** **As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended January 31, 2023 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% |
|  | 24692126 | &nbsp;&nbsp;288444540 | &nbsp;&nbsp;(242798595) | &nbsp;&nbsp;2048 | &nbsp;&nbsp;70340119 | &nbsp;&nbsp;(2659) | &nbsp;&nbsp;773021 | &nbsp;&nbsp;70368266 |

---

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;300210705 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300210705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;426755051 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426755051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;248273690 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248273690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;219289485 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219289485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;458345014 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458345014 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Core Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;581944997 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581944997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;322442839 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322442839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 1053285576 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1053285576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;107777189 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107777189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;124011822 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124011822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;100400806 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100400806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 3942737174 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3942737174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;70340119 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70340119 |
| &nbsp;&nbsp;Total Investments in Securities | 4013077293 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4013077293 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635726 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635726 |
| &nbsp;&nbsp;Total | 4014713019 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4014713019 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Disciplined Core Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $2,961,020,329) | $3942737174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $70,337,736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70340119 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29142 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;4020097563 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3587937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66785 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4340844 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$4015756719** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;3067553809 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;948202910 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$4015756719** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Core Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Statement of Assets and Liabilities (continued)

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $3602981147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;307408817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.44 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$10843737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.90 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$25451018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.36 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$283466136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23977757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.82 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$34025108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.76 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57120989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4826089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.84 |
| &nbsp;&nbsp;**Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1868584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.71 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Disciplined Core Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;$35608528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773021 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;36381549 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;12772932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34494 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;19191347 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727) |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1260) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;19189360 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;17192189 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8845460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2659) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(772603) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8070198 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(36176731) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669013 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(35505670) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(27435472) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(10243283)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Core Fund \| Semiannual Report 2023 13

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$17192189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30775872 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8070198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403055604 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35505670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(652789553) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10243283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218958077) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(242551712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692132525) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2863254) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1679126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6031632) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19735811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56018241) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2443292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6208973) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3945265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11003365) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440311) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(271215888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(774698301) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51774029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332266138 |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(229685142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(661390240) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;4245441861 | &nbsp;&nbsp;&nbsp;&nbsp;4906832101 |
| &nbsp;&nbsp;**Net assets at end of period** | **$4015756719** | &nbsp;&nbsp;**$4245441861** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Disciplined Core Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1467378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17149457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41708775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;21323200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239672770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48587824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684116562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (16678721) | &nbsp;&nbsp;&nbsp;&nbsp;(194966514) | &nbsp;&nbsp;&nbsp;&nbsp;(30290069) | &nbsp;&nbsp;&nbsp;&nbsp;(422979498) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;6111857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61855713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21260901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302845839 |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(371375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4500155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4436324) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(276631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3406998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506065 |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(558275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6365377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(896827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12190740) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(251444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2941100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1254835) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1928655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22758570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4517590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63256343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1690884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19157715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54174850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(4069265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48328249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6166310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87020755) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(449726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6411964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30410438 |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9007849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6096959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(315589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3637733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1137842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16860871) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1756063) |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4629496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6979017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10841083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(565122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6840325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1129567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16510747) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309353 |
| &nbsp;&nbsp;Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(758991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735026) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205341 |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**5389992** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51774029** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23414321** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**332266138** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Core Fund \| Semiannual Report 2023 15

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.83) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(2.54) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.64) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(1.21) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(0.91) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $11.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.73) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.86) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(2.57) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(1.24) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(0.94) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $11.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.76) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(f)</sup> | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.74) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.20 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.00)<sup>(f)</sup> | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(2.42) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $11.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.55) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $11.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(1.12) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(0.82) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $11.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.65) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.86) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(2.57) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(1.24) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(0.94) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $11.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.76) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.86) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(2.58) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(1.25) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(0.95) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $11.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.77) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Disciplined Core Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.72 | (0.04%) | 0.97%<sup>(c),(d)</sup> | 0.97%<sup>(c),(d),(e)</sup> | 0.83%<sup>(c)</sup> | 23% | $3602981 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.59 | (5.00%) | 0.95%<sup>(d)</sup> | 0.95%<sup>(d),(e)</sup> | 0.64% | 48% | $3792747 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $15.64 | 35.98% | 0.97%<sup>(d)</sup> | 0.97%<sup>(d),(e)</sup> | 0.88% | 69% | $4379045 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.09 | &nbsp;&nbsp;8.86% | 0.98% | 0.98%<sup>(e)</sup> | 1.18% | 65% | $3530283 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.26 | &nbsp;&nbsp;4.01% | 0.98% | 0.98% | 1.16% | 75% | $3602298 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.76 | 18.55% | 0.98% | 0.98%<sup>(e)</sup> | 0.90% | 71% | $3749864 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.90 | &nbsp;&nbsp;0.14% | 0.72%<sup>(c),(d)</sup> | 0.72%<sup>(c),(d),(e)</sup> | 1.09%<sup>(c)</sup> | 23% | &nbsp;&nbsp;&nbsp;&nbsp;$10844 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.78 | (4.78%) | 0.70%<sup>(d)</sup> | 0.70%<sup>(d),(e)</sup> | 0.89% | 48% | &nbsp;&nbsp;&nbsp;&nbsp;$15186 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $15.84 | 36.25% | 0.72%<sup>(d)</sup> | 0.72%<sup>(d),(e)</sup> | 1.13% | 69% | &nbsp;&nbsp;&nbsp;&nbsp;$18382 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.24 | &nbsp;&nbsp;9.11% | 0.73% | 0.73%<sup>(e)</sup> | 1.44% | 65% | &nbsp;&nbsp;&nbsp;&nbsp;$14050 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.40 | &nbsp;&nbsp;4.33% | 0.74% | 0.74% | 1.38% | 75% | &nbsp;&nbsp;&nbsp;&nbsp;$17613 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.89 | 18.83% | 0.73% | 0.73%<sup>(e)</sup> | 1.15% | 71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9665 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.36 | (0.36%) | 1.72%<sup>(c),(d)</sup> | 1.72%<sup>(c),(d),(e)</sup> | 0.08%<sup>(c)</sup> | 23% | &nbsp;&nbsp;&nbsp;&nbsp;$25451 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.18 | (5.69%) | 1.70%<sup>(d)</sup> | 1.70%<sup>(d),(e)</sup> | (0.11%) | 48% | &nbsp;&nbsp;&nbsp;&nbsp;$30361 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $15.20 | 34.98% | 1.72%<sup>(d)</sup> | 1.72%<sup>(d),(e)</sup> | 0.13% | 69% | &nbsp;&nbsp;&nbsp;&nbsp;$39464 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $11.77 | &nbsp;&nbsp;8.00% | 1.73% | 1.73%<sup>(e)</sup> | 0.43% | 65% | &nbsp;&nbsp;&nbsp;&nbsp;$41003 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $11.97 | &nbsp;&nbsp;3.23% | 1.73% | 1.73% | 0.42% | 75% | &nbsp;&nbsp;&nbsp;&nbsp;$50697 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.47 | 17.56% | 1.73% | 1.73%<sup>(e)</sup> | 0.17% | 71% | &nbsp;&nbsp;&nbsp;&nbsp;$47968 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.82 | &nbsp;&nbsp;0.07% | 0.72%<sup>(c),(d)</sup> | 0.72%<sup>(c),(d),(e)</sup> | 1.08%<sup>(c)</sup> | 23% | &nbsp;&nbsp;$283466 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.71 | (4.73%) | 0.70%<sup>(d)</sup> | 0.70%<sup>(d),(e)</sup> | 0.89% | 48% | &nbsp;&nbsp;$310399 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $15.76 | 36.26% | 0.72%<sup>(d)</sup> | 0.72%<sup>(d),(e)</sup> | 1.14% | 69% | &nbsp;&nbsp;$350842 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.18 | &nbsp;&nbsp;9.16% | 0.73% | 0.73%<sup>(e)</sup> | 1.43% | 65% | &nbsp;&nbsp;$437928 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.34 | &nbsp;&nbsp;4.26% | 0.74% | 0.74% | 1.42% | 75% | &nbsp;&nbsp;$493840 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.84 | 18.80% | 0.73% | 0.73%<sup>(e)</sup> | 1.15% | 71% | &nbsp;&nbsp;$217861 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.76 | &nbsp;&nbsp;0.15% | 0.71%<sup>(c),(d)</sup> | 0.71%<sup>(c),(d)</sup> | 1.09%<sup>(c)</sup> | 23% | &nbsp;&nbsp;&nbsp;&nbsp;$34025 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.64 | (4.74%) | 0.70%<sup>(d)</sup> | 0.70%<sup>(d)</sup> | 0.89% | 48% | &nbsp;&nbsp;&nbsp;&nbsp;$34927 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $15.69 | 36.28% | 0.70%<sup>(d)</sup> | 0.70%<sup>(d)</sup> | 1.15% | 69% | &nbsp;&nbsp;&nbsp;&nbsp;$44645 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.13 | &nbsp;&nbsp;9.15% | 0.70% | 0.70% | 1.50% | 65% | &nbsp;&nbsp;&nbsp;&nbsp;$31437 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.30 | &nbsp;&nbsp;4.31% | 0.70% | 0.70% | 1.44% | 75% | &nbsp;&nbsp;&nbsp;&nbsp;$53464 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.80 | 18.82% | 0.70% | 0.70% | 1.22% | 71% | &nbsp;&nbsp;&nbsp;&nbsp;$52336 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Core Fund \| Semiannual Report 2023 17

------

[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.73 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.87) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.78 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(2.58) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.19 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.68) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.36 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(1.25) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.85 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(0.95) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $11.51 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.77) |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.56 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.80) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.60 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(2.42) | &nbsp;&nbsp;(2.50) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.07 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.61) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.24 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(1.06) | &nbsp;&nbsp;(1.18) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.74 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(0.88) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $11.42 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.70) |

---

---

| | |
|:---|:---|
| **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) | Annualized. |
| (d) | Ratios include interest on collateral expense which is less than 0.01%. |
| (e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (f) | Rounds to zero. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Disciplined Core Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.84 | &nbsp;&nbsp;0.14% | 0.66%<sup>(c),(d)</sup> | 0.66%<sup>(c),(d)</sup> | 1.15%<sup>(c)</sup> | 23% | &nbsp;&nbsp;$57121 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.73 | (4.66%) | 0.64%<sup>(d)</sup> | 0.64%<sup>(d)</sup> | 0.95% | 48% | &nbsp;&nbsp;$59290 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $15.78 | 36.41% | 0.64%<sup>(d)</sup> | 0.64%<sup>(d)</sup> | 1.20% | 69% | &nbsp;&nbsp;$71539 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.19 | &nbsp;&nbsp;9.15% | 0.65% | 0.65% | 1.50% | 65% | $380482 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.36 | &nbsp;&nbsp;4.43% | 0.65% | 0.65% | 1.50% | 75% | $280889 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.85 | 18.89% | 0.65% | 0.65% | 1.23% | 71% | $306602 |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.71 | (0.14%) | 1.22%<sup>(c),(d)</sup> | 1.22%<sup>(c),(d),(e)</sup> | 0.59%<sup>(c)</sup> | 23% | &nbsp;&nbsp;&nbsp;$1869 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.56 | (5.19%) | 1.20%<sup>(d)</sup> | 1.20%<sup>(d),(e)</sup> | 0.39% | 48% | &nbsp;&nbsp;&nbsp;$2532 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $15.60 | 35.56% | 1.22%<sup>(d)</sup> | 1.22%<sup>(d),(e)</sup> | 0.63% | 69% | &nbsp;&nbsp;&nbsp;$2915 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.07 | &nbsp;&nbsp;8.62% | 1.23% | 1.23%<sup>(e)</sup> | 0.94% | 65% | &nbsp;&nbsp;&nbsp;$2804 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.24 | &nbsp;&nbsp;3.73% | 1.23% | 1.23% | 0.92% | 75% | &nbsp;&nbsp;&nbsp;$4398 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.74 | 18.21% | 1.23% | 1.23%<sup>(e)</sup> | 0.65% | 71% | &nbsp;&nbsp;&nbsp;$4693 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Core Fund \| Semiannual Report 2023 19

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Disciplined Core 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. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R 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.

#### 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, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, 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.

20 Columbia Disciplined Core Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP 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 CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the 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.

Columbia Disciplined Core Fund \| Semiannual Report 2023 21

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP 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. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

22 Columbia Disciplined Core Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 January 31, 2023:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,635,726\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin 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 January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(772603) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;669013 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 65853450 |

---

\* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2023.

#### 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.

Columbia Disciplined Core Fund \| Semiannual Report 2023 23

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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.

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 pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

24 Columbia Disciplined Core Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.75% to 0.55% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 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 "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. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. 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 Disciplined Core Fund \| Semiannual Report 2023 25

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

For the six months ended January 31, 2023, 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 (%)** |
| &nbsp;&nbsp;Class A | 0.07 |
| &nbsp;&nbsp;Advisor Class | 0.07 |
| &nbsp;&nbsp;Class C | 0.07 |
| &nbsp;&nbsp;Institutional Class | 0.07 |
| &nbsp;&nbsp;Institutional 2 Class | 0.06 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |
| &nbsp;&nbsp;Class R | 0.07 |

---

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 January 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $1,260.

#### 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 $1,064,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2022, 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 January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 5.75 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225653 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 |

---

(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after
purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.

(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

The Fund's other share classes are not subject to sales charges.

26 Columbia Disciplined Core Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (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:

---

| | | |
|:---|:---|:---|
|  | **December 1, 2022<br> through<br> November 30, 2023** | **Prior to<br> December 1, 2022** |
| &nbsp;&nbsp;Class A | 0.97% | 1.02% |
| &nbsp;&nbsp;Advisor Class | 0.72 | 0.77 |
| &nbsp;&nbsp;Class C | 1.72 | 1.77 |
| &nbsp;&nbsp;Institutional Class | 0.72 | 0.77 |
| &nbsp;&nbsp;Institutional 2 Class | 0.71 | 0.76 |
| &nbsp;&nbsp;Institutional 3 Class | 0.66 | 0.72 |
| &nbsp;&nbsp;Class R | 1.22 | 1.27 |

---

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 January 31, 2023, 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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> appreciation ($)** |
| &nbsp;&nbsp;3031358000 | 1072242000 | (88887000) | 983355000 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at July 31, 2022 as arising on August 1, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Late year<br> ordinary losses ($)** | **Post-October<br> capital losses ($)** |
| &nbsp;&nbsp;— | 37813126 |

---

Columbia Disciplined Core Fund \| Semiannual Report 2023 27

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 $886,627,812 and $1,135,511,808, respectively, for the six months ended January 31, 2023. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

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 January 31, 2023.

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 27, 2022 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 $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended January 31, 2023.

28 Columbia Disciplined Core Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Note 9. Significant risks

#### Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such

Columbia Disciplined Core Fund \| Semiannual Report 2023 29

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At January 31, 2023, affiliated shareholders of record owned 81.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

30 Columbia Disciplined Core Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_86_5d84be41-1035-43e2-a81e-b07b61b19d14_TOC)

#### Columbia Disciplined Core Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img1a2e79a92.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 (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2023 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR177_07_N01_(03/23)

------

![](img62551a0e1.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](imgd7eb60a42.jpg)

Columbia Disciplined Growth Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_c1d2a401-d525-4140-8d19-4c8802783224_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_865e99c6-7230-40c0-9554-8160b162871f_1)<br>| 5 |
| [Portfolio of Investments](#xx_5812e177-5cec-4f1c-bb8a-8de60d4aacef_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_e5c00443-dfa5-4604-b575-0b8fa47c89ae_1)<br>| 10 |
| [Statement of Operations](#xx_e5c00443-dfa5-4604-b575-0b8fa47c89ae_3)<br>| 12 |
| [Statement of Changes in Net Assets](#xx_e5c00443-dfa5-4604-b575-0b8fa47c89ae_4)<br>| 13 |
| [Financial Highlights](#xx_254f547e-b6fc-49d2-9845-f9672f20907d_2)<br>| 16 |
| [Notes to Financial Statements](#xx_581d0c9c-0d7d-4ce0-96e0-0fa7b2aba436_1)<br>| 20 |

---

If you elect to receive the shareholder report for Columbia Disciplined Growth Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund's shareholder report is available at the Columbia funds' website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Disciplined Growth Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Raghavendran Sivaraman, Ph.D., CFA
Co-Portfolio Manager

Managed Fund since 2019

#### Oleg Nusinzon, CFA
Co-Portfolio Manager

Managed Fund since 2021

Morningstar style box<sup>TM</sup>

![](imgf966b5093.jpg)

The Morningstar Style Box is based on a fund's portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;05/17/07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.48 | &nbsp;&nbsp;&nbsp;&nbsp;-15.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;13.41 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-10.87 | &nbsp;&nbsp;&nbsp;&nbsp;-20.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;06/01/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.38 | &nbsp;&nbsp;&nbsp;&nbsp;-15.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.63 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;05/17/07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-6.00 | &nbsp;&nbsp;&nbsp;&nbsp;-16.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp;&nbsp;12.57 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-6.83 | &nbsp;&nbsp;&nbsp;&nbsp;-17.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp;&nbsp;12.57 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.36 | &nbsp;&nbsp;&nbsp;&nbsp;-15.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88 | &nbsp;&nbsp;&nbsp;&nbsp;13.70 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.49 | &nbsp;&nbsp;&nbsp;&nbsp;-15.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;13.80 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;06/01/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.37 | &nbsp;&nbsp;&nbsp;&nbsp;-15.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp;&nbsp;13.73 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;05/17/07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.65 | &nbsp;&nbsp;&nbsp;&nbsp;-16.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.32 | &nbsp;&nbsp;&nbsp;&nbsp;13.12 |
| &nbsp;&nbsp;Russell 1000 Growth Index | &nbsp;&nbsp;Russell 1000 Growth Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-4.71 | &nbsp;&nbsp;&nbsp;&nbsp;-16.02 | &nbsp;&nbsp;&nbsp;&nbsp;11.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.53 |

---

**Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund's other share classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

The Russell 1000 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Disciplined Growth Fund \| Semiannual Report 2023 3

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.5 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;12.5 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;44.2 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sub-industry breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Equity sub-industry breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;**Information Technology** |  |
| &nbsp;&nbsp;Application Software | &nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Data Processing & Outsourced Services | &nbsp;&nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;IT Consulting & Other Services | &nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Semiconductor Equipment | &nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;Systems Software | 16.1 |
| &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | 13.4 |
| &nbsp;&nbsp;**Total** | **44.2** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Disciplined Growth Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;945.20 | &nbsp;&nbsp;&nbsp;&nbsp;1020.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;946.20 | &nbsp;&nbsp;&nbsp;&nbsp;1021.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;940.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.20 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;946.40 | &nbsp;&nbsp;&nbsp;&nbsp;1021.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;945.10 | &nbsp;&nbsp;&nbsp;&nbsp;1021.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;946.30 | &nbsp;&nbsp;&nbsp;&nbsp;1021.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;943.50 | &nbsp;&nbsp;&nbsp;&nbsp;1018.75 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Disciplined Growth Fund \| Semiannual Report 2023 5

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

## Portfolio of Investments January 31, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.5%** | &nbsp;&nbsp;**Common Stocks 98.5%** | &nbsp;&nbsp;**Common Stocks 98.5%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 7.4%** | &nbsp;&nbsp;**Communication Services 7.4%** | &nbsp;&nbsp;**Communication Services 7.4%** |
| &nbsp;&nbsp;**Entertainment 0.4%** | &nbsp;&nbsp;**Entertainment 0.4%** | &nbsp;&nbsp;**Entertainment 0.4%** |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779930 |
| &nbsp;&nbsp;**Interactive Media & Services 7.0%** | &nbsp;&nbsp;**Interactive Media & Services 7.0%** | &nbsp;&nbsp;**Interactive Media & Services 7.0%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;90761 | &nbsp;&nbsp;&nbsp;&nbsp;8970817 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;24402 | &nbsp;&nbsp;&nbsp;&nbsp;3635166 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12605983 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**13385913** |
| &nbsp;&nbsp;**Consumer Discretionary 14.8%** | &nbsp;&nbsp;**Consumer Discretionary 14.8%** | &nbsp;&nbsp;**Consumer Discretionary 14.8%** |
| &nbsp;&nbsp;**Automobiles 1.8%** | &nbsp;&nbsp;**Automobiles 1.8%** | &nbsp;&nbsp;**Automobiles 1.8%** |
| &nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;18908 | &nbsp;&nbsp;&nbsp;&nbsp;3275244 |
| &nbsp;&nbsp;**Distributors 0.4%** | &nbsp;&nbsp;**Distributors 0.4%** | &nbsp;&nbsp;**Distributors 0.4%** |
| &nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;4491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753680 |
| &nbsp;&nbsp;**Diversified Consumer Services 1.4%** | &nbsp;&nbsp;**Diversified Consumer Services 1.4%** | &nbsp;&nbsp;**Diversified Consumer Services 1.4%** |
| &nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;66783 | &nbsp;&nbsp;&nbsp;&nbsp;2603201 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** |
| &nbsp;&nbsp;Expedia Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;24454 | &nbsp;&nbsp;&nbsp;&nbsp;2795092 |
| &nbsp;&nbsp;**Household Durables 1.3%** | &nbsp;&nbsp;**Household Durables 1.3%** | &nbsp;&nbsp;**Household Durables 1.3%** |
| &nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;24952 | &nbsp;&nbsp;&nbsp;&nbsp;1419519 |
| &nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;14598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868435 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2287954 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 3.9%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 3.9%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 3.9%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;68345 | &nbsp;&nbsp;&nbsp;&nbsp;7048420 |
| &nbsp;&nbsp;**Specialty Retail 4.3%** | &nbsp;&nbsp;**Specialty Retail 4.3%** | &nbsp;&nbsp;**Specialty Retail 4.3%** |
| &nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275742 |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;10137 | &nbsp;&nbsp;&nbsp;&nbsp;2111030 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3195 | &nbsp;&nbsp;&nbsp;&nbsp;2531558 |
| &nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5570 | &nbsp;&nbsp;&nbsp;&nbsp;2862757 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;7781087 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.2%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.2%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.2%** |
| &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289324 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**26834002** |
| &nbsp;&nbsp;**Consumer Staples 5.1%** | &nbsp;&nbsp;**Consumer Staples 5.1%** | &nbsp;&nbsp;**Consumer Staples 5.1%** |
| &nbsp;&nbsp;**Beverages 1.7%** | &nbsp;&nbsp;**Beverages 1.7%** | &nbsp;&nbsp;**Beverages 1.7%** |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;51183 | &nbsp;&nbsp;&nbsp;&nbsp;3138541 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Food Products 0.7%** | &nbsp;&nbsp;**Food Products 0.7%** | &nbsp;&nbsp;**Food Products 0.7%** |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;15244 | &nbsp;&nbsp;1010525 |
| &nbsp;&nbsp;Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;246888 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;1257413 |
| &nbsp;&nbsp;**Household Products 2.4%** | &nbsp;&nbsp;**Household Products 2.4%** | &nbsp;&nbsp;**Household Products 2.4%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;30540 | &nbsp;&nbsp;4348285 |
| &nbsp;&nbsp;**Tobacco 0.3%** | &nbsp;&nbsp;**Tobacco 0.3%** | &nbsp;&nbsp;**Tobacco 0.3%** |
| &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;10893 | &nbsp;&nbsp;&nbsp;&nbsp;490621 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**9234860** |
| &nbsp;&nbsp;**Energy 1.2%** | &nbsp;&nbsp;**Energy 1.2%** | &nbsp;&nbsp;**Energy 1.2%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.2%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.2%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.2%** |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;27242 | &nbsp;&nbsp;1765009 |
| &nbsp;&nbsp;PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4626 | &nbsp;&nbsp;&nbsp;&nbsp;313319 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;2078328 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**2078328** |
| &nbsp;&nbsp;**Financials 2.9%** | &nbsp;&nbsp;**Financials 2.9%** | &nbsp;&nbsp;**Financials 2.9%** |
| &nbsp;&nbsp;**Banks 0.7%** | &nbsp;&nbsp;**Banks 0.7%** | &nbsp;&nbsp;**Banks 0.7%** |
| &nbsp;&nbsp;First Citizens BancShares Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;1289394 |
| &nbsp;&nbsp;**Insurance 2.2%** | &nbsp;&nbsp;**Insurance 2.2%** | &nbsp;&nbsp;**Insurance 2.2%** |
| &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;25210 | &nbsp;&nbsp;&nbsp;&nbsp;893190 |
| &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;17622 | &nbsp;&nbsp;3082264 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;3975454 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**5264848** |
| &nbsp;&nbsp;**Health Care 12.3%** | &nbsp;&nbsp;**Health Care 12.3%** | &nbsp;&nbsp;**Health Care 12.3%** |
| &nbsp;&nbsp;**Biotechnology 3.6%** | &nbsp;&nbsp;**Biotechnology 3.6%** | &nbsp;&nbsp;**Biotechnology 3.6%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;20225 | &nbsp;&nbsp;2988244 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2879 | &nbsp;&nbsp;&nbsp;&nbsp;726660 |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4803 | &nbsp;&nbsp;&nbsp;&nbsp;554026 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;542306 |
| &nbsp;&nbsp;Sarepta Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2371 | &nbsp;&nbsp;&nbsp;&nbsp;296304 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4214 | &nbsp;&nbsp;1361543 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;6469083 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 1.8%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.8%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 1.8%** |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;29828 | &nbsp;&nbsp;3297485 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Columbia Disciplined Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Health Care Providers & Services 2.8%** | &nbsp;&nbsp;**Health Care Providers & Services 2.8%** | &nbsp;&nbsp;**Health Care Providers & Services 2.8%** |
| &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6034 | &nbsp;&nbsp;&nbsp;&nbsp;3087598 |
| &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316955 |
| &nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587800 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp;1093226 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5085579 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 3.6%** | &nbsp;&nbsp;**Life Sciences Tools & Services 3.6%** | &nbsp;&nbsp;**Life Sciences Tools & Services 3.6%** |
| &nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16087 | &nbsp;&nbsp;&nbsp;&nbsp;3690518 |
| &nbsp;&nbsp;Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;&nbsp;2471067 |
| &nbsp;&nbsp;Syneos Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378166 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6539751 |
| &nbsp;&nbsp;**Pharmaceuticals 0.5%** | &nbsp;&nbsp;**Pharmaceuticals 0.5%** | &nbsp;&nbsp;**Pharmaceuticals 0.5%** |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9365 | &nbsp;&nbsp;&nbsp;&nbsp;1005895 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**22397793** |
| &nbsp;&nbsp;**Industrials 8.1%** | &nbsp;&nbsp;**Industrials 8.1%** | &nbsp;&nbsp;**Industrials 8.1%** |
| &nbsp;&nbsp;**Aerospace & Defense 2.2%** | &nbsp;&nbsp;**Aerospace & Defense 2.2%** | &nbsp;&nbsp;**Aerospace & Defense 2.2%** |
| &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8606 | &nbsp;&nbsp;&nbsp;&nbsp;3986815 |
| &nbsp;&nbsp;**Air Freight & Logistics 1.0%** | &nbsp;&nbsp;**Air Freight & Logistics 1.0%** | &nbsp;&nbsp;**Air Freight & Logistics 1.0%** |
| &nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;10047 | &nbsp;&nbsp;&nbsp;&nbsp;1861006 |
| &nbsp;&nbsp;**Commercial Services & Supplies 0.9%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.9%** | &nbsp;&nbsp;**Commercial Services & Supplies 0.9%** |
| &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3713 | &nbsp;&nbsp;&nbsp;&nbsp;1647607 |
| &nbsp;&nbsp;**Construction & Engineering 0.2%** | &nbsp;&nbsp;**Construction & Engineering 0.2%** | &nbsp;&nbsp;**Construction & Engineering 0.2%** |
| &nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;3325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290173 |
| &nbsp;&nbsp;**Machinery 1.6%** | &nbsp;&nbsp;**Machinery 1.6%** | &nbsp;&nbsp;**Machinery 1.6%** |
| &nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65440 | &nbsp;&nbsp;&nbsp;&nbsp;2950035 |
| &nbsp;&nbsp;**Road & Rail 2.2%** | &nbsp;&nbsp;**Road & Rail 2.2%** | &nbsp;&nbsp;**Road & Rail 2.2%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609680 |
| &nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;111119 | &nbsp;&nbsp;&nbsp;&nbsp;3436911 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4046591 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**14782227** |
| &nbsp;&nbsp;**Information Technology 43.5%** | &nbsp;&nbsp;**Information Technology 43.5%** | &nbsp;&nbsp;**Information Technology 43.5%** |
| &nbsp;&nbsp;**IT Services 5.0%** | &nbsp;&nbsp;**IT Services 5.0%** | &nbsp;&nbsp;**IT Services 5.0%** |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258121 |
| &nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6993 | &nbsp;&nbsp;&nbsp;&nbsp;2364613 |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16766 | &nbsp;&nbsp;&nbsp;&nbsp;6213480 |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329891 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9166105 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 7.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 7.5%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 7.5%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55402 | &nbsp;&nbsp;&nbsp;&nbsp;4163460 |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141 | &nbsp;&nbsp;&nbsp;&nbsp;3071114 |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9853 | &nbsp;&nbsp;&nbsp;&nbsp;1924981 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33876 | &nbsp;&nbsp;&nbsp;&nbsp;4512622 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;13672177 |
| &nbsp;&nbsp;**Software 17.8%** | &nbsp;&nbsp;**Software 17.8%** | &nbsp;&nbsp;**Software 17.8%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9336 | &nbsp;&nbsp;&nbsp;&nbsp;3457494 |
| &nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15351 | &nbsp;&nbsp;&nbsp;&nbsp;1625671 |
| &nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63229 | &nbsp;&nbsp;&nbsp;&nbsp;3309406 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80299 | &nbsp;&nbsp;&nbsp;&nbsp;19898895 |
| &nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22634 | &nbsp;&nbsp;&nbsp;&nbsp;3590657 |
| &nbsp;&nbsp;Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403396 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;32285519 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 13.2%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 13.2%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 13.2%** |
| &nbsp;&nbsp;Apple, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165524 | &nbsp;&nbsp;&nbsp;&nbsp;23883458 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp;**79007259** |
| &nbsp;&nbsp;**Materials 1.7%** | &nbsp;&nbsp;**Materials 1.7%** | &nbsp;&nbsp;**Materials 1.7%** |
| &nbsp;&nbsp;**Chemicals 0.7%** | &nbsp;&nbsp;**Chemicals 0.7%** | &nbsp;&nbsp;**Chemicals 0.7%** |
| &nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14816 | &nbsp;&nbsp;&nbsp;&nbsp;1254915 |
| &nbsp;&nbsp;**Paper & Forest Products 1.0%** | &nbsp;&nbsp;**Paper & Forest Products 1.0%** | &nbsp;&nbsp;**Paper & Forest Products 1.0%** |
| &nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27784 | &nbsp;&nbsp;&nbsp;&nbsp;1891813 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;&nbsp;&nbsp;**3146728** |
| &nbsp;&nbsp;**Real Estate 1.5%** | &nbsp;&nbsp;**Real Estate 1.5%** | &nbsp;&nbsp;**Real Estate 1.5%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.5%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.5%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.5%** |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8968 | &nbsp;&nbsp;&nbsp;&nbsp;2668249 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**2668249** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $107,263,949) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $107,263,949) | &nbsp;&nbsp;**178800207** |
| &nbsp;&nbsp;**Money Market Funds 1.5%** | &nbsp;&nbsp;**Money Market Funds 1.5%** | &nbsp;&nbsp;**Money Market Funds 1.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559%<sup>(c),(d)</sup> | &nbsp;&nbsp;2769524 | &nbsp;&nbsp;&nbsp;&nbsp;2768417 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $2,768,590) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $2,768,590) | &nbsp;&nbsp;&nbsp;&nbsp;**2768417** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $110,032,539)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $110,032,539)** | &nbsp;&nbsp;**181568624** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9743** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**181578367** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Growth Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

At January 31, 2023, securities and/or cash totaling $331,867 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 14 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2863000 | &nbsp;&nbsp;&nbsp;&nbsp;153643 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(c) The rate shown is the seven-day current annualized yield at January 31, 2023.

(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended January 31, 2023 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% |
|  | 2044430 | &nbsp;&nbsp;23088862 | &nbsp;&nbsp;(22364429) | &nbsp;&nbsp;(446) | &nbsp;&nbsp;2768417 | &nbsp;&nbsp;249 | &nbsp;&nbsp;34633 | &nbsp;&nbsp;2769524 |

---

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Disciplined Growth Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

**Fair value measurements (continued) 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 January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;13385913 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13385913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;26834002 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26834002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;9234860 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9234860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;2078328 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;5264848 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;22397793 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22397793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;14782227 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14782227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;79007259 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79007259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;3146728 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2668249 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 178800207 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;178800207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2768417 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768417 |
| &nbsp;&nbsp;Total Investments in Securities | 181568624 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;181568624 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153643 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153643 |
| &nbsp;&nbsp;Total | 181722267 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;181722267 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Growth Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $107,263,949) | $178800207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $2,768,590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768417 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6821 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;181835231 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9471 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256864 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$181578367** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;111777604 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;69800763 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$181578367** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Disciplined Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Statement of Assets and Liabilities (continued)

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $112169313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;14880559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.00 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3884560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.69 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7967140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.63 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$33552703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.74 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2905910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.23 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$20581783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.88 |
| &nbsp;&nbsp;**Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$516958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.44 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Growth Fund \| Semiannual Report 2023 11

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$911457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34633 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946090 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7179 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123591 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140949) |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982582 |
| &nbsp;&nbsp;**Net investment loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36492) |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42778) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239653 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(18326523) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(18322863) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(13083210) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(13119702)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Disciplined Growth Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(36492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(263147) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28353140 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(18322863) | &nbsp;&nbsp;&nbsp;&nbsp;(46191615) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(13119702) | &nbsp;&nbsp;&nbsp;&nbsp;(18101622) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(11920336) | &nbsp;&nbsp;&nbsp;&nbsp;(35792442) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(613286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1675194) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(1081363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3549059) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(3507339) | &nbsp;&nbsp;&nbsp;&nbsp;(12561236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1048782) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;(1979187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4245829) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136943) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(19475599) | &nbsp;&nbsp;&nbsp;&nbsp;(59009485) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(3830583) | &nbsp;&nbsp;&nbsp;&nbsp;(16176118) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(36425884) | &nbsp;&nbsp;&nbsp;&nbsp;(93287225) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;218004251 | &nbsp;&nbsp;&nbsp;&nbsp;311291476 |
| &nbsp;&nbsp;**Net assets at end of period** | **$181578367** | &nbsp;&nbsp;**$218004251** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Growth Fund \| Semiannual Report 2023 13

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1051814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8222977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12292712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;1604074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11661622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34845634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2316403) | &nbsp;&nbsp;&nbsp;&nbsp;(18071627) | &nbsp;&nbsp;&nbsp;&nbsp;(3659508) | &nbsp;&nbsp;&nbsp;&nbsp;(37078655) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;339485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10059691 |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(334673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2477673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1859784) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(223920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1660958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80861) |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;167405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(386604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2613628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5491816) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(157520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1094286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(989947) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;580276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4721357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9134399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;467706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11269073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1744628) | &nbsp;&nbsp;&nbsp;&nbsp;(14175450) | &nbsp;&nbsp;&nbsp;&nbsp;(1606135) | &nbsp;&nbsp;&nbsp;&nbsp;(16575618) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(696646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5965006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3827854 |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(107695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(868227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1546711) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(32060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335595 |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;377720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8054407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;259629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4227243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(219116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1800540) | &nbsp;&nbsp;&nbsp;&nbsp;(3143120) | &nbsp;&nbsp;&nbsp;&nbsp;(41753343) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;418233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270611 | &nbsp;&nbsp;&nbsp;&nbsp;(1977856) | &nbsp;&nbsp;&nbsp;&nbsp;(29471693) |
| &nbsp;&nbsp;Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92492) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143243 |
| &nbsp;&nbsp;**Total net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(345187)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3830583)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(888483)** | &nbsp;&nbsp;&nbsp;&nbsp;**(16176118)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Disciplined Growth Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.93 | &nbsp;&nbsp;(0.00)<sup>(c)</sup> | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(0.87) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.30 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.74) | &nbsp;&nbsp;(2.74) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.34 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;(0.00)<sup>(c)</sup> | &nbsp;&nbsp;(1.32) | &nbsp;&nbsp;(1.32) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.74) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.21) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(1.25) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(0.87) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.75) | &nbsp;&nbsp;(2.75) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(1.32) | &nbsp;&nbsp;(1.34) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.76) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.22) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(1.28) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.01 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(0.87) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.32 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.70) | &nbsp;&nbsp;(2.70) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.32) | &nbsp;&nbsp;(1.32) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$8.71 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.21) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(1.22) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(0.87) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.75) | &nbsp;&nbsp;(2.75) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(1.32) | &nbsp;&nbsp;(1.34) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.76) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.22) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(1.28) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(0.87) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $13.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.75) | &nbsp;&nbsp;(2.75) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(1.32) | &nbsp;&nbsp;(1.35) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.77) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.23) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(1.28) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Disciplined Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$7.54 | (5.48%) | 1.22%<sup>(d)</sup> | 1.07%<sup>(d),(e)</sup> | (0.10%)<sup>(d)</sup> | 34% | $112169 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$8.93 | (8.64%) | 1.17%<sup>(f)</sup> | 1.07%<sup>(e),(f)</sup> | (0.16%) | 71% | $129906 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.30 | 34.51% | 1.17%<sup>(f)</sup> | 1.10%<sup>(e),(f)</sup> | (0.09%) | 87% | $168331 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.34 | 21.22% | 1.17% | 1.16% | 0.16% | 78% | $135119 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.24 | &nbsp;&nbsp;4.98% | 1.17% | 1.17% | 0.37% | 78% | $129678 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.11 | 20.79% | 1.17% | 1.17%<sup>(e)</sup> | 0.12% | 82% | $130693 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$7.69 | (5.38%) | 0.96%<sup>(d)</sup> | 0.82%<sup>(d),(e)</sup> | 0.18%<sup>(d)</sup> | 34% | &nbsp;&nbsp;&nbsp;$3885 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.08 | (8.42%) | 0.92%<sup>(f)</sup> | 0.82%<sup>(e),(f)</sup> | 0.09% | 71% | &nbsp;&nbsp;&nbsp;$6624 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.45 | 34.98% | 0.92%<sup>(f)</sup> | 0.85%<sup>(e),(f)</sup> | 0.16% | 87% | &nbsp;&nbsp;&nbsp;$8951 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.44 | 21.56% | 0.92% | 0.91% | 0.41% | 78% | &nbsp;&nbsp;&nbsp;$8198 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;5.17% | 0.92% | 0.92% | 0.62% | 78% | &nbsp;&nbsp;&nbsp;$8471 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.18 | 21.06% | 0.92% | 0.92%<sup>(e)</sup> | 0.34% | 82% | &nbsp;&nbsp;&nbsp;$7947 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$6.63 | (6.00%) | 1.97%<sup>(d)</sup> | 1.82%<sup>(d),(e)</sup> | (0.84%)<sup>(d)</sup> | 34% | &nbsp;&nbsp;&nbsp;$7967 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$8.01 | (9.25%) | 1.92%<sup>(f)</sup> | 1.82%<sup>(e),(f)</sup> | (0.91%) | 71% | &nbsp;&nbsp;$10877 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $11.32 | 33.62% | 1.92%<sup>(f)</sup> | 1.85%<sup>(e),(f)</sup> | (0.84%) | 87% | &nbsp;&nbsp;$16557 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;$9.67 | 20.29% | 1.92% | 1.91% | (0.59%) | 78% | &nbsp;&nbsp;$15962 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$8.71 | &nbsp;&nbsp;4.19% | 1.92% | 1.92% | (0.38%) | 78% | &nbsp;&nbsp;$17964 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;$9.67 | 19.77% | 1.92% | 1.92%<sup>(e)</sup> | (0.62%) | 82% | &nbsp;&nbsp;$21203 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$7.74 | (5.36%) | 0.96%<sup>(d)</sup> | 0.82%<sup>(d),(e)</sup> | 0.15%<sup>(d)</sup> | 34% | &nbsp;&nbsp;$33553 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.13 | (8.38%) | 0.92%<sup>(f)</sup> | 0.82%<sup>(e),(f)</sup> | 0.09% | 71% | &nbsp;&nbsp;$45968 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.50 | 34.93% | 0.92%<sup>(f)</sup> | 0.85%<sup>(e),(f)</sup> | 0.16% | 87% | &nbsp;&nbsp;$59164 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.48 | 21.46% | 0.92% | 0.91% | 0.42% | 78% | &nbsp;&nbsp;$66065 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.36 | &nbsp;&nbsp;5.26% | 0.92% | 0.92% | 0.61% | 78% | &nbsp;&nbsp;$86537 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.21 | 20.99% | 0.92% | 0.92%<sup>(e)</sup> | 0.37% | 82% | $123250 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$8.23 | (5.49%) | 0.94%<sup>(d)</sup> | 0.80%<sup>(d)</sup> | 0.17%<sup>(d)</sup> | 34% | &nbsp;&nbsp;&nbsp;$2906 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.66 | (8.38%) | 0.90%<sup>(f)</sup> | 0.80%<sup>(f)</sup> | 0.11% | 71% | &nbsp;&nbsp;&nbsp;$3718 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.08 | 35.00% | 0.89%<sup>(f)</sup> | 0.82%<sup>(f)</sup> | 0.18% | 87% | &nbsp;&nbsp;&nbsp;$4879 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.91 | 21.59% | 0.86% | 0.85% | 0.51% | 78% | &nbsp;&nbsp;&nbsp;$4611 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.71 | &nbsp;&nbsp;5.27% | 0.86% | 0.85% | 0.70% | 78% | &nbsp;&nbsp;$10235 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.55 | 21.10% | 0.87% | 0.85% | 0.38% | 82% | &nbsp;&nbsp;$12184 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Growth Fund \| Semiannual Report 2023 17

------

[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(0.87) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.75) | &nbsp;&nbsp;(2.75) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(1.32) | &nbsp;&nbsp;(1.35) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.77) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.23) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(1.29) |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.84 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(0.87) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.21 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.72) | &nbsp;&nbsp;(2.72) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.34 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(1.32) | &nbsp;&nbsp;(1.36) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.24 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.21) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | &nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(1.23) |

---

---

| | |
|:---|:---|
| **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) | Rounds to zero. |
| (d) | Annualized. |
| (e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (f) | Ratios include interest on collateral expense which is less than 0.01%. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Disciplined Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$7.88 | (5.37%) | 0.88%<sup>(d)</sup> | 0.74%<sup>(d)</sup> | 0.23%<sup>(d)</sup> | 34% | &nbsp;&nbsp;$20582 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.28 | (8.32%) | 0.83%<sup>(f)</sup> | 0.74%<sup>(f)</sup> | 0.13% | 71% | &nbsp;&nbsp;$20361 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.66 | 35.05% | 0.82%<sup>(f)</sup> | 0.77%<sup>(f)</sup> | 0.20% | 87% | &nbsp;&nbsp;$52816 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.60 | 21.58% | 0.81% | 0.79% | 0.53% | 78% | $206590 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.46 | &nbsp;&nbsp;5.35% | 0.80% | 0.80% | 0.75% | 78% | $213693 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.31 | 21.17% | 0.81% | 0.80% | 0.49% | 82% | $266180 |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$7.44 | (5.65%) | 1.47%<sup>(d)</sup> | 1.32%<sup>(d),(e)</sup> | (0.35%)<sup>(d)</sup> | 34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$517 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$8.84 | (8.83%) | 1.42%<sup>(f)</sup> | 1.32%<sup>(e),(f)</sup> | (0.40%) | 71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$550 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.21 | 34.18% | 1.42%<sup>(f)</sup> | 1.35%<sup>(e),(f)</sup> | (0.34%) | 87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$594 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.34 | 20.93% | 1.42% | 1.41% | (0.07%) | 78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$651 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.24 | &nbsp;&nbsp;4.74% | 1.42% | 1.42% | 0.12% | 78% | &nbsp;&nbsp;&nbsp;$1197 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.13 | 20.32% | 1.42% | 1.42%<sup>(e)</sup> | (0.13%) | 82% | &nbsp;&nbsp;&nbsp;$1352 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Growth Fund \| Semiannual Report 2023 19

------

[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Disciplined Growth 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. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R 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.

#### 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, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, 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.

20 Columbia Disciplined Growth Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP 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 CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the 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.

Columbia Disciplined Growth Fund \| Semiannual Report 2023 21

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP 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. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

22 Columbia Disciplined Growth Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 January 31, 2023:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;153,643\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin 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 January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(42778) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;4106 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 2305175 |

---

\* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2023.

#### 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.

Columbia Disciplined Growth Fund \| Semiannual Report 2023 23

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 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 pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting

24 Columbia Disciplined Growth Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 0.75% to 0.55% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.75% 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 "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. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. 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 January 31, 2023, 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 (%)** |
| &nbsp;&nbsp;Class A | 0.09 |
| &nbsp;&nbsp;Advisor Class | 0.09 |
| &nbsp;&nbsp;Class C | 0.09 |
| &nbsp;&nbsp;Institutional Class | 0.09 |
| &nbsp;&nbsp;Institutional 2 Class | 0.07 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |
| &nbsp;&nbsp;Class R | 0.09 |

---

Columbia Disciplined Growth Fund \| Semiannual Report 2023 25

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 January 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $60.

#### 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 $29,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2022, 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 January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 5.75 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66874 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |

---

(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after
purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.

(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

The Fund's other share classes are not subject to sales charges.

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> November 30, 2023** |
| &nbsp;&nbsp;Class A | 1.07% |
| &nbsp;&nbsp;Advisor Class | 0.82 |
| &nbsp;&nbsp;Class C | 1.82 |
| &nbsp;&nbsp;Institutional Class | 0.82 |
| &nbsp;&nbsp;Institutional 2 Class | 0.80 |
| &nbsp;&nbsp;Institutional 3 Class | 0.74 |
| &nbsp;&nbsp;Class R | 1.32 |

---

26 Columbia Disciplined Growth Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 January 31, 2023, 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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> appreciation ($)** |
| &nbsp;&nbsp;110033000 | 73471000 | (1782000) | 71689000 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at July 31, 2022 as arising on August 1, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Late year<br> ordinary losses ($)** | **Post-October<br> capital losses ($)** |
| &nbsp;&nbsp;93795 | 5597617 |

---

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 $63,488,691 and $87,444,928, respectively, for the six months ended January 31, 2023. 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. In addition,

Columbia Disciplined Growth Fund \| Semiannual Report 2023 27

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

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 January 31, 2023.

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 27, 2022 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 $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended January 31, 2023.

Note 9. Significant risks

#### Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

28 Columbia Disciplined Growth Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At January 31, 2023, one unaffiliated shareholder of record owned 13.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 58.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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.

Columbia Disciplined Growth Fund \| Semiannual Report 2023 29

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[**Table of Contents**](#JOB_123_6703a872-2294-4860-a52c-445c77e750c0_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

30 Columbia Disciplined Growth Fund \| Semiannual Report 2023

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#### Columbia Disciplined Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imgd7eb60a42.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 (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2023 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR178_07_N01_(03/23)

------

![](img07c143e01.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](img87e58c182.jpg)

Columbia Disciplined Value Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_9d2eff15-23fb-4d08-aaea-07331804a1b0_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_8d8d7209-7512-4e04-ab9e-569e52212fd0_1)<br>| 5 |
| [Portfolio of Investments](#xx_11abd319-11d8-407f-a9bc-ecb922ae4726_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_ba76cf1c-a6d6-4a62-afca-909eafb66542_1)<br>| 11 |
| [Statement of Operations](#xx_ba76cf1c-a6d6-4a62-afca-909eafb66542_3)<br>| 13 |
| [Statement of Changes in Net Assets](#xx_ba76cf1c-a6d6-4a62-afca-909eafb66542_4)<br>| 14 |
| [Financial Highlights](#xx_b65f892d-2a88-4373-ae2e-f5f3b47dac56_1)<br>| 16 |
| [Notes to Financial Statements](#xx_a78a5c78-c0f2-4a89-9e6c-3217d14d7bd7_1)<br>| 20 |

---

If you elect to receive the shareholder report for Columbia Disciplined Value Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund's shareholder report is available at the Columbia funds' website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Disciplined Value Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

#### Raghavendran Sivaraman, Ph.D., CFA
Co-Portfolio Manager

Managed Fund since 2019

#### Oleg Nusinzon, CFA
Co-Portfolio Manager

Managed Fund since 2021

Morningstar style box<sup>TM</sup>

![](img724eabc73.jpg)

The Morningstar Style Box is based on a fund's portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;08/01/08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;10.06 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-2.59 | &nbsp;&nbsp;&nbsp;&nbsp;-5.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;06/01/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;&nbsp;&nbsp;10.27 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;08/01/08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;-0.79 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.22 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;-1.68 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.22 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 |
| &nbsp;&nbsp;Institutional 2 Class\* | &nbsp;&nbsp;Institutional 2 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;06/01/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;06/01/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.39 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;08/01/08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;-0.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.79 |
| &nbsp;&nbsp;Class V | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;03/07/11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;10.05 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-2.71 | &nbsp;&nbsp;&nbsp;&nbsp;-5.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40 |
| &nbsp;&nbsp;Russell 1000 Value Index | &nbsp;&nbsp;Russell 1000 Value Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;-0.43 | &nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp;&nbsp;&nbsp;10.15 |

---

**Returns for Class A and Class V shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund's other share classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Disciplined Value Fund \| Semiannual Report 2023 3

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.0 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;20.2 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;15.8 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;10.5 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

4 Columbia Disciplined Value Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1033.50 | &nbsp;&nbsp;&nbsp;&nbsp;1020.18 | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1033.40 | &nbsp;&nbsp;&nbsp;&nbsp;1021.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1027.80 | &nbsp;&nbsp;&nbsp;&nbsp;1016.36 | &nbsp;&nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1034.50 | &nbsp;&nbsp;&nbsp;&nbsp;1021.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1034.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1034.50 | &nbsp;&nbsp;&nbsp;&nbsp;1022.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1030.80 | &nbsp;&nbsp;&nbsp;&nbsp;1018.91 | &nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| &nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1032.50 | &nbsp;&nbsp;&nbsp;&nbsp;1020.18 | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Disciplined Value Fund \| Semiannual Report 2023 5

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

## Portfolio of Investments January 31, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 97.9%** | &nbsp;&nbsp;**Common Stocks 97.9%** | &nbsp;&nbsp;**Common Stocks 97.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 7.5%** | &nbsp;&nbsp;**Communication Services 7.5%** | &nbsp;&nbsp;**Communication Services 7.5%** |
| &nbsp;&nbsp;**Diversified Telecommunication Services 1.3%** | &nbsp;&nbsp;**Diversified Telecommunication Services 1.3%** | &nbsp;&nbsp;**Diversified Telecommunication Services 1.3%** |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;55072 | &nbsp;&nbsp;&nbsp;&nbsp;2289343 |
| &nbsp;&nbsp;**Entertainment 0.3%** | &nbsp;&nbsp;**Entertainment 0.3%** | &nbsp;&nbsp;**Entertainment 0.3%** |
| &nbsp;&nbsp;Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510262 |
| &nbsp;&nbsp;**Interactive Media & Services 4.7%** | &nbsp;&nbsp;**Interactive Media & Services 4.7%** | &nbsp;&nbsp;**Interactive Media & Services 4.7%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;44943 | &nbsp;&nbsp;&nbsp;&nbsp;4442166 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;24838 | &nbsp;&nbsp;&nbsp;&nbsp;3700117 |
| &nbsp;&nbsp;TripAdvisor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;17239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401669 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8543952 |
| &nbsp;&nbsp;**Media 1.2%** | &nbsp;&nbsp;**Media 1.2%** | &nbsp;&nbsp;**Media 1.2%** |
| &nbsp;&nbsp;Interpublic Group of Companies, Inc. (The) | &nbsp;&nbsp;61644 | &nbsp;&nbsp;&nbsp;&nbsp;2247540 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**13591097** |
| &nbsp;&nbsp;**Consumer Discretionary 6.5%** | &nbsp;&nbsp;**Consumer Discretionary 6.5%** | &nbsp;&nbsp;**Consumer Discretionary 6.5%** |
| &nbsp;&nbsp;**Automobiles 0.2%** | &nbsp;&nbsp;**Automobiles 0.2%** | &nbsp;&nbsp;**Automobiles 0.2%** |
| &nbsp;&nbsp;Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377793 |
| &nbsp;&nbsp;**Diversified Consumer Services 1.2%** | &nbsp;&nbsp;**Diversified Consumer Services 1.2%** | &nbsp;&nbsp;**Diversified Consumer Services 1.2%** |
| &nbsp;&nbsp;ADT, Inc. | &nbsp;&nbsp;38045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334416 |
| &nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;45451 | &nbsp;&nbsp;&nbsp;&nbsp;1771680 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2106096 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.2%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.2%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.2%** |
| &nbsp;&nbsp;Travel + Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;9325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395100 |
| &nbsp;&nbsp;**Household Durables 1.7%** | &nbsp;&nbsp;**Household Durables 1.7%** | &nbsp;&nbsp;**Household Durables 1.7%** |
| &nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543437 |
| &nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;43403 | &nbsp;&nbsp;&nbsp;&nbsp;2469196 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3012633 |
| &nbsp;&nbsp;**Multiline Retail 0.2%** | &nbsp;&nbsp;**Multiline Retail 0.2%** | &nbsp;&nbsp;**Multiline Retail 0.2%** |
| &nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;16406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387674 |
| &nbsp;&nbsp;**Specialty Retail 3.0%** | &nbsp;&nbsp;**Specialty Retail 3.0%** | &nbsp;&nbsp;**Specialty Retail 3.0%** |
| &nbsp;&nbsp;AutoNation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;20349 | &nbsp;&nbsp;&nbsp;&nbsp;2578625 |
| &nbsp;&nbsp;AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;2138871 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766995 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5484491 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**11763787** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Staples 6.5%** | &nbsp;&nbsp;**Consumer Staples 6.5%** | &nbsp;&nbsp;**Consumer Staples 6.5%** |
| &nbsp;&nbsp;**Food Products 1.3%** | &nbsp;&nbsp;**Food Products 1.3%** | &nbsp;&nbsp;**Food Products 1.3%** |
| &nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;29873 | &nbsp;&nbsp;&nbsp;&nbsp;2340848 |
| &nbsp;&nbsp;**Household Products 1.9%** | &nbsp;&nbsp;**Household Products 1.9%** | &nbsp;&nbsp;**Household Products 1.9%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;24652 | &nbsp;&nbsp;&nbsp;&nbsp;3509952 |
| &nbsp;&nbsp;**Tobacco 3.3%** | &nbsp;&nbsp;**Tobacco 3.3%** | &nbsp;&nbsp;**Tobacco 3.3%** |
| &nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;54072 | &nbsp;&nbsp;&nbsp;&nbsp;2435403 |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;33062 | &nbsp;&nbsp;&nbsp;&nbsp;3446383 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5881786 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**11732586** |
| &nbsp;&nbsp;**Energy 8.3%** | &nbsp;&nbsp;**Energy 8.3%** | &nbsp;&nbsp;**Energy 8.3%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.3%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.3%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.3%** |
| &nbsp;&nbsp;Chevron Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;1233802 |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;11066 | &nbsp;&nbsp;&nbsp;&nbsp;1348613 |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;64509 | &nbsp;&nbsp;&nbsp;&nbsp;7483689 |
| &nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;10763 | &nbsp;&nbsp;&nbsp;&nbsp;1383261 |
| &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;25424 | &nbsp;&nbsp;&nbsp;&nbsp;3560123 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;15009488 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**15009488** |
| &nbsp;&nbsp;**Financials 19.7%** | &nbsp;&nbsp;**Financials 19.7%** | &nbsp;&nbsp;**Financials 19.7%** |
| &nbsp;&nbsp;**Banks 7.8%** | &nbsp;&nbsp;**Banks 7.8%** | &nbsp;&nbsp;**Banks 7.8%** |
| &nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;66084 | &nbsp;&nbsp;&nbsp;&nbsp;3018056 |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;80587 | &nbsp;&nbsp;&nbsp;&nbsp;4208253 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;9866 | &nbsp;&nbsp;&nbsp;&nbsp;1380845 |
| &nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;38135 | &nbsp;&nbsp;&nbsp;&nbsp;2617587 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;62762 | &nbsp;&nbsp;&nbsp;&nbsp;2941655 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;14166396 |
| &nbsp;&nbsp;**Capital Markets 4.5%** | &nbsp;&nbsp;**Capital Markets 4.5%** | &nbsp;&nbsp;**Capital Markets 4.5%** |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;18739 | &nbsp;&nbsp;&nbsp;&nbsp;3310432 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429461 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;43710 | &nbsp;&nbsp;&nbsp;&nbsp;4254294 |
| &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181016 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8175203 |
| &nbsp;&nbsp;**Consumer Finance 1.5%** | &nbsp;&nbsp;**Consumer Finance 1.5%** | &nbsp;&nbsp;**Consumer Finance 1.5%** |
| &nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;22368 | &nbsp;&nbsp;&nbsp;&nbsp;2661792 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Columbia Disciplined Value Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Diversified Financial Services 1.1%** | &nbsp;&nbsp;**Diversified Financial Services 1.1%** | &nbsp;&nbsp;**Diversified Financial Services 1.1%** |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6421 | &nbsp;&nbsp;&nbsp;&nbsp;2000270 |
| &nbsp;&nbsp;**Insurance 4.8%** | &nbsp;&nbsp;**Insurance 4.8%** | &nbsp;&nbsp;**Insurance 4.8%** |
| &nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527318 |
| &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18488 | &nbsp;&nbsp;&nbsp;&nbsp;3233736 |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48319 | &nbsp;&nbsp;&nbsp;&nbsp;3528254 |
| &nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13616 | &nbsp;&nbsp;&nbsp;&nbsp;1428863 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;8718171 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**35721832** |
| &nbsp;&nbsp;**Health Care 15.4%** | &nbsp;&nbsp;**Health Care 15.4%** | &nbsp;&nbsp;**Health Care 15.4%** |
| &nbsp;&nbsp;**Biotechnology 2.1%** | &nbsp;&nbsp;**Biotechnology 2.1%** | &nbsp;&nbsp;**Biotechnology 2.1%** |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10051 | &nbsp;&nbsp;&nbsp;&nbsp;1159383 |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641386 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp;1111159 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909526 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3821454 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 2.6%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.6%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 2.6%** |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;40061 | &nbsp;&nbsp;&nbsp;&nbsp;4428744 |
| &nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362747 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4791491 |
| &nbsp;&nbsp;**Health Care Providers & Services 3.2%** | &nbsp;&nbsp;**Health Care Providers & Services 3.2%** | &nbsp;&nbsp;**Health Care Providers & Services 3.2%** |
| &nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977092 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31858 | &nbsp;&nbsp;&nbsp;&nbsp;2810513 |
| &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5240 | &nbsp;&nbsp;&nbsp;&nbsp;1984283 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5771888 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 0.8%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.8%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.8%** |
| &nbsp;&nbsp;Syneos Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38646 | &nbsp;&nbsp;&nbsp;&nbsp;1388164 |
| &nbsp;&nbsp;**Pharmaceuticals 6.7%** | &nbsp;&nbsp;**Pharmaceuticals 6.7%** | &nbsp;&nbsp;**Pharmaceuticals 6.7%** |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;58757 | &nbsp;&nbsp;&nbsp;&nbsp;4268696 |
| &nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11843 | &nbsp;&nbsp;&nbsp;&nbsp;1855324 |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;6811 | &nbsp;&nbsp;&nbsp;&nbsp;1113054 |
| &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;111596 | &nbsp;&nbsp;&nbsp;&nbsp;4928079 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;12165153 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**27938150** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Industrials 10.3%** | &nbsp;&nbsp;**Industrials 10.3%** | &nbsp;&nbsp;**Industrials 10.3%** |
| &nbsp;&nbsp;**Aerospace & Defense 3.0%** | &nbsp;&nbsp;**Aerospace & Defense 3.0%** | &nbsp;&nbsp;**Aerospace & Defense 3.0%** |
| &nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14870 | &nbsp;&nbsp;&nbsp;&nbsp;3465602 |
| &nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28005 | &nbsp;&nbsp;&nbsp;&nbsp;2040165 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;5505767 |
| &nbsp;&nbsp;**Building Products 2.4%** | &nbsp;&nbsp;**Building Products 2.4%** | &nbsp;&nbsp;**Building Products 2.4%** |
| &nbsp;&nbsp;Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46687 | &nbsp;&nbsp;&nbsp;&nbsp;3720954 |
| &nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;6535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631608 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;4352562 |
| &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** |
| &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12254 | &nbsp;&nbsp;&nbsp;&nbsp;1529544 |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695202 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;2224746 |
| &nbsp;&nbsp;**Electrical Equipment 1.9%** | &nbsp;&nbsp;**Electrical Equipment 1.9%** | &nbsp;&nbsp;**Electrical Equipment 1.9%** |
| &nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;37142 | &nbsp;&nbsp;&nbsp;&nbsp;3350951 |
| &nbsp;&nbsp;**Machinery 0.3%** | &nbsp;&nbsp;**Machinery 0.3%** | &nbsp;&nbsp;**Machinery 0.3%** |
| &nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447013 |
| &nbsp;&nbsp;**Road & Rail 1.5%** | &nbsp;&nbsp;**Road & Rail 1.5%** | &nbsp;&nbsp;**Road & Rail 1.5%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87113 | &nbsp;&nbsp;&nbsp;&nbsp;2693534 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**18574573** |
| &nbsp;&nbsp;**Information Technology 8.7%** | &nbsp;&nbsp;**Information Technology 8.7%** | &nbsp;&nbsp;**Information Technology 8.7%** |
| &nbsp;&nbsp;**Communications Equipment 2.7%** | &nbsp;&nbsp;**Communications Equipment 2.7%** | &nbsp;&nbsp;**Communications Equipment 2.7%** |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;101226 | &nbsp;&nbsp;&nbsp;&nbsp;4926669 |
| &nbsp;&nbsp;**IT Services 2.0%** | &nbsp;&nbsp;**IT Services 2.0%** | &nbsp;&nbsp;**IT Services 2.0%** |
| &nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5969 | &nbsp;&nbsp;&nbsp;&nbsp;1347860 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552970 |
| &nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20635 | &nbsp;&nbsp;&nbsp;&nbsp;1681546 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3582376 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 1.8%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 1.8%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 1.8%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43661 | &nbsp;&nbsp;&nbsp;&nbsp;3281124 |
| &nbsp;&nbsp;**Software 2.2%** | &nbsp;&nbsp;**Software 2.2%** | &nbsp;&nbsp;**Software 2.2%** |
| &nbsp;&nbsp;Dropbox, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44765 | &nbsp;&nbsp;&nbsp;&nbsp;1039891 |
| &nbsp;&nbsp;Salesforce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15173 | &nbsp;&nbsp;&nbsp;&nbsp;2548609 |
| &nbsp;&nbsp;Zoom Video Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300825 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;3889325 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**15679494** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Value Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Materials 5.1%** | &nbsp;&nbsp;**Materials 5.1%** | &nbsp;&nbsp;**Materials 5.1%** |
| &nbsp;&nbsp;**Chemicals 0.7%** | &nbsp;&nbsp;**Chemicals 0.7%** | &nbsp;&nbsp;**Chemicals 0.7%** |
| &nbsp;&nbsp;Mosaic Co. (The) | &nbsp;&nbsp;24367 | &nbsp;&nbsp;1207141 |
| &nbsp;&nbsp;**Metals & Mining 2.6%** | &nbsp;&nbsp;**Metals & Mining 2.6%** | &nbsp;&nbsp;**Metals & Mining 2.6%** |
| &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;16333 | &nbsp;&nbsp;2760604 |
| &nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;15520 | &nbsp;&nbsp;1872333 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;4632937 |
| &nbsp;&nbsp;**Paper & Forest Products 1.8%** | &nbsp;&nbsp;**Paper & Forest Products 1.8%** | &nbsp;&nbsp;**Paper & Forest Products 1.8%** |
| &nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;49358 | &nbsp;&nbsp;3360786 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**9200864** |
| &nbsp;&nbsp;**Real Estate 4.9%** | &nbsp;&nbsp;**Real Estate 4.9%** | &nbsp;&nbsp;**Real Estate 4.9%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 4.9%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 4.9%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 4.9%** |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;85197 | &nbsp;&nbsp;1605963 |
| &nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;5597 | &nbsp;&nbsp;1703391 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp;590299 |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;14171 | &nbsp;&nbsp;1820407 |
| &nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;90699 | &nbsp;&nbsp;3122767 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;8842827 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**8842827** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Utilities 5.0%** | &nbsp;&nbsp;**Utilities 5.0%** | &nbsp;&nbsp;**Utilities 5.0%** |
| &nbsp;&nbsp;**Electric Utilities 3.4%** | &nbsp;&nbsp;**Electric Utilities 3.4%** | &nbsp;&nbsp;**Electric Utilities 3.4%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35932 | &nbsp;&nbsp;&nbsp;&nbsp;3376170 |
| &nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38087 | &nbsp;&nbsp;&nbsp;&nbsp;2839386 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;6215556 |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 1.6%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 1.6%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers 1.6%** |
| &nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;126278 | &nbsp;&nbsp;&nbsp;&nbsp;2911971 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**9127527** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $151,579,927) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $151,579,927) | &nbsp;&nbsp;**177182225** |
| &nbsp;&nbsp;**Money Market Funds 2.0%** | &nbsp;&nbsp;**Money Market Funds 2.0%** | &nbsp;&nbsp;**Money Market Funds 2.0%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559%<sup>(c),(d)</sup> | &nbsp;&nbsp;3560906 | &nbsp;&nbsp;&nbsp;&nbsp;3559481 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $3,559,268) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $3,559,268) | &nbsp;&nbsp;&nbsp;&nbsp;**3559481** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $155,139,195)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $155,139,195)** | &nbsp;&nbsp;**180741706** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**204155** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**180945861** |

---

At January 31, 2023, securities and/or cash totaling $295,834 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;S&P 500 Index E-mini | 19 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3885500 | &nbsp;&nbsp;&nbsp;&nbsp;59048 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

#### Notes to Portfolio of Investments
(a) Non-income producing investment.

(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(c) The rate shown is the seven-day current annualized yield at January 31, 2023.

(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended January 31, 2023 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% |
|  | 1917742 | &nbsp;&nbsp;12926136 | &nbsp;&nbsp;(11284469) | &nbsp;&nbsp;72 | &nbsp;&nbsp;3559481 | &nbsp;&nbsp;220 | &nbsp;&nbsp;43355 | &nbsp;&nbsp;3560906 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Disciplined Value Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Currency Legend
USD US Dollar

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;13591097 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13591097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;11763787 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11763787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;11732586 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11732586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;15009488 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15009488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;35721832 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35721832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;27938150 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27938150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;18574573 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18574573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;15679494 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15679494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;9200864 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;8842827 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8842827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;9127527 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9127527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 177182225 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;177182225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;3559481 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559481 |
| &nbsp;&nbsp;Total Investments in Securities | 180741706 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;180741706 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Value Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59048 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59048 |
| &nbsp;&nbsp;Total | 180800754 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;180800754 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Disciplined Value Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $151,579,927) | $177182225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $3,559,268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559481 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6592 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;181211321 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8428 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265460 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$180945861** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;154769766 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;26176095 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$180945861** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Value Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Statement of Assets and Liabilities (continued)

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$53913627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6785129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.44 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1350784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.07 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8476199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.61 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$34748239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.08 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$714044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.05 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4609331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.07 |
| &nbsp;&nbsp;**Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1194133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.98 |
| &nbsp;&nbsp;**Class V** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$75939504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9606285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.39 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Disciplined Value Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | $2252539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4355) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;2291539 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;675086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7425 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;1109652 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;(193240) |
| &nbsp;&nbsp;Fees waived by transfer agent |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177) |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1430) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;914805 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;1376734 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;2339024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88723) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;2250521 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;2068242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34706) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;2033608 |
| &nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;4284129 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | **$5660863** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Value Fund \| Semiannual Report 2023 13

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$1376734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2774940 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26259607 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033608 | &nbsp;&nbsp;&nbsp;&nbsp;(23933139) |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101408 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(6034531) | &nbsp;&nbsp;&nbsp;&nbsp;(13178216) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450857) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(913270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2098648) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(3889096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9421332) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214442) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4082447) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325322) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;(8507320) | &nbsp;&nbsp;&nbsp;&nbsp;(20480269) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(20142186) | &nbsp;&nbsp;&nbsp;&nbsp;(50251533) |
| &nbsp;&nbsp;Increase in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21129847 |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(10727222) | &nbsp;&nbsp;&nbsp;&nbsp;(24020278) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;191673083 | &nbsp;&nbsp;&nbsp;&nbsp;215693361 |
| &nbsp;&nbsp;**Net assets at end of period** | **$180945861** | &nbsp;&nbsp;**$191673083** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Disciplined Value Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;574072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4648730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10540578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;718267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11757420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(718809) | &nbsp;&nbsp;&nbsp;&nbsp;(5760581) | &nbsp;&nbsp;&nbsp;&nbsp;(2112533) | &nbsp;&nbsp;&nbsp;&nbsp;(22157151) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;573530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4354163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140847 |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(10996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(782773) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157239) |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;115957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;122696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(222737) | &nbsp;&nbsp;&nbsp;&nbsp;(1732948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1644758) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700452 |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;295802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;477923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8840019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(545385) | &nbsp;&nbsp;&nbsp;&nbsp;(4506194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(914850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8737501) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;228340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6220128 |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419853) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168181) |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;133976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5535484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1021262) | &nbsp;&nbsp;&nbsp;&nbsp;(9127648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(961068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9228876) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(832127) | &nbsp;&nbsp;&nbsp;&nbsp;(7602220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(766449) |
| &nbsp;&nbsp;Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402257) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241580 |
| &nbsp;&nbsp;Class V |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;1023058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7744552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18224943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(416938) | &nbsp;&nbsp;&nbsp;&nbsp;(3374922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(622672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6068722) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;665064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12918709 |
| &nbsp;&nbsp;**Total net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**718559** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3754101** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2844070** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21129847** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Value Fund \| Semiannual Report 2023 15

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.68 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.98) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.21 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(2.58) | &nbsp;&nbsp;(2.84) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$8.09 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.63 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.82 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(1.03) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.32 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.82 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.34 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(2.58) | &nbsp;&nbsp;(2.86) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$8.18 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(1.02) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.92 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(1.05) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.41 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.81) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.33 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.91) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.86 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(2.58) | &nbsp;&nbsp;(2.76) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$7.84 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.36 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(0.93) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.54 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(0.94) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.07 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.82 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.35 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(2.58) | &nbsp;&nbsp;(2.86) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$8.19 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.71) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(1.02) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.93 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(1.05) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.42 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.81) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.80 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.33 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(2.58) | &nbsp;&nbsp;(2.87) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$8.17 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.71) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(1.04) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.91 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(1.07) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.39 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.81) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Disciplined Value Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$7.95 | &nbsp;&nbsp;3.35% | 1.26%<sup>(c),(d)</sup> | 1.04%<sup>(c),(d),(e)</sup> | 1.51%<sup>(c)</sup> | 24% | &nbsp;&nbsp;$53914 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$8.68 | &nbsp;&nbsp;2.26% | 1.22% | 1.02%<sup>(e)</sup> | 1.32% | 66% | &nbsp;&nbsp;$53946 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $11.21 | 40.74% | 1.31%<sup>(d)</sup> | 1.09%<sup>(d),(e)</sup> | 1.46% | 79% | &nbsp;&nbsp;$65698 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;$8.09 | (6.75%) | 1.26% | 1.12%<sup>(e)</sup> | 1.83% | 80% | &nbsp;&nbsp;$56748 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.63 | (0.87%) | 1.23% | 1.15% | 1.57% | 90% | &nbsp;&nbsp;$74650 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.82 | 12.62% | 1.22% | 1.15%<sup>(e)</sup> | 1.33% | 86% | &nbsp;&nbsp;$78335 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$8.07 | &nbsp;&nbsp;3.34% | 1.01%<sup>(c),(d)</sup> | 0.79%<sup>(c),(d),(e)</sup> | 1.76%<sup>(c)</sup> | 24% | &nbsp;&nbsp;&nbsp;$1351 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$8.82 | &nbsp;&nbsp;2.62% | 0.97% | 0.77%<sup>(e)</sup> | 1.59% | 66% | &nbsp;&nbsp;&nbsp;$1347 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $11.34 | 41.09% | 1.06%<sup>(d)</sup> | 0.84%<sup>(d),(e)</sup> | 1.71% | 79% | &nbsp;&nbsp;&nbsp;$1893 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;$8.18 | (6.55%) | 1.01% | 0.87%<sup>(e)</sup> | 2.12% | 80% | &nbsp;&nbsp;&nbsp;$1534 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.73 | (0.57%) | 0.98% | 0.90% | 1.81% | 90% | &nbsp;&nbsp;&nbsp;$3026 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.92 | 12.87% | 0.98% | 0.90%<sup>(e)</sup> | 1.51% | 86% | &nbsp;&nbsp;&nbsp;$7986 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$7.61 | &nbsp;&nbsp;2.78% | 2.01%<sup>(c),(d)</sup> | 1.79%<sup>(c),(d),(e)</sup> | 0.75%<sup>(c)</sup> | 24% | &nbsp;&nbsp;&nbsp;$8476 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$8.33 | &nbsp;&nbsp;1.52% | 1.97% | 1.77%<sup>(e)</sup> | 0.60% | 66% | &nbsp;&nbsp;&nbsp;$9139 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.86 | 39.78% | 2.06%<sup>(d)</sup> | 1.84%<sup>(d),(e)</sup> | 0.71% | 79% | &nbsp;&nbsp;&nbsp;$8389 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;$7.84 | (7.45%) | 2.01% | 1.87%<sup>(e)</sup> | 1.09% | 80% | &nbsp;&nbsp;&nbsp;$7100 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.36 | (1.66%) | 1.98% | 1.90% | 0.83% | 90% | &nbsp;&nbsp;$11835 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.54 | 11.82% | 1.97% | 1.90%<sup>(e)</sup> | 0.59% | 86% | &nbsp;&nbsp;$14761 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$8.08 | &nbsp;&nbsp;3.45% | 1.01%<sup>(c),(d)</sup> | 0.79%<sup>(c),(d),(e)</sup> | 1.76%<sup>(c)</sup> | 24% | &nbsp;&nbsp;$34748 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$8.82 | &nbsp;&nbsp;2.53% | 0.97% | 0.77%<sup>(e)</sup> | 1.59% | 66% | &nbsp;&nbsp;$35943 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $11.35 | 41.04% | 1.07%<sup>(d)</sup> | 0.84%<sup>(d),(e)</sup> | 1.75% | 79% | &nbsp;&nbsp;$38094 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;$8.19 | (6.53%) | 1.01% | 0.87%<sup>(e)</sup> | 2.07% | 80% | &nbsp;&nbsp;$83333 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.74 | (0.57%) | 0.98% | 0.90% | 1.80% | 90% | $111873 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.93 | 12.86% | 0.97% | 0.90%<sup>(e)</sup> | 1.58% | 86% | $206950 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$8.05 | &nbsp;&nbsp;3.40% | 0.95%<sup>(c),(d)</sup> | 0.74%<sup>(c),(d)</sup> | 1.79%<sup>(c)</sup> | 24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$714 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$8.80 | &nbsp;&nbsp;2.60% | 0.92% | 0.72% | 1.63% | 66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$494 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $11.33 | 41.32% | 0.90%<sup>(d)</sup> | 0.70%<sup>(d)</sup> | 1.84% | 79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$855 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;$8.17 | (6.42%) | 0.84% | 0.73% | 2.20% | 80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$588 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.72 | (0.44%) | 0.83% | 0.76% | 1.96% | 90% | &nbsp;&nbsp;&nbsp;$1213 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.91 | 13.09% | 0.83% | 0.78% | 1.70% | 86% | &nbsp;&nbsp;&nbsp;$1286 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Value Fund \| Semiannual Report 2023 17

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.82 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(1.01) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.35 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(2.58) | &nbsp;&nbsp;(2.88) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$8.19 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.71) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(1.04) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.93 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(1.07) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.41 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.82) |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.71 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.96) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.23 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(2.58) | &nbsp;&nbsp;(2.81) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$8.11 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(0.98) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.83 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.33 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.75) |
| &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$8.65 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.98) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.18 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(2.58) | &nbsp;&nbsp;(2.84) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | &nbsp;&nbsp;&nbsp;$8.07 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;&nbsp;$9.60 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.83) | &nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.79 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(1.03) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.29 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.78) |

---

---

| | |
|:---|:---|
| **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) | Annualized. |
| (d) | Ratios include interest on collateral expense which is less than 0.01%. |
| (e) | 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.

18 Columbia Disciplined Value Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$8.07 | &nbsp;&nbsp;3.45% | 0.88%<sup>(c),(d)</sup> | 0.68%<sup>(c),(d)</sup> | 1.83%<sup>(c)</sup> | 24% | &nbsp;&nbsp;&nbsp;$4609 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$8.82 | &nbsp;&nbsp;2.62% | 0.87% | 0.66% | 1.68% | 66% | &nbsp;&nbsp;$12381 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $11.35 | 41.28% | 0.80%<sup>(d)</sup> | 0.66%<sup>(d)</sup> | 2.12% | 79% | &nbsp;&nbsp;$16725 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;$8.19 | (6.36%) | 0.79% | 0.68% | 2.28% | 80% | $308660 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.74 | (0.37%) | 0.78% | 0.71% | 2.01% | 90% | $428447 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.93 | 13.13% | 0.77% | 0.72% | 1.76% | 86% | $461028 |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$7.98 | &nbsp;&nbsp;3.08% | 1.51%<sup>(c),(d)</sup> | 1.29%<sup>(c),(d),(e)</sup> | 1.26%<sup>(c)</sup> | 24% | &nbsp;&nbsp;&nbsp;$1194 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$8.71 | &nbsp;&nbsp;2.11% | 1.47% | 1.27%<sup>(e)</sup> | 1.09% | 66% | &nbsp;&nbsp;&nbsp;$1123 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $11.23 | 40.32% | 1.57%<sup>(d)</sup> | 1.34%<sup>(d),(e)</sup> | 1.23% | 79% | &nbsp;&nbsp;&nbsp;$1193 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;$8.11 | (6.96%) | 1.51% | 1.37%<sup>(e)</sup> | 1.58% | 80% | &nbsp;&nbsp;&nbsp;$1711 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.65 | (1.05%) | 1.48% | 1.40% | 1.33% | 90% | &nbsp;&nbsp;&nbsp;$2750 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.83 | 12.34% | 1.47% | 1.40%<sup>(e)</sup> | 1.08% | 86% | &nbsp;&nbsp;&nbsp;$3074 |
| &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$7.91 | &nbsp;&nbsp;3.25% | 1.26%<sup>(c),(d)</sup> | 1.04%<sup>(c),(d),(e)</sup> | 1.51%<sup>(c)</sup> | 24% | &nbsp;&nbsp;$75940 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$8.65 | &nbsp;&nbsp;2.29% | 1.22% | 1.02%<sup>(e)</sup> | 1.34% | 66% | &nbsp;&nbsp;$77299 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $11.18 | 40.72% | 1.31%<sup>(d)</sup> | 1.09%<sup>(d),(e)</sup> | 1.45% | 79% | &nbsp;&nbsp;$82848 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | &nbsp;&nbsp;$8.07 | (6.66%) | 1.26% | 1.12%<sup>(e)</sup> | 1.83% | 80% | &nbsp;&nbsp;$63800 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | &nbsp;&nbsp;$9.60 | (0.87%) | 1.23% | 1.15% | 1.57% | 90% | &nbsp;&nbsp;$75537 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.79 | 12.66% | 1.22% | 1.15%<sup>(e)</sup> | 1.33% | 86% | &nbsp;&nbsp;$83747 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Disciplined Value Fund \| Semiannual Report 2023 19

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Disciplined 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. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R 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. Class V shares are available only to investors who received (and who continuously held) Class V shares in connection with previous fund reorganizations.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
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, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, 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.

20 Columbia Disciplined Value Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP 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 CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the

Columbia Disciplined Value Fund \| Semiannual Report 2023 21

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 CCP 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. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

22 Columbia Disciplined Value Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 January 31, 2023:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;59,048\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin 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 January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(88723) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(34706) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 3204725 |

---

\* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2023.

#### 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.

Columbia Disciplined Value Fund \| Semiannual Report 2023 23

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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.

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 pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

24 Columbia Disciplined Value Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.75% to 0.55% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.75% 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 "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. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. 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 December 1, 2022, Institutional 3 Class shares were 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.

Columbia Disciplined Value Fund \| Semiannual Report 2023 25

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

For the six months ended January 31, 2023, 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 (%)** |
| &nbsp;&nbsp;Class A | 0.12 |
| &nbsp;&nbsp;Advisor Class | 0.12 |
| &nbsp;&nbsp;Class C | 0.12 |
| &nbsp;&nbsp;Institutional Class | 0.12 |
| &nbsp;&nbsp;Institutional 2 Class | 0.07 |
| &nbsp;&nbsp;Institutional 3 Class | 0.00 |
| &nbsp;&nbsp;Class R | 0.12 |
| &nbsp;&nbsp;Class V | 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 January 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $1,430.

#### 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 $52,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2023, 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.

#### Shareholder services fees
The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class V shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class V shares (comprised of up to 0.25% for shareholder services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund's average daily net assets attributable to Class V shares.

#### Sales charges
Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 5.75 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22701 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;Class V | 5.75 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &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.

(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.

26 Columbia Disciplined Value Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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:

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> November 30, 2023** |
| &nbsp;&nbsp;Class A | 1.04% |
| &nbsp;&nbsp;Advisor Class | 0.79 |
| &nbsp;&nbsp;Class C | 1.79 |
| &nbsp;&nbsp;Institutional Class | 0.79 |
| &nbsp;&nbsp;Institutional 2 Class | 0.74 |
| &nbsp;&nbsp;Institutional 3 Class | 0.68 |
| &nbsp;&nbsp;Class R | 1.29 |
| &nbsp;&nbsp;Class V | 1.04 |

---

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 December 1, 2022, 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. 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 January 31, 2023, 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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> appreciation ($)** |
| &nbsp;&nbsp;155139000 | 30738000 | (5076000) | 25662000 |

---

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 Disciplined Value Fund \| Semiannual Report 2023 27

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 $41,575,061 and $58,197,197, respectively, for the six months ended January 31, 2023. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

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 January 31, 2023.

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 27, 2022 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 $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended January 31, 2023.

28 Columbia Disciplined Value Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_128_2408d10d-ebb0-4746-80df-6cf60d104ce9_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Note 9. Significant risks

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Shareholder concentration risk
At January 31, 2023, one unaffiliated shareholder of record owned 10.8% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 18.8% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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.

Columbia Disciplined Value Fund \| Semiannual Report 2023 29

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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 which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

30 Columbia Disciplined Value Fund \| Semiannual Report 2023

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#### Columbia Disciplined Value Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img87e58c182.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 (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2023 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR179_07_N01_(03/23)

------

![](imge17a74141.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](img23e273202.jpg)

Columbia Strategic Municipal Income Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_0e7632c2-353f-42b1-9276-4cc356c6c175_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_4153a44e-24a5-4e0c-8526-565374a1c1e6_1)<br>| 5 |
| [Portfolio of Investments](#xx_dd72e000-09a4-4baf-a7e0-55e70b1f9e13_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_a277bd5d-7e31-486b-bc5c-ccd83ab1f10c_1)<br>| 28 |
| [Statement of Operations](#xx_a277bd5d-7e31-486b-bc5c-ccd83ab1f10c_2)<br>| 29 |
| [Statement of Changes in Net Assets](#xx_a277bd5d-7e31-486b-bc5c-ccd83ab1f10c_3)<br>| 30 |
| [Financial Highlights](#xx_e83a83eb-66e5-42b4-aaf9-c4583b743825_1)<br>| 32 |
| [Notes to Financial Statements](#xx_e58da156-c40a-4947-af68-81a55025cc7f_1)<br>| 36 |

---

If you elect to receive the shareholder report for Columbia Strategic Municipal Income Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund's shareholder report is available at the Columbia funds' website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

#### Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

#### Fund distributor
Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

#### Fund transfer agent
Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks total return, with a focus on income exempt from federal income tax and capital appreciation.

Portfolio management

#### Catherine Stienstra
Lead Portfolio Manager

Managed Fund since 2007

#### Douglas White, CFA
Portfolio Manager

Managed Fund since 2018

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;11/24/76 | &nbsp;&nbsp;&nbsp;&nbsp;-0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-7.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-3.85 | &nbsp;&nbsp;&nbsp;&nbsp;-10.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/19/13 | &nbsp;&nbsp;&nbsp;&nbsp;-0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-7.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;06/26/00 | &nbsp;&nbsp;&nbsp;&nbsp;-1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-9.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;-0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-7.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| &nbsp;&nbsp;Institutional 2 Class\* | &nbsp;&nbsp;Institutional 2 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;12/11/13 | &nbsp;&nbsp;&nbsp;&nbsp;-0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-7.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/01/17 | &nbsp;&nbsp;&nbsp;&nbsp;-0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-7.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index | &nbsp;&nbsp;Bloomberg Municipal Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| &nbsp;&nbsp;Bloomberg High Yield Municipal Bond Index | &nbsp;&nbsp;Bloomberg High Yield Municipal Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-6.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 |

---

**Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund's other share classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.**

**The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.**

\* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

The Bloomberg High Yield Municipal Bond Index measures the non-investment-grade and non-rated US dollar-denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions (Washington DC, Puerto Rico, Guam and the Virgin Islands).

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 3

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Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;20.4 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;35.6 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;20.4 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;15.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten States/Territories (%)<br> (at January 31, 2023)** | &nbsp;&nbsp;**Top Ten States/Territories (%)<br> (at January 31, 2023)** |
| &nbsp;&nbsp;Illinois | 11.3 |
| &nbsp;&nbsp;New York | &nbsp;&nbsp;&nbsp;9.9 |
| &nbsp;&nbsp;Texas | &nbsp;&nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;Pennsylvania | &nbsp;&nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;New Jersey | &nbsp;&nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;Colorado | &nbsp;&nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;Florida | &nbsp;&nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;Puerto Rico | &nbsp;&nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;Georgia | &nbsp;&nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;Michigan | &nbsp;&nbsp;&nbsp;3.8 |

---

Percentages indicated are based upon total investments excluding Money Market Funds and investments in derivatives, if any.

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

4 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

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Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund's expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the "Actual" column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare with other funds" below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;991.50 | &nbsp;&nbsp;&nbsp;&nbsp;1021.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;993.40 | &nbsp;&nbsp;&nbsp;&nbsp;1022.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;987.80 | &nbsp;&nbsp;&nbsp;&nbsp;1017.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;&nbsp;&nbsp;7.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;992.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;992.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;993.70 | &nbsp;&nbsp;&nbsp;&nbsp;1023.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |

---

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 5

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## Portfolio of Investments January 31, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds 99.9%** | &nbsp;&nbsp;**Municipal Bonds 99.9%** | &nbsp;&nbsp;**Municipal Bonds 99.9%** | &nbsp;&nbsp;**Municipal Bonds 99.9%** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Arizona 1.0%** | &nbsp;&nbsp;**Arizona 1.0%** | &nbsp;&nbsp;**Arizona 1.0%** | &nbsp;&nbsp;**Arizona 1.0%** |
| &nbsp;&nbsp;Arizona Industrial Development Authority | &nbsp;&nbsp;Arizona Industrial Development Authority | &nbsp;&nbsp;Arizona Industrial Development Authority | &nbsp;&nbsp;Arizona Industrial Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Macombs Facility Project Social Bonds | &nbsp;&nbsp;Macombs Facility Project Social Bonds | &nbsp;&nbsp;Macombs Facility Project Social Bonds | &nbsp;&nbsp;Macombs Facility Project Social Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704381 |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722520 |
| &nbsp;&nbsp;Phoenix Children's Hospital | &nbsp;&nbsp;Phoenix Children's Hospital | &nbsp;&nbsp;Phoenix Children's Hospital | &nbsp;&nbsp;Phoenix Children's Hospital |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;4.000% | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1145012 |
| &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix (The) | &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix (The) | &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix (The) | &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix (The) |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Downtown Phoenix Student Housing II LLC - Arizona State University Project | &nbsp;&nbsp;Downtown Phoenix Student Housing II LLC - Arizona State University Project | &nbsp;&nbsp;Downtown Phoenix Student Housing II LLC - Arizona State University Project | &nbsp;&nbsp;Downtown Phoenix Student Housing II LLC - Arizona State University Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;5.000% | 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;1333559 |
| &nbsp;&nbsp;07/01/2059 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999956 |
| &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(a)</sup> | &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(a)</sup> | &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(a)</sup> | &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;American Leadership Academy | &nbsp;&nbsp;American Leadership Academy | &nbsp;&nbsp;American Leadership Academy | &nbsp;&nbsp;American Leadership Academy |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2051 | &nbsp;&nbsp;4.000% | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1311582 |
| &nbsp;&nbsp;06/15/2057 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371265 |
| &nbsp;&nbsp;La Paz County Industrial Development Authority | &nbsp;&nbsp;La Paz County Industrial Development Authority | &nbsp;&nbsp;La Paz County Industrial Development Authority | &nbsp;&nbsp;La Paz County Industrial Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Charter School Solutions - Harmony Public Schools Project | &nbsp;&nbsp;Charter School Solutions - Harmony Public Schools Project | &nbsp;&nbsp;Charter School Solutions - Harmony Public Schools Project | &nbsp;&nbsp;Charter School Solutions - Harmony Public Schools Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;5.000% | 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;6541968 |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876991 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority | &nbsp;&nbsp;Maricopa County Industrial Development Authority | &nbsp;&nbsp;Maricopa County Industrial Development Authority | &nbsp;&nbsp;Maricopa County Industrial Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Banner Health | &nbsp;&nbsp;Banner Health | &nbsp;&nbsp;Banner Health | &nbsp;&nbsp;Banner Health |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;4.000% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3935759 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**17942993** |
| &nbsp;&nbsp;**California 3.4%** | &nbsp;&nbsp;**California 3.4%** | &nbsp;&nbsp;**California 3.4%** | &nbsp;&nbsp;**California 3.4%** |
| &nbsp;&nbsp;California Community Choice Financing Authority | &nbsp;&nbsp;California Community Choice Financing Authority | &nbsp;&nbsp;California Community Choice Financing Authority | &nbsp;&nbsp;California Community Choice Financing Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - Clean Energy Project | &nbsp;&nbsp;Green Bonds - Clean Energy Project | &nbsp;&nbsp;Green Bonds - Clean Energy Project | &nbsp;&nbsp;Green Bonds - Clean Energy Project |
| &nbsp;&nbsp;Series 2023 (Mandatory Put 08/01/29) | &nbsp;&nbsp;Series 2023 (Mandatory Put 08/01/29) | &nbsp;&nbsp;Series 2023 (Mandatory Put 08/01/29) | &nbsp;&nbsp;Series 2023 (Mandatory Put 08/01/29) |
| &nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;5.000% | 5300000 | &nbsp;&nbsp;&nbsp;&nbsp;5673795 |
| &nbsp;&nbsp;California Health Facilities Financing Authority | &nbsp;&nbsp;California Health Facilities Financing Authority | &nbsp;&nbsp;California Health Facilities Financing Authority | &nbsp;&nbsp;California Health Facilities Financing Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Kaiser Permanente | &nbsp;&nbsp;Kaiser Permanente | &nbsp;&nbsp;Kaiser Permanente | &nbsp;&nbsp;Kaiser Permanente |
| &nbsp;&nbsp;Subordinated Series 2017A-2 | &nbsp;&nbsp;Subordinated Series 2017A-2 | &nbsp;&nbsp;Subordinated Series 2017A-2 | &nbsp;&nbsp;Subordinated Series 2017A-2 |
| &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;4.000% | 4280000 | &nbsp;&nbsp;&nbsp;&nbsp;4303669 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank | &nbsp;&nbsp;California Infrastructure & Economic Development Bank | &nbsp;&nbsp;California Infrastructure & Economic Development Bank | &nbsp;&nbsp;California Infrastructure & Economic Development Bank |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Equitable School Revolving Fund | &nbsp;&nbsp;Equitable School Revolving Fund | &nbsp;&nbsp;Equitable School Revolving Fund | &nbsp;&nbsp;Equitable School Revolving Fund |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/01/2057 | &nbsp;&nbsp;5.000% | 1320000 | &nbsp;&nbsp;1366300 |
| &nbsp;&nbsp;California Municipal Finance Authority | &nbsp;&nbsp;California Municipal Finance Authority | &nbsp;&nbsp;California Municipal Finance Authority | &nbsp;&nbsp;California Municipal Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Community Medical Centers | &nbsp;&nbsp;Community Medical Centers | &nbsp;&nbsp;Community Medical Centers | &nbsp;&nbsp;Community Medical Centers |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;4.000% | 3000000 | &nbsp;&nbsp;2970769 |
| &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;1560854 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;HumanGood California Obligated Group | &nbsp;&nbsp;HumanGood California Obligated Group | &nbsp;&nbsp;HumanGood California Obligated Group | &nbsp;&nbsp;HumanGood California Obligated Group |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;4.000% | 2500000 | &nbsp;&nbsp;2446376 |
| &nbsp;&nbsp;California Municipal Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California Municipal Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California Municipal Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California Municipal Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;California Baptist University | &nbsp;&nbsp;California Baptist University | &nbsp;&nbsp;California Baptist University | &nbsp;&nbsp;California Baptist University |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;991684 |
| &nbsp;&nbsp;California Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California Public Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Enso Village Project - Green Bonds | &nbsp;&nbsp;Enso Village Project - Green Bonds | &nbsp;&nbsp;Enso Village Project - Green Bonds | &nbsp;&nbsp;Enso Village Project - Green Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;483993 |
| &nbsp;&nbsp;11/15/2051 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;882245 |
| &nbsp;&nbsp;Enso Village Project - TEMPS 85 | &nbsp;&nbsp;Enso Village Project - TEMPS 85 | &nbsp;&nbsp;Enso Village Project - TEMPS 85 | &nbsp;&nbsp;Enso Village Project - TEMPS 85 |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;3.125% | 2510000 | &nbsp;&nbsp;2251134 |
| &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds |
| &nbsp;&nbsp;River Springs Charter School Project | &nbsp;&nbsp;River Springs Charter School Project | &nbsp;&nbsp;River Springs Charter School Project | &nbsp;&nbsp;River Springs Charter School Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;6.375% | 1000000 | &nbsp;&nbsp;1097989 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;162459 |
| &nbsp;&nbsp;California Statewide Communities Development Authority | &nbsp;&nbsp;California Statewide Communities Development Authority | &nbsp;&nbsp;California Statewide Communities Development Authority | &nbsp;&nbsp;California Statewide Communities Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Front Porch Communities & Services | &nbsp;&nbsp;Front Porch Communities & Services | &nbsp;&nbsp;Front Porch Communities & Services | &nbsp;&nbsp;Front Porch Communities & Services |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;4.000% | 1905000 | &nbsp;&nbsp;1909692 |
| &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(a)</sup> | &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(a)</sup> | &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(a)</sup> | &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Loma Linda University Medical Center | &nbsp;&nbsp;Loma Linda University Medical Center | &nbsp;&nbsp;Loma Linda University Medical Center | &nbsp;&nbsp;Loma Linda University Medical Center |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;487169 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of Los Angeles Department of Airports<sup>(b)</sup> | &nbsp;&nbsp;City of Los Angeles Department of Airports<sup>(b)</sup> | &nbsp;&nbsp;City of Los Angeles Department of Airports<sup>(b)</sup> | &nbsp;&nbsp;City of Los Angeles Department of Airports<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Los Angeles International Airport | &nbsp;&nbsp;Los Angeles International Airport | &nbsp;&nbsp;Los Angeles International Airport | &nbsp;&nbsp;Los Angeles International Airport |
| &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 |
| &nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;742865 |
| &nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;791007 |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;493082 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Los Angeles International Airport | &nbsp;&nbsp;Los Angeles International Airport | &nbsp;&nbsp;Los Angeles International Airport | &nbsp;&nbsp;Los Angeles International Airport |
| &nbsp;&nbsp;Subordinated Series 2018 | &nbsp;&nbsp;Subordinated Series 2018 | &nbsp;&nbsp;Subordinated Series 2018 | &nbsp;&nbsp;Subordinated Series 2018 |
| &nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;2092362 |
| &nbsp;&nbsp;Compton Unified School District<sup>(c)</sup> | &nbsp;&nbsp;Compton Unified School District<sup>(c)</sup> | &nbsp;&nbsp;Compton Unified School District<sup>(c)</sup> | &nbsp;&nbsp;Compton Unified School District<sup>(c)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Compton Unified School District | &nbsp;&nbsp;Compton Unified School District | &nbsp;&nbsp;Compton Unified School District | &nbsp;&nbsp;Compton Unified School District |
| &nbsp;&nbsp;Series 2019B (BAM) | &nbsp;&nbsp;Series 2019B (BAM) | &nbsp;&nbsp;Series 2019B (BAM) | &nbsp;&nbsp;Series 2019B (BAM) |
| &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;0.000% | 2125000 | &nbsp;&nbsp;1147447 |
| &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;0.000% | 1830000 | &nbsp;&nbsp;&nbsp;&nbsp;928542 |
| &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency | &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency | &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency | &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;01/15/2046 | &nbsp;&nbsp;4.000% | 4346000 | &nbsp;&nbsp;4232224 |
| &nbsp;&nbsp;Glendale Unified School District<sup>(c)</sup> | &nbsp;&nbsp;Glendale Unified School District<sup>(c)</sup> | &nbsp;&nbsp;Glendale Unified School District<sup>(c)</sup> | &nbsp;&nbsp;Glendale Unified School District<sup>(c)</sup> |
| &nbsp;&nbsp;Prerefunded 09/01/25 Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Prerefunded 09/01/25 Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Prerefunded 09/01/25 Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Prerefunded 09/01/25 Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B |
| &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;0.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;684525 |
| &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;0.000% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;714592 |
| &nbsp;&nbsp;Golden State Tobacco Securitization Corp. | &nbsp;&nbsp;Golden State Tobacco Securitization Corp. | &nbsp;&nbsp;Golden State Tobacco Securitization Corp. | &nbsp;&nbsp;Golden State Tobacco Securitization Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Tobacco Settlement | &nbsp;&nbsp;Tobacco Settlement | &nbsp;&nbsp;Tobacco Settlement | &nbsp;&nbsp;Tobacco Settlement |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/01/2051 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;3189037 |
| &nbsp;&nbsp;Hastings Campus Housing Finance Authority | &nbsp;&nbsp;Hastings Campus Housing Finance Authority | &nbsp;&nbsp;Hastings Campus Housing Finance Authority | &nbsp;&nbsp;Hastings Campus Housing Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Senior Green Bonds | &nbsp;&nbsp;Senior Green Bonds | &nbsp;&nbsp;Senior Green Bonds | &nbsp;&nbsp;Senior Green Bonds |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;5.000% | 3500000 | &nbsp;&nbsp;3044350 |
| &nbsp;&nbsp;Norman Y. Mineta San Jose International Airport<sup>(b)</sup> | &nbsp;&nbsp;Norman Y. Mineta San Jose International Airport<sup>(b)</sup> | &nbsp;&nbsp;Norman Y. Mineta San Jose International Airport<sup>(b)</sup> | &nbsp;&nbsp;Norman Y. Mineta San Jose International Airport<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;03/01/2041 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;2079321 |
| &nbsp;&nbsp;Poway Unified School District<sup>(c)</sup> | &nbsp;&nbsp;Poway Unified School District<sup>(c)</sup> | &nbsp;&nbsp;Poway Unified School District<sup>(c)</sup> | &nbsp;&nbsp;Poway Unified School District<sup>(c)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Improvement District No. 2007-1-A | &nbsp;&nbsp;Improvement District No. 2007-1-A | &nbsp;&nbsp;Improvement District No. 2007-1-A | &nbsp;&nbsp;Improvement District No. 2007-1-A |
| &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 | &nbsp;&nbsp;Series 2009 |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;0.000% | 4475000 | &nbsp;&nbsp;3643258 |
| &nbsp;&nbsp;Riverside County Transportation Commission<sup>(c)</sup> | &nbsp;&nbsp;Riverside County Transportation Commission<sup>(c)</sup> | &nbsp;&nbsp;Riverside County Transportation Commission<sup>(c)</sup> | &nbsp;&nbsp;Riverside County Transportation Commission<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2013 Escrowed to Maturity | &nbsp;&nbsp;Series 2013 Escrowed to Maturity | &nbsp;&nbsp;Series 2013 Escrowed to Maturity | &nbsp;&nbsp;Series 2013 Escrowed to Maturity |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;0.000% | 1235000 | &nbsp;&nbsp;1055510 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;0.000% | 1265000 | &nbsp;&nbsp;&nbsp;&nbsp;1011364 |
| &nbsp;&nbsp;San Diego County Regional Airport Authority<sup>(b)</sup> | &nbsp;&nbsp;San Diego County Regional Airport Authority<sup>(b)</sup> | &nbsp;&nbsp;San Diego County Regional Airport Authority<sup>(b)</sup> | &nbsp;&nbsp;San Diego County Regional Airport Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2021B | &nbsp;&nbsp;Subordinated Series 2021B | &nbsp;&nbsp;Subordinated Series 2021B | &nbsp;&nbsp;Subordinated Series 2021B |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.000% | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1536781 |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;5.000% | 1670000 | &nbsp;&nbsp;&nbsp;&nbsp;1748218 |
| &nbsp;&nbsp;State Center Community College District | &nbsp;&nbsp;State Center Community College District | &nbsp;&nbsp;State Center Community College District | &nbsp;&nbsp;State Center Community College District |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B |
| &nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;3.000% | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1574252 |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;3.000% | 2275000 | &nbsp;&nbsp;&nbsp;&nbsp;2168632 |
| &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California |
| &nbsp;&nbsp;Unrefunded Unlimited General Obligation Bonds | &nbsp;&nbsp;Unrefunded Unlimited General Obligation Bonds | &nbsp;&nbsp;Unrefunded Unlimited General Obligation Bonds | &nbsp;&nbsp;Unrefunded Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2004 | &nbsp;&nbsp;Series 2004 | &nbsp;&nbsp;Series 2004 | &nbsp;&nbsp;Series 2004 |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**59467502** |
| &nbsp;&nbsp;**Colorado 5.3%** | &nbsp;&nbsp;**Colorado 5.3%** | &nbsp;&nbsp;**Colorado 5.3%** | &nbsp;&nbsp;**Colorado 5.3%** |
| &nbsp;&nbsp;Aerotropolis Regional Transportation Authority | &nbsp;&nbsp;Aerotropolis Regional Transportation Authority | &nbsp;&nbsp;Aerotropolis Regional Transportation Authority | &nbsp;&nbsp;Aerotropolis Regional Transportation Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;4.375% | 4365000 | &nbsp;&nbsp;&nbsp;&nbsp;3360398 |
| &nbsp;&nbsp;City & County of Denver<sup>(c)</sup> | &nbsp;&nbsp;City & County of Denver<sup>(c)</sup> | &nbsp;&nbsp;City & County of Denver<sup>(c)</sup> | &nbsp;&nbsp;City & County of Denver<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018-A-2 | &nbsp;&nbsp;Series 2018-A-2 | &nbsp;&nbsp;Series 2018-A-2 | &nbsp;&nbsp;Series 2018-A-2 |
| &nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;0.000% | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;3821333 |
| &nbsp;&nbsp;City & County of Denver Airport System<sup>(b)</sup> | &nbsp;&nbsp;City & County of Denver Airport System<sup>(b)</sup> | &nbsp;&nbsp;City & County of Denver Airport System<sup>(b)</sup> | &nbsp;&nbsp;City & County of Denver Airport System<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2022D | &nbsp;&nbsp;Series 2022D | &nbsp;&nbsp;Series 2022D | &nbsp;&nbsp;Series 2022D |
| &nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3178586 |
| &nbsp;&nbsp;Subordinated Series 2018A | &nbsp;&nbsp;Subordinated Series 2018A | &nbsp;&nbsp;Subordinated Series 2018A | &nbsp;&nbsp;Subordinated Series 2018A |
| &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;4.000% | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3327608 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;5.000% | 3350000 | &nbsp;&nbsp;&nbsp;&nbsp;3578031 |
| &nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;5.500% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2235805 |
| &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(b)</sup> | &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(b)</sup> | &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(b)</sup> | &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Central 70 Project | &nbsp;&nbsp;Central 70 Project | &nbsp;&nbsp;Central 70 Project | &nbsp;&nbsp;Central 70 Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;06/30/2051 | &nbsp;&nbsp;4.000% | 6690000 | &nbsp;&nbsp;&nbsp;&nbsp;6433416 |
| &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds |
| &nbsp;&nbsp;Skyview Charter School | &nbsp;&nbsp;Skyview Charter School | &nbsp;&nbsp;Skyview Charter School | &nbsp;&nbsp;Skyview Charter School |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751730 |
| &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702320 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Colorado Health Facilities Authority | &nbsp;&nbsp;Colorado Health Facilities Authority | &nbsp;&nbsp;Colorado Health Facilities Authority | &nbsp;&nbsp;Colorado Health Facilities Authority |
| &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds |
| &nbsp;&nbsp;Bethesda Project | &nbsp;&nbsp;Bethesda Project | &nbsp;&nbsp;Bethesda Project | &nbsp;&nbsp;Bethesda Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;09/15/2053 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9518412 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;AdventHealth Obligated | &nbsp;&nbsp;AdventHealth Obligated | &nbsp;&nbsp;AdventHealth Obligated | &nbsp;&nbsp;AdventHealth Obligated |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;1869351 |
| &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;4.000% | 17000000 | &nbsp;&nbsp;16357913 |
| &nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2595000 | &nbsp;&nbsp;&nbsp;&nbsp;2440035 |
| &nbsp;&nbsp;Covenant Retirement Communities | &nbsp;&nbsp;Covenant Retirement Communities | &nbsp;&nbsp;Covenant Retirement Communities | &nbsp;&nbsp;Covenant Retirement Communities |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860475 |
| &nbsp;&nbsp;Intermountain Healthcare | &nbsp;&nbsp;Intermountain Healthcare | &nbsp;&nbsp;Intermountain Healthcare | &nbsp;&nbsp;Intermountain Healthcare |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;5.000% | 13000000 | &nbsp;&nbsp;13977213 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Aberdeen Ridge | &nbsp;&nbsp;Aberdeen Ridge | &nbsp;&nbsp;Aberdeen Ridge | &nbsp;&nbsp;Aberdeen Ridge |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1222963 |
| &nbsp;&nbsp;CommonSpirit Health Obligation Group | &nbsp;&nbsp;CommonSpirit Health Obligation Group | &nbsp;&nbsp;CommonSpirit Health Obligation Group | &nbsp;&nbsp;CommonSpirit Health Obligation Group |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;4036442 |
| &nbsp;&nbsp;NJH-SJH Center for Outpatient Health | &nbsp;&nbsp;NJH-SJH Center for Outpatient Health | &nbsp;&nbsp;NJH-SJH Center for Outpatient Health | &nbsp;&nbsp;NJH-SJH Center for Outpatient Health |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1319094 |
| &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1006777 |
| &nbsp;&nbsp;Parkview Medical Center, Inc. Project | &nbsp;&nbsp;Parkview Medical Center, Inc. Project | &nbsp;&nbsp;Parkview Medical Center, Inc. Project | &nbsp;&nbsp;Parkview Medical Center, Inc. Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;09/01/2045 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919045 |
| &nbsp;&nbsp;09/01/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1299349 |
| &nbsp;&nbsp;Colorado Housing & Finance Authority | &nbsp;&nbsp;Colorado Housing & Finance Authority | &nbsp;&nbsp;Colorado Housing & Finance Authority | &nbsp;&nbsp;Colorado Housing & Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Multi-Family Project | &nbsp;&nbsp;Multi-Family Project | &nbsp;&nbsp;Multi-Family Project | &nbsp;&nbsp;Multi-Family Project |
| &nbsp;&nbsp;Series 2019B-1 | &nbsp;&nbsp;Series 2019B-1 | &nbsp;&nbsp;Series 2019B-1 | &nbsp;&nbsp;Series 2019B-1 |
| &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413313 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838063 |
| &nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833063 |
| &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(a)</sup> | &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(a)</sup> | &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(a)</sup> | &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(a)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;5.550% | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1220200 |
| &nbsp;&nbsp;Jefferson Center Metropolitan District No. 1 | &nbsp;&nbsp;Jefferson Center Metropolitan District No. 1 | &nbsp;&nbsp;Jefferson Center Metropolitan District No. 1 | &nbsp;&nbsp;Jefferson Center Metropolitan District No. 1 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2020B | &nbsp;&nbsp;Subordinated Series 2020B | &nbsp;&nbsp;Subordinated Series 2020B | &nbsp;&nbsp;Subordinated Series 2020B |
| &nbsp;&nbsp;12/15/2050 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3445213 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Windler Public Improvement Authority | &nbsp;&nbsp;Windler Public Improvement Authority | &nbsp;&nbsp;Windler Public Improvement Authority | &nbsp;&nbsp;Windler Public Improvement Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 |
| &nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;4.125% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;3534179 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**92500327** |
| &nbsp;&nbsp;**Connecticut 0.1%** | &nbsp;&nbsp;**Connecticut 0.1%** | &nbsp;&nbsp;**Connecticut 0.1%** | &nbsp;&nbsp;**Connecticut 0.1%** |
| &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority | &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority | &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority | &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sacred Heart University | &nbsp;&nbsp;Sacred Heart University | &nbsp;&nbsp;Sacred Heart University | &nbsp;&nbsp;Sacred Heart University |
| &nbsp;&nbsp;Series 2020K | &nbsp;&nbsp;Series 2020K | &nbsp;&nbsp;Series 2020K | &nbsp;&nbsp;Series 2020K |
| &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;4.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1953939 |
| &nbsp;&nbsp;**Delaware 0.2%** | &nbsp;&nbsp;**Delaware 0.2%** | &nbsp;&nbsp;**Delaware 0.2%** | &nbsp;&nbsp;**Delaware 0.2%** |
| &nbsp;&nbsp;Delaware State Health Facilities Authority | &nbsp;&nbsp;Delaware State Health Facilities Authority | &nbsp;&nbsp;Delaware State Health Facilities Authority | &nbsp;&nbsp;Delaware State Health Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Bayhealth Medical Center Project | &nbsp;&nbsp;Bayhealth Medical Center Project | &nbsp;&nbsp;Bayhealth Medical Center Project | &nbsp;&nbsp;Bayhealth Medical Center Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;4.000% | 2640000 | &nbsp;&nbsp;&nbsp;&nbsp;2647687 |
| &nbsp;&nbsp;**District of Columbia 0.4%** | &nbsp;&nbsp;**District of Columbia 0.4%** | &nbsp;&nbsp;**District of Columbia 0.4%** | &nbsp;&nbsp;**District of Columbia 0.4%** |
| &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia |
| &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds |
| &nbsp;&nbsp;KIPP Charter School | &nbsp;&nbsp;KIPP Charter School | &nbsp;&nbsp;KIPP Charter School | &nbsp;&nbsp;KIPP Charter School |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304239 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Children's Hospital | &nbsp;&nbsp;Children's Hospital | &nbsp;&nbsp;Children's Hospital | &nbsp;&nbsp;Children's Hospital |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/15/2044 | &nbsp;&nbsp;5.000% | 2910000 | &nbsp;&nbsp;&nbsp;&nbsp;2979619 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;KIPP DC Project | &nbsp;&nbsp;KIPP DC Project | &nbsp;&nbsp;KIPP DC Project | &nbsp;&nbsp;KIPP DC Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;4.000% | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;1184960 |
| &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591587 |
| &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road | &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road | &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road | &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Dulles Metrorail | &nbsp;&nbsp;Dulles Metrorail | &nbsp;&nbsp;Dulles Metrorail | &nbsp;&nbsp;Dulles Metrorail |
| &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;4.000% | 2275000 | &nbsp;&nbsp;&nbsp;&nbsp;2159176 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**7219581** |
| &nbsp;&nbsp;**Florida 4.7%** | &nbsp;&nbsp;**Florida 4.7%** | &nbsp;&nbsp;**Florida 4.7%** | &nbsp;&nbsp;**Florida 4.7%** |
| &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/27/2021 | &nbsp;&nbsp;04/27/2021 | &nbsp;&nbsp;04/27/2021 | &nbsp;&nbsp;04/27/2021 |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;5.000% | 2125000 | &nbsp;&nbsp;&nbsp;&nbsp;1972397 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects | &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects | &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects | &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;5.000% | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;2694870 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(d)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(d)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(d)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project | &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project | &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project | &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926100 |
| &nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 |
| &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;07/01/2061 | &nbsp;&nbsp;0.000% | 93140000 | &nbsp;&nbsp;&nbsp;&nbsp;5266415 |
| &nbsp;&nbsp;Central Florida Expressway Authority | &nbsp;&nbsp;Central Florida Expressway Authority | &nbsp;&nbsp;Central Florida Expressway Authority | &nbsp;&nbsp;Central Florida Expressway Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) |
| &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5005707 |
| &nbsp;&nbsp;City of Atlantic Beach | &nbsp;&nbsp;City of Atlantic Beach | &nbsp;&nbsp;City of Atlantic Beach | &nbsp;&nbsp;City of Atlantic Beach |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Fleet Landing Project | &nbsp;&nbsp;Fleet Landing Project | &nbsp;&nbsp;Fleet Landing Project | &nbsp;&nbsp;Fleet Landing Project |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2881459 |
| &nbsp;&nbsp;City of Pompano Beach | &nbsp;&nbsp;City of Pompano Beach | &nbsp;&nbsp;City of Pompano Beach | &nbsp;&nbsp;City of Pompano Beach |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;John Knox Village Project | &nbsp;&nbsp;John Knox Village Project | &nbsp;&nbsp;John Knox Village Project | &nbsp;&nbsp;John Knox Village Project |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;09/01/2056 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3001934 |
| &nbsp;&nbsp;City of Tampa<sup>(c)</sup> | &nbsp;&nbsp;City of Tampa<sup>(c)</sup> | &nbsp;&nbsp;City of Tampa<sup>(c)</sup> | &nbsp;&nbsp;City of Tampa<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406237 |
| &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414509 |
| &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394606 |
| &nbsp;&nbsp;County of Miami-Dade Aviation<sup>(b)</sup> | &nbsp;&nbsp;County of Miami-Dade Aviation<sup>(b)</sup> | &nbsp;&nbsp;County of Miami-Dade Aviation<sup>(b)</sup> | &nbsp;&nbsp;County of Miami-Dade Aviation<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;10375919 |
| &nbsp;&nbsp;County of Miami-Dade Seaport Department<sup>(b),(e)</sup> | &nbsp;&nbsp;County of Miami-Dade Seaport Department<sup>(b),(e)</sup> | &nbsp;&nbsp;County of Miami-Dade Seaport Department<sup>(b),(e)</sup> | &nbsp;&nbsp;County of Miami-Dade Seaport Department<sup>(b),(e)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2023A | &nbsp;&nbsp;Series 2023A | &nbsp;&nbsp;Series 2023A | &nbsp;&nbsp;Series 2023A |
| &nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3205821 |
| &nbsp;&nbsp;County of Osceola Transportation<sup>(c)</sup> | &nbsp;&nbsp;County of Osceola Transportation<sup>(c)</sup> | &nbsp;&nbsp;County of Osceola Transportation<sup>(c)</sup> | &nbsp;&nbsp;County of Osceola Transportation<sup>(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2020A-2 | &nbsp;&nbsp;Series 2020A-2 | &nbsp;&nbsp;Series 2020A-2 | &nbsp;&nbsp;Series 2020A-2 |
| &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;1442200 |
| &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;1890783 |
| &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667043 |
| &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;1379408 |
| &nbsp;&nbsp;Florida Development Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Florida Development Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Florida Development Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Florida Development Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mayflower Retirement Community Center | &nbsp;&nbsp;Mayflower Retirement Community Center | &nbsp;&nbsp;Mayflower Retirement Community Center | &nbsp;&nbsp;Mayflower Retirement Community Center |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748179 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Renaissance Charter School, Inc. Projects | &nbsp;&nbsp;Renaissance Charter School, Inc. Projects | &nbsp;&nbsp;Renaissance Charter School, Inc. Projects | &nbsp;&nbsp;Renaissance Charter School, Inc. Projects |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;09/15/2040 | &nbsp;&nbsp;5.000% | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;935635 |
| &nbsp;&nbsp;Greater Orlando Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Greater Orlando Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Greater Orlando Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Greater Orlando Aviation Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;5.000% | 5000000 | &nbsp;&nbsp;5144799 |
| &nbsp;&nbsp;Hillsborough County Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Hillsborough County Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Hillsborough County Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Hillsborough County Aviation Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Tampa International Airport | &nbsp;&nbsp;Tampa International Airport | &nbsp;&nbsp;Tampa International Airport | &nbsp;&nbsp;Tampa International Airport |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;4.000% | 2645000 | &nbsp;&nbsp;2533470 |
| &nbsp;&nbsp;Subordinated Series 2018 | &nbsp;&nbsp;Subordinated Series 2018 | &nbsp;&nbsp;Subordinated Series 2018 | &nbsp;&nbsp;Subordinated Series 2018 |
| &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;5.000% | 3450000 | &nbsp;&nbsp;3575687 |
| &nbsp;&nbsp;Lee County Industrial Development Authority | &nbsp;&nbsp;Lee County Industrial Development Authority | &nbsp;&nbsp;Lee County Industrial Development Authority | &nbsp;&nbsp;Lee County Industrial Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Cypress Cove at HealthPark Florida, Inc. Project | &nbsp;&nbsp;Cypress Cove at HealthPark Florida, Inc. Project | &nbsp;&nbsp;Cypress Cove at HealthPark Florida, Inc. Project | &nbsp;&nbsp;Cypress Cove at HealthPark Florida, Inc. Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;10/01/2057 | &nbsp;&nbsp;5.250% | 2000000 | &nbsp;&nbsp;1758444 |
| &nbsp;&nbsp;Miami-Dade County Educational Facilities Authority | &nbsp;&nbsp;Miami-Dade County Educational Facilities Authority | &nbsp;&nbsp;Miami-Dade County Educational Facilities Authority | &nbsp;&nbsp;Miami-Dade County Educational Facilities Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;04/01/2053 | &nbsp;&nbsp;5.000% | 8000000 | &nbsp;&nbsp;8358348 |
| &nbsp;&nbsp;Miami-Dade County Health Facilities Authority | &nbsp;&nbsp;Miami-Dade County Health Facilities Authority | &nbsp;&nbsp;Miami-Dade County Health Facilities Authority | &nbsp;&nbsp;Miami-Dade County Health Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Nicklaus Childrens Hospital | &nbsp;&nbsp;Nicklaus Childrens Hospital | &nbsp;&nbsp;Nicklaus Childrens Hospital | &nbsp;&nbsp;Nicklaus Childrens Hospital |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;4.000% | 2250000 | &nbsp;&nbsp;2196394 |
| &nbsp;&nbsp;Mid-Bay Bridge Authority | &nbsp;&nbsp;Mid-Bay Bridge Authority | &nbsp;&nbsp;Mid-Bay Bridge Authority | &nbsp;&nbsp;Mid-Bay Bridge Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1016708 |
| &nbsp;&nbsp;Palm Beach County Health Facilities Authority | &nbsp;&nbsp;Palm Beach County Health Facilities Authority | &nbsp;&nbsp;Palm Beach County Health Facilities Authority | &nbsp;&nbsp;Palm Beach County Health Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Toby & Leon Cooperman Sinai | &nbsp;&nbsp;Toby & Leon Cooperman Sinai | &nbsp;&nbsp;Toby & Leon Cooperman Sinai | &nbsp;&nbsp;Toby & Leon Cooperman Sinai |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;4.000% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;907563 |
| &nbsp;&nbsp;Toby & Leon Cooperman Sinai Residences of Boca Raton | &nbsp;&nbsp;Toby & Leon Cooperman Sinai Residences of Boca Raton | &nbsp;&nbsp;Toby & Leon Cooperman Sinai Residences of Boca Raton | &nbsp;&nbsp;Toby & Leon Cooperman Sinai Residences of Boca Raton |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/01/2056 | &nbsp;&nbsp;4.250% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;760537 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;ACTS Retirement | &nbsp;&nbsp;ACTS Retirement | &nbsp;&nbsp;ACTS Retirement | &nbsp;&nbsp;ACTS Retirement |
| &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;437849 |
| &nbsp;&nbsp;Polk County Industrial Development Authority | &nbsp;&nbsp;Polk County Industrial Development Authority | &nbsp;&nbsp;Polk County Industrial Development Authority | &nbsp;&nbsp;Polk County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Carpenter's Home Estates | &nbsp;&nbsp;Carpenter's Home Estates | &nbsp;&nbsp;Carpenter's Home Estates | &nbsp;&nbsp;Carpenter's Home Estates |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;5.000% | 2350000 | &nbsp;&nbsp;2128548 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Putnam County Development Authority | &nbsp;&nbsp;Putnam County Development Authority | &nbsp;&nbsp;Putnam County Development Authority | &nbsp;&nbsp;Putnam County Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Seminole Project | &nbsp;&nbsp;Seminole Project | &nbsp;&nbsp;Seminole Project | &nbsp;&nbsp;Seminole Project |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;5.000% | 3335000 | &nbsp;&nbsp;&nbsp;&nbsp;3621992 |
| &nbsp;&nbsp;Seminole County Industrial Development Authority | &nbsp;&nbsp;Seminole County Industrial Development Authority | &nbsp;&nbsp;Seminole County Industrial Development Authority | &nbsp;&nbsp;Seminole County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Legacy Pointe at UCF Project | &nbsp;&nbsp;Legacy Pointe at UCF Project | &nbsp;&nbsp;Legacy Pointe at UCF Project | &nbsp;&nbsp;Legacy Pointe at UCF Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;5.250% | 5030000 | &nbsp;&nbsp;&nbsp;&nbsp;4397388 |
| &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;5.500% | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;1960826 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**82677775** |
| &nbsp;&nbsp;**Georgia 4.1%** | &nbsp;&nbsp;**Georgia 4.1%** | &nbsp;&nbsp;**Georgia 4.1%** | &nbsp;&nbsp;**Georgia 4.1%** |
| &nbsp;&nbsp;Brookhaven Development Authority | &nbsp;&nbsp;Brookhaven Development Authority | &nbsp;&nbsp;Brookhaven Development Authority | &nbsp;&nbsp;Brookhaven Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Children's Healthcare of Atlanta | &nbsp;&nbsp;Children's Healthcare of Atlanta | &nbsp;&nbsp;Children's Healthcare of Atlanta | &nbsp;&nbsp;Children's Healthcare of Atlanta |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;4.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2008914 |
| &nbsp;&nbsp;City of Atlanta Department of Aviation<sup>(b)</sup> | &nbsp;&nbsp;City of Atlanta Department of Aviation<sup>(b)</sup> | &nbsp;&nbsp;City of Atlanta Department of Aviation<sup>(b)</sup> | &nbsp;&nbsp;City of Atlanta Department of Aviation<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Airport | &nbsp;&nbsp;Airport | &nbsp;&nbsp;Airport | &nbsp;&nbsp;Airport |
| &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;4.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2473074 |
| &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;5.000% | 8810000 | &nbsp;&nbsp;&nbsp;&nbsp;9331146 |
| &nbsp;&nbsp;Dalton Whitfield County Joint Development Authority | &nbsp;&nbsp;Dalton Whitfield County Joint Development Authority | &nbsp;&nbsp;Dalton Whitfield County Joint Development Authority | &nbsp;&nbsp;Dalton Whitfield County Joint Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Hamilton Health Care System Obligation | &nbsp;&nbsp;Hamilton Health Care System Obligation | &nbsp;&nbsp;Hamilton Health Care System Obligation | &nbsp;&nbsp;Hamilton Health Care System Obligation |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1010105 |
| &nbsp;&nbsp;Floyd County Development Authority | &nbsp;&nbsp;Floyd County Development Authority | &nbsp;&nbsp;Floyd County Development Authority | &nbsp;&nbsp;Floyd County Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Spires Berry College Project | &nbsp;&nbsp;Spires Berry College Project | &nbsp;&nbsp;Spires Berry College Project | &nbsp;&nbsp;Spires Berry College Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;6.250% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1972054 |
| &nbsp;&nbsp;Fulton County Development Authority | &nbsp;&nbsp;Fulton County Development Authority | &nbsp;&nbsp;Fulton County Development Authority | &nbsp;&nbsp;Fulton County Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;RAC Series 2017 | &nbsp;&nbsp;RAC Series 2017 | &nbsp;&nbsp;RAC Series 2017 | &nbsp;&nbsp;RAC Series 2017 |
| &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1039347 |
| &nbsp;&nbsp;Gainesville & Hall County Hospital Authority | &nbsp;&nbsp;Gainesville & Hall County Hospital Authority | &nbsp;&nbsp;Gainesville & Hall County Hospital Authority | &nbsp;&nbsp;Gainesville & Hall County Hospital Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Northeast Georgia Health System, Inc. Project | &nbsp;&nbsp;Northeast Georgia Health System, Inc. Project | &nbsp;&nbsp;Northeast Georgia Health System, Inc. Project | &nbsp;&nbsp;Northeast Georgia Health System, Inc. Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;5.000% | 4280000 | &nbsp;&nbsp;&nbsp;&nbsp;4489078 |
| &nbsp;&nbsp;Georgia Housing & Finance Authority | &nbsp;&nbsp;Georgia Housing & Finance Authority | &nbsp;&nbsp;Georgia Housing & Finance Authority | &nbsp;&nbsp;Georgia Housing & Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;3.050% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870743 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Single Family Mortgage Bonds | &nbsp;&nbsp;Single Family Mortgage Bonds | &nbsp;&nbsp;Single Family Mortgage Bonds | &nbsp;&nbsp;Single Family Mortgage Bonds |
| &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C |
| &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;4495000 | &nbsp;&nbsp;&nbsp;&nbsp;4401449 |
| &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Gas Supply | &nbsp;&nbsp;Gas Supply | &nbsp;&nbsp;Gas Supply | &nbsp;&nbsp;Gas Supply |
| &nbsp;&nbsp;Series 2022C (Mandatory Put 11/01/27) | &nbsp;&nbsp;Series 2022C (Mandatory Put 11/01/27) | &nbsp;&nbsp;Series 2022C (Mandatory Put 11/01/27) | &nbsp;&nbsp;Series 2022C (Mandatory Put 11/01/27) |
| &nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;4.000% | 12500000 | &nbsp;&nbsp;12047761 |
| &nbsp;&nbsp;Main Street Natural Gas, Inc. | &nbsp;&nbsp;Main Street Natural Gas, Inc. | &nbsp;&nbsp;Main Street Natural Gas, Inc. | &nbsp;&nbsp;Main Street Natural Gas, Inc. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022B (Mandatory Put 06/01/29) | &nbsp;&nbsp;Series 2022B (Mandatory Put 06/01/29) | &nbsp;&nbsp;Series 2022B (Mandatory Put 06/01/29) | &nbsp;&nbsp;Series 2022B (Mandatory Put 06/01/29) |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;10569129 |
| &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(e)</sup> | &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(e)</sup> | &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(e)</sup> | &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(e)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2023A (Mandatory Put 06/01/30) | &nbsp;&nbsp;Series 2023A (Mandatory Put 06/01/30) | &nbsp;&nbsp;Series 2023A (Mandatory Put 06/01/30) | &nbsp;&nbsp;Series 2023A (Mandatory Put 06/01/30) |
| &nbsp;&nbsp;06/01/2053 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6700000 | &nbsp;&nbsp;&nbsp;&nbsp;7111144 |
| &nbsp;&nbsp;Municipal Electric Authority of Georgia | &nbsp;&nbsp;Municipal Electric Authority of Georgia | &nbsp;&nbsp;Municipal Electric Authority of Georgia | &nbsp;&nbsp;Municipal Electric Authority of Georgia |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Plant Vogtle Units 3&4 Project | &nbsp;&nbsp;Plant Vogtle Units 3&4 Project | &nbsp;&nbsp;Plant Vogtle Units 3&4 Project | &nbsp;&nbsp;Plant Vogtle Units 3&4 Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;07/01/2063 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;4921496 |
| &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;4911147 |
| &nbsp;&nbsp;Oconee County Industrial Development Authority | &nbsp;&nbsp;Oconee County Industrial Development Authority | &nbsp;&nbsp;Oconee County Industrial Development Authority | &nbsp;&nbsp;Oconee County Industrial Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Presbyterian Village Athens Project | &nbsp;&nbsp;Presbyterian Village Athens Project | &nbsp;&nbsp;Presbyterian Village Athens Project | &nbsp;&nbsp;Presbyterian Village Athens Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;3515000 | &nbsp;&nbsp;&nbsp;&nbsp;3293199 |
| &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;1960000 | &nbsp;&nbsp;&nbsp;&nbsp;1738585 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**72188371** |
| &nbsp;&nbsp;**Idaho 0.5%** | &nbsp;&nbsp;**Idaho 0.5%** | &nbsp;&nbsp;**Idaho 0.5%** | &nbsp;&nbsp;**Idaho 0.5%** |
| &nbsp;&nbsp;Idaho Health Facilities Authority | &nbsp;&nbsp;Idaho Health Facilities Authority | &nbsp;&nbsp;Idaho Health Facilities Authority | &nbsp;&nbsp;Idaho Health Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;St. Luke's Health System Project | &nbsp;&nbsp;St. Luke's Health System Project | &nbsp;&nbsp;St. Luke's Health System Project | &nbsp;&nbsp;St. Luke's Health System Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;03/01/2046 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2882464 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Terraces of Boise Project | &nbsp;&nbsp;Terraces of Boise Project | &nbsp;&nbsp;Terraces of Boise Project | &nbsp;&nbsp;Terraces of Boise Project |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;10/01/2056 | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;1635000 | &nbsp;&nbsp;&nbsp;&nbsp;1175830 |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;4365000 | &nbsp;&nbsp;&nbsp;&nbsp;3206796 |
| &nbsp;&nbsp;Spring Valley Community Infrastructure District No. 1<sup>(a)</sup> | &nbsp;&nbsp;Spring Valley Community Infrastructure District No. 1<sup>(a)</sup> | &nbsp;&nbsp;Spring Valley Community Infrastructure District No. 1<sup>(a)</sup> | &nbsp;&nbsp;Spring Valley Community Infrastructure District No. 1<sup>(a)</sup> |
| &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;09/01/2051 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1507005 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**8772095** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Illinois 11.3%** | &nbsp;&nbsp;**Illinois 11.3%** | &nbsp;&nbsp;**Illinois 11.3%** | &nbsp;&nbsp;**Illinois 11.3%** |
| &nbsp;&nbsp;Chicago Board of Education | &nbsp;&nbsp;Chicago Board of Education | &nbsp;&nbsp;Chicago Board of Education | &nbsp;&nbsp;Chicago Board of Education |
| &nbsp;&nbsp;Special Tax Bonds | &nbsp;&nbsp;Special Tax Bonds | &nbsp;&nbsp;Special Tax Bonds | &nbsp;&nbsp;Special Tax Bonds |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;5.000% | 1600000 | &nbsp;&nbsp;1617732 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated |
| &nbsp;&nbsp;Series 2017H | &nbsp;&nbsp;Series 2017H | &nbsp;&nbsp;Series 2017H | &nbsp;&nbsp;Series 2017H |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;3008725 |
| &nbsp;&nbsp;Project | &nbsp;&nbsp;Project | &nbsp;&nbsp;Project | &nbsp;&nbsp;Project |
| &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C |
| &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;5.250% | 2000000 | &nbsp;&nbsp;2009537 |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;5.000% | 2500000 | &nbsp;&nbsp;2490306 |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;5.000% | 2560000 | &nbsp;&nbsp;2657223 |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1018539 |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;4.000% | 4000000 | &nbsp;&nbsp;3508493 |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2018A (AGM) | &nbsp;&nbsp;Series 2018A (AGM) | &nbsp;&nbsp;Series 2018A (AGM) | &nbsp;&nbsp;Series 2018A (AGM) |
| &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;531970 |
| &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B |
| &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;4.000% | 8000000 | &nbsp;&nbsp;7469737 |
| &nbsp;&nbsp;Chicago Board of Education<sup>(a)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(a)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(a)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(a)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;7.000% | 3615000 | &nbsp;&nbsp;3963503 |
| &nbsp;&nbsp;Chicago Board of Education<sup>(c)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(c)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(c)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(c)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;12/01/2025 | &nbsp;&nbsp;0.000% | 2000000 | &nbsp;&nbsp;1814798 |
| &nbsp;&nbsp;Chicago Midway International Airport | &nbsp;&nbsp;Chicago Midway International Airport | &nbsp;&nbsp;Chicago Midway International Airport | &nbsp;&nbsp;Chicago Midway International Airport |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2013B | &nbsp;&nbsp;Series 2013B | &nbsp;&nbsp;Series 2013B | &nbsp;&nbsp;Series 2013B |
| &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;5.250% | 3000000 | &nbsp;&nbsp;3004816 |
| &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(b)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(b)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(b)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;2140670 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;General Senior Lien | &nbsp;&nbsp;General Senior Lien | &nbsp;&nbsp;General Senior Lien | &nbsp;&nbsp;General Senior Lien |
| &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D |
| &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;5.000% | 8895000 | &nbsp;&nbsp;9193106 |
| &nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;5.000% | 8030000 | &nbsp;&nbsp;8221149 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2017G | &nbsp;&nbsp;Series 2017G | &nbsp;&nbsp;Series 2017G | &nbsp;&nbsp;Series 2017G |
| &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;2738812 |
| &nbsp;&nbsp;01/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1026892 |
| &nbsp;&nbsp;Series 2017J | &nbsp;&nbsp;Series 2017J | &nbsp;&nbsp;Series 2017J | &nbsp;&nbsp;Series 2017J |
| &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2091960 |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3020174 |
| &nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;5.000% | 11250000 | &nbsp;&nbsp;11760325 |
| &nbsp;&nbsp;TriPs Obligated Group | &nbsp;&nbsp;TriPs Obligated Group | &nbsp;&nbsp;TriPs Obligated Group | &nbsp;&nbsp;TriPs Obligated Group |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1014804 |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801922 |
| &nbsp;&nbsp;Chicago O'Hare International Airport | &nbsp;&nbsp;Chicago O'Hare International Airport | &nbsp;&nbsp;Chicago O'Hare International Airport | &nbsp;&nbsp;Chicago O'Hare International Airport |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Customer Facility Charge Senior Lien | &nbsp;&nbsp;Customer Facility Charge Senior Lien | &nbsp;&nbsp;Customer Facility Charge Senior Lien | &nbsp;&nbsp;Customer Facility Charge Senior Lien |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;2285000 | &nbsp;&nbsp;&nbsp;&nbsp;2319591 |
| &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D |
| &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4390000 | &nbsp;&nbsp;&nbsp;&nbsp;4474153 |
| &nbsp;&nbsp;Chicago Park District | &nbsp;&nbsp;Chicago Park District | &nbsp;&nbsp;Chicago Park District | &nbsp;&nbsp;Chicago Park District |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1700086 |
| &nbsp;&nbsp;City of Chicago Wastewater Transmission | &nbsp;&nbsp;City of Chicago Wastewater Transmission | &nbsp;&nbsp;City of Chicago Wastewater Transmission | &nbsp;&nbsp;City of Chicago Wastewater Transmission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C |
| &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535774 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 |
| &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5001639 |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2010590 |
| &nbsp;&nbsp;City of Chicago Waterworks | &nbsp;&nbsp;City of Chicago Waterworks | &nbsp;&nbsp;City of Chicago Waterworks | &nbsp;&nbsp;City of Chicago Waterworks |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656226 |
| &nbsp;&nbsp;City of Springfield Electric | &nbsp;&nbsp;City of Springfield Electric | &nbsp;&nbsp;City of Springfield Electric | &nbsp;&nbsp;City of Springfield Electric |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2015 (AGM) | &nbsp;&nbsp;Series 2015 (AGM) | &nbsp;&nbsp;Series 2015 (AGM) | &nbsp;&nbsp;Series 2015 (AGM) |
| &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5025207 |
| &nbsp;&nbsp;County of Cook | &nbsp;&nbsp;County of Cook | &nbsp;&nbsp;County of Cook | &nbsp;&nbsp;County of Cook |
| &nbsp;&nbsp;Prerefunded 11/15/26 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 11/15/26 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 11/15/26 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 11/15/26 Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946190 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Illinois Finance Authority | &nbsp;&nbsp;Illinois Finance Authority | &nbsp;&nbsp;Illinois Finance Authority | &nbsp;&nbsp;Illinois Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;LEARN Charter School Project Social Bonds | &nbsp;&nbsp;LEARN Charter School Project Social Bonds | &nbsp;&nbsp;LEARN Charter School Project Social Bonds | &nbsp;&nbsp;LEARN Charter School Project Social Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;11/01/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;876843 |
| &nbsp;&nbsp;Northshore University Health System | &nbsp;&nbsp;Northshore University Health System | &nbsp;&nbsp;Northshore University Health System | &nbsp;&nbsp;Northshore University Health System |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3035551 |
| &nbsp;&nbsp;Silver Cross Hospital & Medical Centers | &nbsp;&nbsp;Silver Cross Hospital & Medical Centers | &nbsp;&nbsp;Silver Cross Hospital & Medical Centers | &nbsp;&nbsp;Silver Cross Hospital & Medical Centers |
| &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C |
| &nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1544430 |
| &nbsp;&nbsp;Illinois State Toll Highway Authority | &nbsp;&nbsp;Illinois State Toll Highway Authority | &nbsp;&nbsp;Illinois State Toll Highway Authority | &nbsp;&nbsp;Illinois State Toll Highway Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4250000 | &nbsp;&nbsp;4193019 |
| &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(c)</sup> | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(c)</sup> | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(c)</sup> | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Capital Appreciation - McCormick Place Expansion Project | &nbsp;&nbsp;Capital Appreciation - McCormick Place Expansion Project | &nbsp;&nbsp;Capital Appreciation - McCormick Place Expansion Project | &nbsp;&nbsp;Capital Appreciation - McCormick Place Expansion Project |
| &nbsp;&nbsp;Series 2002A (BAM) | &nbsp;&nbsp;Series 2002A (BAM) | &nbsp;&nbsp;Series 2002A (BAM) | &nbsp;&nbsp;Series 2002A (BAM) |
| &nbsp;&nbsp;12/15/2054 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;1096101 |
| &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;674094 |
| &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;1324729 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Capital Appreciation - McCormick Place Expansion Project | &nbsp;&nbsp;Capital Appreciation - McCormick Place Expansion Project | &nbsp;&nbsp;Capital Appreciation - McCormick Place Expansion Project | &nbsp;&nbsp;Capital Appreciation - McCormick Place Expansion Project |
| &nbsp;&nbsp;Series 2002A (AGM) | &nbsp;&nbsp;Series 2002A (AGM) | &nbsp;&nbsp;Series 2002A (AGM) | &nbsp;&nbsp;Series 2002A (AGM) |
| &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;0.000% | 10000000 | &nbsp;&nbsp;4597026 |
| &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;12/15/2056 | &nbsp;&nbsp;0.000% | 11110000 | &nbsp;&nbsp;1883367 |
| &nbsp;&nbsp;Metropolitan Pier & Exposition Authority | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/15/2047 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1807543 |
| &nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2648102 |
| &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;2139061 |
| &nbsp;&nbsp;State of Illinois | &nbsp;&nbsp;State of Illinois | &nbsp;&nbsp;State of Illinois | &nbsp;&nbsp;State of Illinois |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Rebuild Illinois Program | &nbsp;&nbsp;Rebuild Illinois Program | &nbsp;&nbsp;Rebuild Illinois Program | &nbsp;&nbsp;Rebuild Illinois Program |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;4851933 |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1955000 | &nbsp;&nbsp;1976310 |
| &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;5040477 |
| &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;880434 |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;5208234 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2663348 |
| &nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5310406 |
| &nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4320000 | &nbsp;&nbsp;&nbsp;&nbsp;4477088 |
| &nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6005000 | &nbsp;&nbsp;&nbsp;&nbsp;6200187 |
| &nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6175142 |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3795000 | &nbsp;&nbsp;&nbsp;&nbsp;3821748 |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;2931428 |
| &nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1878968 |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;03/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4650000 | &nbsp;&nbsp;&nbsp;&nbsp;4391679 |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;5.500% | 12700000 | &nbsp;&nbsp;&nbsp;&nbsp;13817771 |
| &nbsp;&nbsp;03/01/2047 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;3542230 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**196761898** |
| &nbsp;&nbsp;**Iowa 1.3%** | &nbsp;&nbsp;**Iowa 1.3%** | &nbsp;&nbsp;**Iowa 1.3%** | &nbsp;&nbsp;**Iowa 1.3%** |
| &nbsp;&nbsp;Iowa Finance Authority | &nbsp;&nbsp;Iowa Finance Authority | &nbsp;&nbsp;Iowa Finance Authority | &nbsp;&nbsp;Iowa Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Iowa Fertilizer Co. Project | &nbsp;&nbsp;Iowa Fertilizer Co. Project | &nbsp;&nbsp;Iowa Fertilizer Co. Project | &nbsp;&nbsp;Iowa Fertilizer Co. Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;5.000% | 10400000 | &nbsp;&nbsp;&nbsp;&nbsp;10447423 |
| &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9395000 | &nbsp;&nbsp;&nbsp;&nbsp;6864934 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Council Bluffs, Inc. Project | &nbsp;&nbsp;Council Bluffs, Inc. Project | &nbsp;&nbsp;Council Bluffs, Inc. Project | &nbsp;&nbsp;Council Bluffs, Inc. Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1399068 |
| &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4417394 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**23128819** |
| &nbsp;&nbsp;**Kansas 0.6%** | &nbsp;&nbsp;**Kansas 0.6%** | &nbsp;&nbsp;**Kansas 0.6%** | &nbsp;&nbsp;**Kansas 0.6%** |
| &nbsp;&nbsp;University of Kansas Hospital Authority | &nbsp;&nbsp;University of Kansas Hospital Authority | &nbsp;&nbsp;University of Kansas Hospital Authority | &nbsp;&nbsp;University of Kansas Hospital Authority |
| &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds |
| &nbsp;&nbsp;Kansas University Health System | &nbsp;&nbsp;Kansas University Health System | &nbsp;&nbsp;Kansas University Health System | &nbsp;&nbsp;Kansas University Health System |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;09/01/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3725000 | &nbsp;&nbsp;&nbsp;&nbsp;3837587 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;University of Kansas Health System | &nbsp;&nbsp;University of Kansas Health System | &nbsp;&nbsp;University of Kansas Health System | &nbsp;&nbsp;University of Kansas Health System |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1809858 |
| &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2562210 |
| &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2551540 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**10761195** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Kentucky 0.2%** | &nbsp;&nbsp;**Kentucky 0.2%** | &nbsp;&nbsp;**Kentucky 0.2%** | &nbsp;&nbsp;**Kentucky 0.2%** |
| &nbsp;&nbsp;City of Henderson<sup>(a),(b)</sup> | &nbsp;&nbsp;City of Henderson<sup>(a),(b)</sup> | &nbsp;&nbsp;City of Henderson<sup>(a),(b)</sup> | &nbsp;&nbsp;City of Henderson<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;4.700% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1433728 |
| &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Owensboro Health System | &nbsp;&nbsp;Owensboro Health System | &nbsp;&nbsp;Owensboro Health System | &nbsp;&nbsp;Owensboro Health System |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;5.000% | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1249434 |
| &nbsp;&nbsp;Kentucky State Property & Building Commission | &nbsp;&nbsp;Kentucky State Property & Building Commission | &nbsp;&nbsp;Kentucky State Property & Building Commission | &nbsp;&nbsp;Kentucky State Property & Building Commission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Project #119 | &nbsp;&nbsp;Project #119 | &nbsp;&nbsp;Project #119 | &nbsp;&nbsp;Project #119 |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1086972 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3770134** |
| &nbsp;&nbsp;**Louisiana 0.6%** | &nbsp;&nbsp;**Louisiana 0.6%** | &nbsp;&nbsp;**Louisiana 0.6%** | &nbsp;&nbsp;**Louisiana 0.6%** |
| &nbsp;&nbsp;Ascension Parish Industrial Development Board, Inc. | &nbsp;&nbsp;Ascension Parish Industrial Development Board, Inc. | &nbsp;&nbsp;Ascension Parish Industrial Development Board, Inc. | &nbsp;&nbsp;Ascension Parish Industrial Development Board, Inc. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Impala Warehousing LLC | &nbsp;&nbsp;Impala Warehousing LLC | &nbsp;&nbsp;Impala Warehousing LLC | &nbsp;&nbsp;Impala Warehousing LLC |
| &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 |
| &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;6.000% | 3950000 | &nbsp;&nbsp;&nbsp;&nbsp;3965765 |
| &nbsp;&nbsp;Louisiana Public Facilities Authority | &nbsp;&nbsp;Louisiana Public Facilities Authority | &nbsp;&nbsp;Louisiana Public Facilities Authority | &nbsp;&nbsp;Louisiana Public Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2082408 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Provident Group - Flagship Properties | &nbsp;&nbsp;Provident Group - Flagship Properties | &nbsp;&nbsp;Provident Group - Flagship Properties | &nbsp;&nbsp;Provident Group - Flagship Properties |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2057 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1536338 |
| &nbsp;&nbsp;New Orleans Aviation Board<sup>(b)</sup> | &nbsp;&nbsp;New Orleans Aviation Board<sup>(b)</sup> | &nbsp;&nbsp;New Orleans Aviation Board<sup>(b)</sup> | &nbsp;&nbsp;New Orleans Aviation Board<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;General Airport-North Terminal | &nbsp;&nbsp;General Airport-North Terminal | &nbsp;&nbsp;General Airport-North Terminal | &nbsp;&nbsp;General Airport-North Terminal |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;5.000% | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;1306884 |
| &nbsp;&nbsp;Parish of St. James<sup>(a)</sup> | &nbsp;&nbsp;Parish of St. James<sup>(a)</sup> | &nbsp;&nbsp;Parish of St. James<sup>(a)</sup> | &nbsp;&nbsp;Parish of St. James<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;NuStar Logistics LP Project | &nbsp;&nbsp;NuStar Logistics LP Project | &nbsp;&nbsp;NuStar Logistics LP Project | &nbsp;&nbsp;NuStar Logistics LP Project |
| &nbsp;&nbsp;Series 2020-2 | &nbsp;&nbsp;Series 2020-2 | &nbsp;&nbsp;Series 2020-2 | &nbsp;&nbsp;Series 2020-2 |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;6.350% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1357989 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10249384** |
| &nbsp;&nbsp;**Maryland 1.7%** | &nbsp;&nbsp;**Maryland 1.7%** | &nbsp;&nbsp;**Maryland 1.7%** | &nbsp;&nbsp;**Maryland 1.7%** |
| &nbsp;&nbsp;Maryland Community Development Administration | &nbsp;&nbsp;Maryland Community Development Administration | &nbsp;&nbsp;Maryland Community Development Administration | &nbsp;&nbsp;Maryland Community Development Administration |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;3.200% | 7475000 | &nbsp;&nbsp;&nbsp;&nbsp;6928483 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C |
| &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;6699882 |
| &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project | &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project | &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project | &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/30/2055 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;9733951 |
| &nbsp;&nbsp;Maryland Economic Development Corp. | &nbsp;&nbsp;Maryland Economic Development Corp. | &nbsp;&nbsp;Maryland Economic Development Corp. | &nbsp;&nbsp;Maryland Economic Development Corp. |
| &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds |
| &nbsp;&nbsp;Port Covington Project | &nbsp;&nbsp;Port Covington Project | &nbsp;&nbsp;Port Covington Project | &nbsp;&nbsp;Port Covington Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782876 |
| &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Meritus Medical Center Issue | &nbsp;&nbsp;Meritus Medical Center Issue | &nbsp;&nbsp;Meritus Medical Center Issue | &nbsp;&nbsp;Meritus Medical Center Issue |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1220209 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;University of Maryland Medical System | &nbsp;&nbsp;University of Maryland Medical System | &nbsp;&nbsp;University of Maryland Medical System | &nbsp;&nbsp;University of Maryland Medical System |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3665000 | &nbsp;&nbsp;&nbsp;&nbsp;3591517 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**28956918** |
| &nbsp;&nbsp;**Massachusetts 1.5%** | &nbsp;&nbsp;**Massachusetts 1.5%** | &nbsp;&nbsp;**Massachusetts 1.5%** | &nbsp;&nbsp;**Massachusetts 1.5%** |
| &nbsp;&nbsp;Massachusetts Development Finance Agency | &nbsp;&nbsp;Massachusetts Development Finance Agency | &nbsp;&nbsp;Massachusetts Development Finance Agency | &nbsp;&nbsp;Massachusetts Development Finance Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;UMass Memorial Healthcare | &nbsp;&nbsp;UMass Memorial Healthcare | &nbsp;&nbsp;UMass Memorial Healthcare | &nbsp;&nbsp;UMass Memorial Healthcare |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;7126158 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2021V | &nbsp;&nbsp;Series 2021V | &nbsp;&nbsp;Series 2021V | &nbsp;&nbsp;Series 2021V |
| &nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2411404 |
| &nbsp;&nbsp;UMass Boston Student Housing Project | &nbsp;&nbsp;UMass Boston Student Housing Project | &nbsp;&nbsp;UMass Boston Student Housing Project | &nbsp;&nbsp;UMass Boston Student Housing Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2005835 |
| &nbsp;&nbsp;Massachusetts Educational Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Massachusetts Educational Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Massachusetts Educational Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Massachusetts Educational Financing Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Issue K | &nbsp;&nbsp;Issue K | &nbsp;&nbsp;Issue K | &nbsp;&nbsp;Issue K |
| &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2864606 |
| &nbsp;&nbsp;Massachusetts Port Authority<sup>(b)</sup> | &nbsp;&nbsp;Massachusetts Port Authority<sup>(b)</sup> | &nbsp;&nbsp;Massachusetts Port Authority<sup>(b)</sup> | &nbsp;&nbsp;Massachusetts Port Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;BosFuel Project | &nbsp;&nbsp;BosFuel Project | &nbsp;&nbsp;BosFuel Project | &nbsp;&nbsp;BosFuel Project |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1447524 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;10514110 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**26369637** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 13

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Michigan 3.8%** | &nbsp;&nbsp;**Michigan 3.8%** | &nbsp;&nbsp;**Michigan 3.8%** | &nbsp;&nbsp;**Michigan 3.8%** |
| &nbsp;&nbsp;City of Detroit | &nbsp;&nbsp;City of Detroit | &nbsp;&nbsp;City of Detroit | &nbsp;&nbsp;City of Detroit |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;456245 |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;319362 |
| &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;424580 |
| &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;421134 |
| &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;365011 |
| &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;619093 |
| &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;716267 |
| &nbsp;&nbsp;Great Lakes Water Authority Water Supply System | &nbsp;&nbsp;Great Lakes Water Authority Water Supply System | &nbsp;&nbsp;Great Lakes Water Authority Water Supply System | &nbsp;&nbsp;Great Lakes Water Authority Water Supply System |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;5.000% | 6615000 | &nbsp;&nbsp;6879953 |
| &nbsp;&nbsp;Michigan Finance Authority | &nbsp;&nbsp;Michigan Finance Authority | &nbsp;&nbsp;Michigan Finance Authority | &nbsp;&nbsp;Michigan Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien - Great Lakes Water Authority | &nbsp;&nbsp;Senior Lien - Great Lakes Water Authority | &nbsp;&nbsp;Senior Lien - Great Lakes Water Authority | &nbsp;&nbsp;Senior Lien - Great Lakes Water Authority |
| &nbsp;&nbsp;Series 2014C-6 | &nbsp;&nbsp;Series 2014C-6 | &nbsp;&nbsp;Series 2014C-6 | &nbsp;&nbsp;Series 2014C-6 |
| &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;442019 |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;5.000% | 1220000 | &nbsp;&nbsp;1245291 |
| &nbsp;&nbsp;Trinity Health Corp. | &nbsp;&nbsp;Trinity Health Corp. | &nbsp;&nbsp;Trinity Health Corp. | &nbsp;&nbsp;Trinity Health Corp. |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;519641 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Beaumont Health Credit Group | &nbsp;&nbsp;Beaumont Health Credit Group | &nbsp;&nbsp;Beaumont Health Credit Group | &nbsp;&nbsp;Beaumont Health Credit Group |
| &nbsp;&nbsp;Series 2016S | &nbsp;&nbsp;Series 2016S | &nbsp;&nbsp;Series 2016S | &nbsp;&nbsp;Series 2016S |
| &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;5.000% | 7500000 | &nbsp;&nbsp;7692790 |
| &nbsp;&nbsp;Henry Ford Health System | &nbsp;&nbsp;Henry Ford Health System | &nbsp;&nbsp;Henry Ford Health System | &nbsp;&nbsp;Henry Ford Health System |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;5.000% | 1320000 | &nbsp;&nbsp;1367452 |
| &nbsp;&nbsp;Michigan State Hospital Finance Authority | &nbsp;&nbsp;Michigan State Hospital Finance Authority | &nbsp;&nbsp;Michigan State Hospital Finance Authority | &nbsp;&nbsp;Michigan State Hospital Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Ascension Health Senior Care Group | &nbsp;&nbsp;Ascension Health Senior Care Group | &nbsp;&nbsp;Ascension Health Senior Care Group | &nbsp;&nbsp;Ascension Health Senior Care Group |
| &nbsp;&nbsp;Series 2010F-4 | &nbsp;&nbsp;Series 2010F-4 | &nbsp;&nbsp;Series 2010F-4 | &nbsp;&nbsp;Series 2010F-4 |
| &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;872455 |
| &nbsp;&nbsp;Michigan State Housing Development Authority | &nbsp;&nbsp;Michigan State Housing Development Authority | &nbsp;&nbsp;Michigan State Housing Development Authority | &nbsp;&nbsp;Michigan State Housing Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;4.000% | 2300000 | &nbsp;&nbsp;2273266 |
| &nbsp;&nbsp;Series 2019A-1 | &nbsp;&nbsp;Series 2019A-1 | &nbsp;&nbsp;Series 2019A-1 | &nbsp;&nbsp;Series 2019A-1 |
| &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;3.250% | 1500000 | &nbsp;&nbsp;1245779 |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;3.100% | 6000000 | &nbsp;&nbsp;4890356 |
| &nbsp;&nbsp;Social Bond | &nbsp;&nbsp;Social Bond | &nbsp;&nbsp;Social Bond | &nbsp;&nbsp;Social Bond |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;4.100% | 4210000 | &nbsp;&nbsp;4122436 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;U.S. Department of Housing and Urban Development | &nbsp;&nbsp;U.S. Department of Housing and Urban Development | &nbsp;&nbsp;U.S. Department of Housing and Urban Development | &nbsp;&nbsp;U.S. Department of Housing and Urban Development |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;4060000 | &nbsp;&nbsp;&nbsp;&nbsp;3707815 |
| &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;4155000 | &nbsp;&nbsp;&nbsp;&nbsp;3711598 |
| &nbsp;&nbsp;Michigan Strategic Fund<sup>(b)</sup> | &nbsp;&nbsp;Michigan Strategic Fund<sup>(b)</sup> | &nbsp;&nbsp;Michigan Strategic Fund<sup>(b)</sup> | &nbsp;&nbsp;Michigan Strategic Fund<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;I-75 Improvement Project | &nbsp;&nbsp;I-75 Improvement Project | &nbsp;&nbsp;I-75 Improvement Project | &nbsp;&nbsp;I-75 Improvement Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/31/2043 | &nbsp;&nbsp;5.000% | 15500000 | &nbsp;&nbsp;15822454 |
| &nbsp;&nbsp;Wayne County Airport Authority | &nbsp;&nbsp;Wayne County Airport Authority | &nbsp;&nbsp;Wayne County Airport Authority | &nbsp;&nbsp;Wayne County Airport Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6455000 | &nbsp;&nbsp;&nbsp;&nbsp;6683714 |
| &nbsp;&nbsp;Wayne County Airport Authority<sup>(b)</sup> | &nbsp;&nbsp;Wayne County Airport Authority<sup>(b)</sup> | &nbsp;&nbsp;Wayne County Airport Authority<sup>(b)</sup> | &nbsp;&nbsp;Wayne County Airport Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725634 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**65524345** |
| &nbsp;&nbsp;**Minnesota 1.5%** | &nbsp;&nbsp;**Minnesota 1.5%** | &nbsp;&nbsp;**Minnesota 1.5%** | &nbsp;&nbsp;**Minnesota 1.5%** |
| &nbsp;&nbsp;City of Bethel | &nbsp;&nbsp;City of Bethel | &nbsp;&nbsp;City of Bethel | &nbsp;&nbsp;City of Bethel |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Spectrum High School Project | &nbsp;&nbsp;Spectrum High School Project | &nbsp;&nbsp;Spectrum High School Project | &nbsp;&nbsp;Spectrum High School Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1265000 | &nbsp;&nbsp;&nbsp;&nbsp;1157501 |
| &nbsp;&nbsp;City of Forest Lake | &nbsp;&nbsp;City of Forest Lake | &nbsp;&nbsp;City of Forest Lake | &nbsp;&nbsp;City of Forest Lake |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Lakes International Language Academy | &nbsp;&nbsp;Lakes International Language Academy | &nbsp;&nbsp;Lakes International Language Academy | &nbsp;&nbsp;Lakes International Language Academy |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833375 |
| &nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498755 |
| &nbsp;&nbsp;City of North Oaks | &nbsp;&nbsp;City of North Oaks | &nbsp;&nbsp;City of North Oaks | &nbsp;&nbsp;City of North Oaks |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Waverly Gardens Project | &nbsp;&nbsp;Waverly Gardens Project | &nbsp;&nbsp;Waverly Gardens Project | &nbsp;&nbsp;Waverly Gardens Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4016993 |
| &nbsp;&nbsp;City of Wayzata | &nbsp;&nbsp;City of Wayzata | &nbsp;&nbsp;City of Wayzata | &nbsp;&nbsp;City of Wayzata |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Folkstone Senior Living Co. | &nbsp;&nbsp;Folkstone Senior Living Co. | &nbsp;&nbsp;Folkstone Senior Living Co. | &nbsp;&nbsp;Folkstone Senior Living Co. |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1251579 |
| &nbsp;&nbsp;Duluth Economic Development Authority | &nbsp;&nbsp;Duluth Economic Development Authority | &nbsp;&nbsp;Duluth Economic Development Authority | &nbsp;&nbsp;Duluth Economic Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Essentia Health Obligation Group | &nbsp;&nbsp;Essentia Health Obligation Group | &nbsp;&nbsp;Essentia Health Obligation Group | &nbsp;&nbsp;Essentia Health Obligation Group |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4955811 |
| &nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8214821 |
| &nbsp;&nbsp;Hastings Independent School District No. 200<sup>(c)</sup> | &nbsp;&nbsp;Hastings Independent School District No. 200<sup>(c)</sup> | &nbsp;&nbsp;Hastings Independent School District No. 200<sup>(c)</sup> | &nbsp;&nbsp;Hastings Independent School District No. 200<sup>(c)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Student Credit Enhancement Program School Building | &nbsp;&nbsp;Student Credit Enhancement Program School Building | &nbsp;&nbsp;Student Credit Enhancement Program School Building | &nbsp;&nbsp;Student Credit Enhancement Program School Building |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2340000 | &nbsp;&nbsp;&nbsp;&nbsp;1820486 |
| &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;1070119 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission<sup>(b)</sup> | &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission<sup>(b)</sup> | &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission<sup>(b)</sup> | &nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2016D | &nbsp;&nbsp;Subordinated Series 2016D | &nbsp;&nbsp;Subordinated Series 2016D | &nbsp;&nbsp;Subordinated Series 2016D |
| &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778619 |
| &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(d)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(d)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(d)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2845000 | &nbsp;&nbsp;&nbsp;&nbsp;2418250 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**27016309** |
| &nbsp;&nbsp;**Missouri 2.0%** | &nbsp;&nbsp;**Missouri 2.0%** | &nbsp;&nbsp;**Missouri 2.0%** | &nbsp;&nbsp;**Missouri 2.0%** |
| &nbsp;&nbsp;Health & Educational Facilities Authority | &nbsp;&nbsp;Health & Educational Facilities Authority | &nbsp;&nbsp;Health & Educational Facilities Authority | &nbsp;&nbsp;Health & Educational Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mosaic Health System | &nbsp;&nbsp;Mosaic Health System | &nbsp;&nbsp;Mosaic Health System | &nbsp;&nbsp;Mosaic Health System |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1991448 |
| &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mercy Health | &nbsp;&nbsp;Mercy Health | &nbsp;&nbsp;Mercy Health | &nbsp;&nbsp;Mercy Health |
| &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1521844 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Lutheran Senior Services | &nbsp;&nbsp;Lutheran Senior Services | &nbsp;&nbsp;Lutheran Senior Services | &nbsp;&nbsp;Lutheran Senior Services |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2275000 | &nbsp;&nbsp;&nbsp;&nbsp;2197541 |
| &nbsp;&nbsp;Medical Research Lutheran Services | &nbsp;&nbsp;Medical Research Lutheran Services | &nbsp;&nbsp;Medical Research Lutheran Services | &nbsp;&nbsp;Medical Research Lutheran Services |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999923 |
| &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Kansas City International Airport | &nbsp;&nbsp;Kansas City International Airport | &nbsp;&nbsp;Kansas City International Airport | &nbsp;&nbsp;Kansas City International Airport |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;1673094 |
| &nbsp;&nbsp;03/01/2045 | &nbsp;&nbsp;4.000% | 16000000 | &nbsp;&nbsp;15300278 |
| &nbsp;&nbsp;Kirkwood Industrial Development Authority | &nbsp;&nbsp;Kirkwood Industrial Development Authority | &nbsp;&nbsp;Kirkwood Industrial Development Authority | &nbsp;&nbsp;Kirkwood Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Aberdeen Heights Project | &nbsp;&nbsp;Aberdeen Heights Project | &nbsp;&nbsp;Aberdeen Heights Project | &nbsp;&nbsp;Aberdeen Heights Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp;1127584 |
| &nbsp;&nbsp;Missouri Housing Development Commission | &nbsp;&nbsp;Missouri Housing Development Commission | &nbsp;&nbsp;Missouri Housing Development Commission | &nbsp;&nbsp;Missouri Housing Development Commission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;First Place Homeownership Loan Program | &nbsp;&nbsp;First Place Homeownership Loan Program | &nbsp;&nbsp;First Place Homeownership Loan Program | &nbsp;&nbsp;First Place Homeownership Loan Program |
| &nbsp;&nbsp;Series 2020A (GNMA) | &nbsp;&nbsp;Series 2020A (GNMA) | &nbsp;&nbsp;Series 2020A (GNMA) | &nbsp;&nbsp;Series 2020A (GNMA) |
| &nbsp;&nbsp;05/01/2050 | &nbsp;&nbsp;2.850% | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765241 |
| &nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission | &nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission | &nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission | &nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5027685 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;St. Louis County Industrial Development Authority | &nbsp;&nbsp;St. Louis County Industrial Development Authority | &nbsp;&nbsp;St. Louis County Industrial Development Authority | &nbsp;&nbsp;St. Louis County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;St. Andrew's Resources for Seniors Obligated Group | &nbsp;&nbsp;St. Andrew's Resources for Seniors Obligated Group | &nbsp;&nbsp;St. Andrew's Resources for Seniors Obligated Group | &nbsp;&nbsp;St. Andrew's Resources for Seniors Obligated Group |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1476193 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Friendship Village Sunset Hills | &nbsp;&nbsp;Friendship Village Sunset Hills | &nbsp;&nbsp;Friendship Village Sunset Hills | &nbsp;&nbsp;Friendship Village Sunset Hills |
| &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 |
| &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;1120156 |
| &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1876373 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**35077360** |
| &nbsp;&nbsp;**Montana 0.0%** | &nbsp;&nbsp;**Montana 0.0%** | &nbsp;&nbsp;**Montana 0.0%** | &nbsp;&nbsp;**Montana 0.0%** |
| &nbsp;&nbsp;Montana Board of Housing | &nbsp;&nbsp;Montana Board of Housing | &nbsp;&nbsp;Montana Board of Housing | &nbsp;&nbsp;Montana Board of Housing |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017B-2 | &nbsp;&nbsp;Series 2017B-2 | &nbsp;&nbsp;Series 2017B-2 | &nbsp;&nbsp;Series 2017B-2 |
| &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331217 |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430644 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**761861** |
| &nbsp;&nbsp;**Nebraska 2.0%** | &nbsp;&nbsp;**Nebraska 2.0%** | &nbsp;&nbsp;**Nebraska 2.0%** | &nbsp;&nbsp;**Nebraska 2.0%** |
| &nbsp;&nbsp;Central Plains Energy Project | &nbsp;&nbsp;Central Plains Energy Project | &nbsp;&nbsp;Central Plains Energy Project | &nbsp;&nbsp;Central Plains Energy Project |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Gas Project No. 5 Series | &nbsp;&nbsp;Gas Project No. 5 Series | &nbsp;&nbsp;Gas Project No. 5 Series | &nbsp;&nbsp;Gas Project No. 5 Series |
| &nbsp;&nbsp;Series 2022-1 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2022-1 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2022-1 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2022-1 (Mandatory Put 10/01/29) |
| &nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;5705773 |
| &nbsp;&nbsp;Douglas County Hospital Authority No. 2 | &nbsp;&nbsp;Douglas County Hospital Authority No. 2 | &nbsp;&nbsp;Douglas County Hospital Authority No. 2 | &nbsp;&nbsp;Douglas County Hospital Authority No. 2 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Madonna Rehabilitation Hospital | &nbsp;&nbsp;Madonna Rehabilitation Hospital | &nbsp;&nbsp;Madonna Rehabilitation Hospital | &nbsp;&nbsp;Madonna Rehabilitation Hospital |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4350000 | &nbsp;&nbsp;&nbsp;&nbsp;4353413 |
| &nbsp;&nbsp;Douglas County Hospital Authority No. 3 | &nbsp;&nbsp;Douglas County Hospital Authority No. 3 | &nbsp;&nbsp;Douglas County Hospital Authority No. 3 | &nbsp;&nbsp;Douglas County Hospital Authority No. 3 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Health Facilities - Nebraska Methodist Health System | &nbsp;&nbsp;Health Facilities - Nebraska Methodist Health System | &nbsp;&nbsp;Health Facilities - Nebraska Methodist Health System | &nbsp;&nbsp;Health Facilities - Nebraska Methodist Health System |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2022399 |
| &nbsp;&nbsp;Nebraska Educational Health Cultural & Social Services Finance Authority | &nbsp;&nbsp;Nebraska Educational Health Cultural & Social Services Finance Authority | &nbsp;&nbsp;Nebraska Educational Health Cultural & Social Services Finance Authority | &nbsp;&nbsp;Nebraska Educational Health Cultural & Social Services Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Immanuel Obligated Group | &nbsp;&nbsp;Immanuel Obligated Group | &nbsp;&nbsp;Immanuel Obligated Group | &nbsp;&nbsp;Immanuel Obligated Group |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1020273 |
| &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1318001 |
| &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1810000 | &nbsp;&nbsp;&nbsp;&nbsp;1831055 |
| &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;4.000% | 15000000 | &nbsp;&nbsp;15062190 |
| &nbsp;&nbsp;Nebraska Investment Finance Authority | &nbsp;&nbsp;Nebraska Investment Finance Authority | &nbsp;&nbsp;Nebraska Investment Finance Authority | &nbsp;&nbsp;Nebraska Investment Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019D | &nbsp;&nbsp;Series 2019D | &nbsp;&nbsp;Series 2019D | &nbsp;&nbsp;Series 2019D |
| &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;2.850% | &nbsp;&nbsp;3090000 | &nbsp;&nbsp;&nbsp;&nbsp;2846518 |
| &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;3.050% | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359161 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**34518783** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 15

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Nevada 0.2%** | &nbsp;&nbsp;**Nevada 0.2%** | &nbsp;&nbsp;**Nevada 0.2%** | &nbsp;&nbsp;**Nevada 0.2%** |
| &nbsp;&nbsp;City of Carson City | &nbsp;&nbsp;City of Carson City | &nbsp;&nbsp;City of Carson City | &nbsp;&nbsp;City of Carson City |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Carson Tahoe Regional Medical Center | &nbsp;&nbsp;Carson Tahoe Regional Medical Center | &nbsp;&nbsp;Carson Tahoe Regional Medical Center | &nbsp;&nbsp;Carson Tahoe Regional Medical Center |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;871305 |
| &nbsp;&nbsp;Clark County School District | &nbsp;&nbsp;Clark County School District | &nbsp;&nbsp;Clark County School District | &nbsp;&nbsp;Clark County School District |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020A (AGM) | &nbsp;&nbsp;Series 2020A (AGM) | &nbsp;&nbsp;Series 2020A (AGM) | &nbsp;&nbsp;Series 2020A (AGM) |
| &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;4.000% | 1225000 | &nbsp;&nbsp;1242305 |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;574813 |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;416735 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3105158** |
| &nbsp;&nbsp;**New Hampshire 0.2%** | &nbsp;&nbsp;**New Hampshire 0.2%** | &nbsp;&nbsp;**New Hampshire 0.2%** | &nbsp;&nbsp;**New Hampshire 0.2%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;The Vista Project | &nbsp;&nbsp;The Vista Project | &nbsp;&nbsp;The Vista Project | &nbsp;&nbsp;The Vista Project |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;5.625% | 2000000 | &nbsp;&nbsp;1901380 |
| &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Elliot Hospital | &nbsp;&nbsp;Elliot Hospital | &nbsp;&nbsp;Elliot Hospital | &nbsp;&nbsp;Elliot Hospital |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;871766 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2773146** |
| &nbsp;&nbsp;**New Jersey 6.1%** | &nbsp;&nbsp;**New Jersey 6.1%** | &nbsp;&nbsp;**New Jersey 6.1%** | &nbsp;&nbsp;**New Jersey 6.1%** |
| &nbsp;&nbsp;Camden County Improvement Authority (The) | &nbsp;&nbsp;Camden County Improvement Authority (The) | &nbsp;&nbsp;Camden County Improvement Authority (The) | &nbsp;&nbsp;Camden County Improvement Authority (The) |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Social Bonds - Cooper Norcross Academy | &nbsp;&nbsp;Social Bonds - Cooper Norcross Academy | &nbsp;&nbsp;Social Bonds - Cooper Norcross Academy | &nbsp;&nbsp;Social Bonds - Cooper Norcross Academy |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2062 | &nbsp;&nbsp;6.000% | 1540000 | &nbsp;&nbsp;1628879 |
| &nbsp;&nbsp;City of Atlantic City | &nbsp;&nbsp;City of Atlantic City | &nbsp;&nbsp;City of Atlantic City | &nbsp;&nbsp;City of Atlantic City |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Tax Appeal | &nbsp;&nbsp;Tax Appeal | &nbsp;&nbsp;Tax Appeal | &nbsp;&nbsp;Tax Appeal |
| &nbsp;&nbsp;Series 2017B (AGM) | &nbsp;&nbsp;Series 2017B (AGM) | &nbsp;&nbsp;Series 2017B (AGM) | &nbsp;&nbsp;Series 2017B (AGM) |
| &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;4.000% | 1250000 | &nbsp;&nbsp;1255904 |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Build America Mutual Assurance Co. Tax Appeal | &nbsp;&nbsp;Build America Mutual Assurance Co. Tax Appeal | &nbsp;&nbsp;Build America Mutual Assurance Co. Tax Appeal | &nbsp;&nbsp;Build America Mutual Assurance Co. Tax Appeal |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1049788 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of Newark Mass Transit Access Tax | &nbsp;&nbsp;City of Newark Mass Transit Access Tax | &nbsp;&nbsp;City of Newark Mass Transit Access Tax | &nbsp;&nbsp;City of Newark Mass Transit Access Tax |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project | &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project | &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project | &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project |
| &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) |
| &nbsp;&nbsp;11/15/2062 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2277804 |
| &nbsp;&nbsp;New Jersey Economic Development Authority<sup>(b)</sup> | &nbsp;&nbsp;New Jersey Economic Development Authority<sup>(b)</sup> | &nbsp;&nbsp;New Jersey Economic Development Authority<sup>(b)</sup> | &nbsp;&nbsp;New Jersey Economic Development Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;New Jersey Natural Gas Co. Project | &nbsp;&nbsp;New Jersey Natural Gas Co. Project | &nbsp;&nbsp;New Jersey Natural Gas Co. Project | &nbsp;&nbsp;New Jersey Natural Gas Co. Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;4760499 |
| &nbsp;&nbsp;New Jersey Economic Development Authority | &nbsp;&nbsp;New Jersey Economic Development Authority | &nbsp;&nbsp;New Jersey Economic Development Authority | &nbsp;&nbsp;New Jersey Economic Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;3.375% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1997845 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Portal North Bridge Project | &nbsp;&nbsp;Portal North Bridge Project | &nbsp;&nbsp;Portal North Bridge Project | &nbsp;&nbsp;Portal North Bridge Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;5.000% | 16250000 | &nbsp;&nbsp;17211737 |
| &nbsp;&nbsp;School Facilities Construction | &nbsp;&nbsp;School Facilities Construction | &nbsp;&nbsp;School Facilities Construction | &nbsp;&nbsp;School Facilities Construction |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1889426 |
| &nbsp;&nbsp;Self-Designated Social Bonds | &nbsp;&nbsp;Self-Designated Social Bonds | &nbsp;&nbsp;Self-Designated Social Bonds | &nbsp;&nbsp;Self-Designated Social Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1440783 |
| &nbsp;&nbsp;Series 2017DDD | &nbsp;&nbsp;Series 2017DDD | &nbsp;&nbsp;Series 2017DDD | &nbsp;&nbsp;Series 2017DDD |
| &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1034645 |
| &nbsp;&nbsp;Transportation Project | &nbsp;&nbsp;Transportation Project | &nbsp;&nbsp;Transportation Project | &nbsp;&nbsp;Transportation Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3146696 |
| &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds |
| &nbsp;&nbsp;Series 2015WW | &nbsp;&nbsp;Series 2015WW | &nbsp;&nbsp;Series 2015WW | &nbsp;&nbsp;Series 2015WW |
| &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363492 |
| &nbsp;&nbsp;New Jersey Educational Facilities Authority | &nbsp;&nbsp;New Jersey Educational Facilities Authority | &nbsp;&nbsp;New Jersey Educational Facilities Authority | &nbsp;&nbsp;New Jersey Educational Facilities Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727251 |
| &nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority<sup>(b)</sup> | &nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority<sup>(b)</sup> | &nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority<sup>(b)</sup> | &nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196048 |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185941 |
| &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency<sup>(b)</sup> | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency<sup>(b)</sup> | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency<sup>(b)</sup> | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D |
| &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;1529014 |
| &nbsp;&nbsp;Single Family Housing | &nbsp;&nbsp;Single Family Housing | &nbsp;&nbsp;Single Family Housing | &nbsp;&nbsp;Single Family Housing |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;1925000 | &nbsp;&nbsp;&nbsp;&nbsp;1868669 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Single Family Housing | &nbsp;&nbsp;Single Family Housing | &nbsp;&nbsp;Single Family Housing | &nbsp;&nbsp;Single Family Housing |
| &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C |
| &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;3.850% | 2885000 | &nbsp;&nbsp;&nbsp;&nbsp;2829802 |
| &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;5.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5418967 |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;5.000% | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;1554256 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2020AA | &nbsp;&nbsp;Series 2020AA | &nbsp;&nbsp;Series 2020AA | &nbsp;&nbsp;Series 2020AA |
| &nbsp;&nbsp;06/15/2045 | &nbsp;&nbsp;4.000% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3857080 |
| &nbsp;&nbsp;06/15/2045 | &nbsp;&nbsp;5.000% | 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;8963638 |
| &nbsp;&nbsp;Transportation Program | &nbsp;&nbsp;Transportation Program | &nbsp;&nbsp;Transportation Program | &nbsp;&nbsp;Transportation Program |
| &nbsp;&nbsp;Series 2013AA | &nbsp;&nbsp;Series 2013AA | &nbsp;&nbsp;Series 2013AA | &nbsp;&nbsp;Series 2013AA |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;5.000% | 8090000 | &nbsp;&nbsp;&nbsp;&nbsp;8113920 |
| &nbsp;&nbsp;Series 2015AA | &nbsp;&nbsp;Series 2015AA | &nbsp;&nbsp;Series 2015AA | &nbsp;&nbsp;Series 2015AA |
| &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;5.250% | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6136634 |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;5.000% | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3646302 |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2048 | &nbsp;&nbsp;5.000% | 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3990811 |
| &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority<sup>(c)</sup> | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority<sup>(c)</sup> | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority<sup>(c)</sup> | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Capital Appreciation Transportation System | &nbsp;&nbsp;Capital Appreciation Transportation System | &nbsp;&nbsp;Capital Appreciation Transportation System | &nbsp;&nbsp;Capital Appreciation Transportation System |
| &nbsp;&nbsp;Series 2010A | &nbsp;&nbsp;Series 2010A | &nbsp;&nbsp;Series 2010A | &nbsp;&nbsp;Series 2010A |
| &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;0.000% | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;4607772 |
| &nbsp;&nbsp;New Jersey Turnpike Authority | &nbsp;&nbsp;New Jersey Turnpike Authority | &nbsp;&nbsp;New Jersey Turnpike Authority | &nbsp;&nbsp;New Jersey Turnpike Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;4.500% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3125596 |
| &nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;5.250% | 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;6997427 |
| &nbsp;&nbsp;South Jersey Port Corp.<sup>(b)</sup> | &nbsp;&nbsp;South Jersey Port Corp.<sup>(b)</sup> | &nbsp;&nbsp;South Jersey Port Corp.<sup>(b)</sup> | &nbsp;&nbsp;South Jersey Port Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Marine Terminal | &nbsp;&nbsp;Marine Terminal | &nbsp;&nbsp;Marine Terminal | &nbsp;&nbsp;Marine Terminal |
| &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;5.000% | 2900000 | &nbsp;&nbsp;&nbsp;&nbsp;2948098 |
| &nbsp;&nbsp;Tobacco Settlement Financing Corp. | &nbsp;&nbsp;Tobacco Settlement Financing Corp. | &nbsp;&nbsp;Tobacco Settlement Financing Corp. | &nbsp;&nbsp;Tobacco Settlement Financing Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B |
| &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2019393 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**106774117** |
| &nbsp;&nbsp;**New Mexico 0.2%** | &nbsp;&nbsp;**New Mexico 0.2%** | &nbsp;&nbsp;**New Mexico 0.2%** | &nbsp;&nbsp;**New Mexico 0.2%** |
| &nbsp;&nbsp;New Mexico Mortgage Finance Authority | &nbsp;&nbsp;New Mexico Mortgage Finance Authority | &nbsp;&nbsp;New Mexico Mortgage Finance Authority | &nbsp;&nbsp;New Mexico Mortgage Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2020 (GNMA) | &nbsp;&nbsp;Series 2020 (GNMA) | &nbsp;&nbsp;Series 2020 (GNMA) | &nbsp;&nbsp;Series 2020 (GNMA) |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;2.700% | 2010000 | &nbsp;&nbsp;&nbsp;&nbsp;1742607 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Single Family Mortgage Program | &nbsp;&nbsp;Single Family Mortgage Program | &nbsp;&nbsp;Single Family Mortgage Program | &nbsp;&nbsp;Single Family Mortgage Program |
| &nbsp;&nbsp;Series 2019D Class I (GNMA) | &nbsp;&nbsp;Series 2019D Class I (GNMA) | &nbsp;&nbsp;Series 2019D Class I (GNMA) | &nbsp;&nbsp;Series 2019D Class I (GNMA) |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;2275000 | &nbsp;&nbsp;&nbsp;&nbsp;2034006 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3776613** |
| &nbsp;&nbsp;**New York 9.9%** | &nbsp;&nbsp;**New York 9.9%** | &nbsp;&nbsp;**New York 9.9%** | &nbsp;&nbsp;**New York 9.9%** |
| &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Social Bonds - East Harlem Scholars Academy Charter School Project | &nbsp;&nbsp;Social Bonds - East Harlem Scholars Academy Charter School Project | &nbsp;&nbsp;Social Bonds - East Harlem Scholars Academy Charter School Project | &nbsp;&nbsp;Social Bonds - East Harlem Scholars Academy Charter School Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1029405 |
| &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022A-1 | &nbsp;&nbsp;Series 2022A-1 | &nbsp;&nbsp;Series 2022A-1 | &nbsp;&nbsp;Series 2022A-1 |
| &nbsp;&nbsp;09/01/2046 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2462270 |
| &nbsp;&nbsp;Subordinated Series 2022B-1 | &nbsp;&nbsp;Subordinated Series 2022B-1 | &nbsp;&nbsp;Subordinated Series 2022B-1 | &nbsp;&nbsp;Subordinated Series 2022B-1 |
| &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2828388 |
| &nbsp;&nbsp;Glen Cove Local Economic Assistance Corp.<sup>(f)</sup> | &nbsp;&nbsp;Glen Cove Local Economic Assistance Corp.<sup>(f)</sup> | &nbsp;&nbsp;Glen Cove Local Economic Assistance Corp.<sup>(f)</sup> | &nbsp;&nbsp;Glen Cove Local Economic Assistance Corp.<sup>(f)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Garvies Point | &nbsp;&nbsp;Garvies Point | &nbsp;&nbsp;Garvies Point | &nbsp;&nbsp;Garvies Point |
| &nbsp;&nbsp;Series 2016 CABS | &nbsp;&nbsp;Series 2016 CABS | &nbsp;&nbsp;Series 2016 CABS | &nbsp;&nbsp;Series 2016 CABS |
| &nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2181315 |
| &nbsp;&nbsp;Housing Development Corp. | &nbsp;&nbsp;Housing Development Corp. | &nbsp;&nbsp;Housing Development Corp. | &nbsp;&nbsp;Housing Development Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood |
| &nbsp;&nbsp;Series 2017G | &nbsp;&nbsp;Series 2017G | &nbsp;&nbsp;Series 2017G | &nbsp;&nbsp;Series 2017G |
| &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3647591 |
| &nbsp;&nbsp;Huntington Local Development Corp. | &nbsp;&nbsp;Huntington Local Development Corp. | &nbsp;&nbsp;Huntington Local Development Corp. | &nbsp;&nbsp;Huntington Local Development Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Fountaingate Garden Project | &nbsp;&nbsp;Fountaingate Garden Project | &nbsp;&nbsp;Fountaingate Garden Project | &nbsp;&nbsp;Fountaingate Garden Project |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1579731 |
| &nbsp;&nbsp;Long Island Power Authority | &nbsp;&nbsp;Long Island Power Authority | &nbsp;&nbsp;Long Island Power Authority | &nbsp;&nbsp;Long Island Power Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;General | &nbsp;&nbsp;General | &nbsp;&nbsp;General | &nbsp;&nbsp;General |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2142147 |
| &nbsp;&nbsp;Metropolitan Transportation Authority<sup>(c)</sup> | &nbsp;&nbsp;Metropolitan Transportation Authority<sup>(c)</sup> | &nbsp;&nbsp;Metropolitan Transportation Authority<sup>(c)</sup> | &nbsp;&nbsp;Metropolitan Transportation Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A |
| &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2605000 | &nbsp;&nbsp;&nbsp;&nbsp;1859015 |
| &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds |
| &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 |
| &nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;5.000% | 10935000 | &nbsp;&nbsp;11202438 |
| &nbsp;&nbsp;New York City Housing Development Corp. | &nbsp;&nbsp;New York City Housing Development Corp. | &nbsp;&nbsp;New York City Housing Development Corp. | &nbsp;&nbsp;New York City Housing Development Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1832890 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 17

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;7310000 | &nbsp;&nbsp;&nbsp;&nbsp;5883762 |
| &nbsp;&nbsp;New York City Municipal Water Finance Authority | &nbsp;&nbsp;New York City Municipal Water Finance Authority | &nbsp;&nbsp;New York City Municipal Water Finance Authority | &nbsp;&nbsp;New York City Municipal Water Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022CC-1 | &nbsp;&nbsp;Series 2022CC-1 | &nbsp;&nbsp;Series 2022CC-1 | &nbsp;&nbsp;Series 2022CC-1 |
| &nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;4.000% | 13930000 | &nbsp;&nbsp;13666754 |
| &nbsp;&nbsp;New York City Transitional Finance Authority | &nbsp;&nbsp;New York City Transitional Finance Authority | &nbsp;&nbsp;New York City Transitional Finance Authority | &nbsp;&nbsp;New York City Transitional Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Future Tax Bonds | &nbsp;&nbsp;Future Tax Bonds | &nbsp;&nbsp;Future Tax Bonds | &nbsp;&nbsp;Future Tax Bonds |
| &nbsp;&nbsp;Subordinated Series 2020C | &nbsp;&nbsp;Subordinated Series 2020C | &nbsp;&nbsp;Subordinated Series 2020C | &nbsp;&nbsp;Subordinated Series 2020C |
| &nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1016752 |
| &nbsp;&nbsp;Future Tax Secured | &nbsp;&nbsp;Future Tax Secured | &nbsp;&nbsp;Future Tax Secured | &nbsp;&nbsp;Future Tax Secured |
| &nbsp;&nbsp;Subordinated Series 2020D | &nbsp;&nbsp;Subordinated Series 2020D | &nbsp;&nbsp;Subordinated Series 2020D | &nbsp;&nbsp;Subordinated Series 2020D |
| &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5001682 |
| &nbsp;&nbsp;Subordinated Series 2022A-1 | &nbsp;&nbsp;Subordinated Series 2022A-1 | &nbsp;&nbsp;Subordinated Series 2022A-1 | &nbsp;&nbsp;Subordinated Series 2022A-1 |
| &nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1796594 |
| &nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;2051394 |
| &nbsp;&nbsp;Subordinated Series 2022F-1 | &nbsp;&nbsp;Subordinated Series 2022F-1 | &nbsp;&nbsp;Subordinated Series 2022F-1 | &nbsp;&nbsp;Subordinated Series 2022F-1 |
| &nbsp;&nbsp;02/01/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1946294 |
| &nbsp;&nbsp;02/01/2051 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;1514795 |
| &nbsp;&nbsp;New York Liberty Development Corp. | &nbsp;&nbsp;New York Liberty Development Corp. | &nbsp;&nbsp;New York Liberty Development Corp. | &nbsp;&nbsp;New York Liberty Development Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2021-1WTC | &nbsp;&nbsp;Series 2021-1WTC | &nbsp;&nbsp;Series 2021-1WTC | &nbsp;&nbsp;Series 2021-1WTC |
| &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;3610000 | &nbsp;&nbsp;&nbsp;&nbsp;3017962 |
| &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;NYU Langone Hospitals Obligated Group | &nbsp;&nbsp;NYU Langone Hospitals Obligated Group | &nbsp;&nbsp;NYU Langone Hospitals Obligated Group | &nbsp;&nbsp;NYU Langone Hospitals Obligated Group |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1945299 |
| &nbsp;&nbsp;New York State Environmental Facilities Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;New York State Environmental Facilities Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;New York State Environmental Facilities Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;New York State Environmental Facilities Corp.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Casella Waste Systems, Inc. | &nbsp;&nbsp;Casella Waste Systems, Inc. | &nbsp;&nbsp;Casella Waste Systems, Inc. | &nbsp;&nbsp;Casella Waste Systems, Inc. |
| &nbsp;&nbsp;Series 2019 (Mandatory Put 12/03/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 12/03/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 12/03/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 12/03/29) |
| &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879786 |
| &nbsp;&nbsp;New York State Housing Finance Agency | &nbsp;&nbsp;New York State Housing Finance Agency | &nbsp;&nbsp;New York State Housing Finance Agency | &nbsp;&nbsp;New York State Housing Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Affordable Housing | &nbsp;&nbsp;Affordable Housing | &nbsp;&nbsp;Affordable Housing | &nbsp;&nbsp;Affordable Housing |
| &nbsp;&nbsp;Series 2017M | &nbsp;&nbsp;Series 2017M | &nbsp;&nbsp;Series 2017M | &nbsp;&nbsp;Series 2017M |
| &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;3585000 | &nbsp;&nbsp;&nbsp;&nbsp;3212659 |
| &nbsp;&nbsp;New York State Thruway Authority | &nbsp;&nbsp;New York State Thruway Authority | &nbsp;&nbsp;New York State Thruway Authority | &nbsp;&nbsp;New York State Thruway Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Personal Income Tax - Bidding Group | &nbsp;&nbsp;Personal Income Tax - Bidding Group | &nbsp;&nbsp;Personal Income Tax - Bidding Group | &nbsp;&nbsp;Personal Income Tax - Bidding Group |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;03/15/2050 | &nbsp;&nbsp;4.000% | 13000000 | &nbsp;&nbsp;12770888 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - Bidding Group | &nbsp;&nbsp;Green Bonds - Bidding Group | &nbsp;&nbsp;Green Bonds - Bidding Group | &nbsp;&nbsp;Green Bonds - Bidding Group |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;03/15/2055 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5458681 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;New York Transportation Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;New York Transportation Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;New York Transportation Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;New York Transportation Development Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia | &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia | &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia | &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;5.000% | 12290000 | &nbsp;&nbsp;12555942 |
| &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2367689 |
| &nbsp;&nbsp;New York State Thruway Service Areas Project | &nbsp;&nbsp;New York State Thruway Service Areas Project | &nbsp;&nbsp;New York State Thruway Service Areas Project | &nbsp;&nbsp;New York State Thruway Service Areas Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;04/30/2053 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1281956 |
| &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project | &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project | &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project | &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2066168 |
| &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4360000 | &nbsp;&nbsp;&nbsp;&nbsp;4019641 |
| &nbsp;&nbsp;Port Authority of New York & New Jersey<sup>(b)</sup> | &nbsp;&nbsp;Port Authority of New York & New Jersey<sup>(b)</sup> | &nbsp;&nbsp;Port Authority of New York & New Jersey<sup>(b)</sup> | &nbsp;&nbsp;Port Authority of New York & New Jersey<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Consolidated 206th | &nbsp;&nbsp;Consolidated 206th | &nbsp;&nbsp;Consolidated 206th | &nbsp;&nbsp;Consolidated 206th |
| &nbsp;&nbsp;Series 2017-206 | &nbsp;&nbsp;Series 2017-206 | &nbsp;&nbsp;Series 2017-206 | &nbsp;&nbsp;Series 2017-206 |
| &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1549742 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Consolidated Bonds | &nbsp;&nbsp;Consolidated Bonds | &nbsp;&nbsp;Consolidated Bonds | &nbsp;&nbsp;Consolidated Bonds |
| &nbsp;&nbsp;Series 221 | &nbsp;&nbsp;Series 221 | &nbsp;&nbsp;Series 221 | &nbsp;&nbsp;Series 221 |
| &nbsp;&nbsp;07/15/2045 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7775000 | &nbsp;&nbsp;&nbsp;&nbsp;7507679 |
| &nbsp;&nbsp;State of New York Mortgage Agency | &nbsp;&nbsp;State of New York Mortgage Agency | &nbsp;&nbsp;State of New York Mortgage Agency | &nbsp;&nbsp;State of New York Mortgage Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017-203 | &nbsp;&nbsp;Series 2017-203 | &nbsp;&nbsp;Series 2017-203 | &nbsp;&nbsp;Series 2017-203 |
| &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;3730000 | &nbsp;&nbsp;&nbsp;&nbsp;3276188 |
| &nbsp;&nbsp;Triborough Bridge & Tunnel Authority | &nbsp;&nbsp;Triborough Bridge & Tunnel Authority | &nbsp;&nbsp;Triborough Bridge & Tunnel Authority | &nbsp;&nbsp;Triborough Bridge & Tunnel Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;MTA Bridges and Tunnels | &nbsp;&nbsp;MTA Bridges and Tunnels | &nbsp;&nbsp;MTA Bridges and Tunnels | &nbsp;&nbsp;MTA Bridges and Tunnels |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4716190 |
| &nbsp;&nbsp;05/15/2057 | &nbsp;&nbsp;5.000% | 10500000 | &nbsp;&nbsp;11460965 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Senior Lien Green Bonds | &nbsp;&nbsp;Senior Lien Green Bonds | &nbsp;&nbsp;Senior Lien Green Bonds | &nbsp;&nbsp;Senior Lien Green Bonds |
| &nbsp;&nbsp;Series 2022D-2 | &nbsp;&nbsp;Series 2022D-2 | &nbsp;&nbsp;Series 2022D-2 | &nbsp;&nbsp;Series 2022D-2 |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;5101281 |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;4.000% | 12500000 | &nbsp;&nbsp;12240875 |
| &nbsp;&nbsp;Ulster County Capital Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ulster County Capital Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ulster County Capital Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ulster County Capital Resource Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Woodland Pond at New Paltz | &nbsp;&nbsp;Woodland Pond at New Paltz | &nbsp;&nbsp;Woodland Pond at New Paltz | &nbsp;&nbsp;Woodland Pond at New Paltz |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/15/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5095000 | &nbsp;&nbsp;&nbsp;&nbsp;4137102 |
| &nbsp;&nbsp;09/15/2047 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;1149619 |
| &nbsp;&nbsp;09/15/2053 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3045000 | &nbsp;&nbsp;&nbsp;&nbsp;2290729 |
| &nbsp;&nbsp;Westchester County Local Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;Westchester County Local Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;Westchester County Local Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;Westchester County Local Development Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Purchase Senior Learning Community | &nbsp;&nbsp;Purchase Senior Learning Community | &nbsp;&nbsp;Purchase Senior Learning Community | &nbsp;&nbsp;Purchase Senior Learning Community |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4416743 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Purchase Senior Learning Community | &nbsp;&nbsp;Purchase Senior Learning Community | &nbsp;&nbsp;Purchase Senior Learning Community | &nbsp;&nbsp;Purchase Senior Learning Community |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772109 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**171839110** |
| &nbsp;&nbsp;**North Carolina 1.3%** | &nbsp;&nbsp;**North Carolina 1.3%** | &nbsp;&nbsp;**North Carolina 1.3%** | &nbsp;&nbsp;**North Carolina 1.3%** |
| &nbsp;&nbsp;North Carolina Housing Finance Agency | &nbsp;&nbsp;North Carolina Housing Finance Agency | &nbsp;&nbsp;North Carolina Housing Finance Agency | &nbsp;&nbsp;North Carolina Housing Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019-42 | &nbsp;&nbsp;Series 2019-42 | &nbsp;&nbsp;Series 2019-42 | &nbsp;&nbsp;Series 2019-42 |
| &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;2.850% | 2270000 | &nbsp;&nbsp;&nbsp;&nbsp;1877169 |
| &nbsp;&nbsp;North Carolina Medical Care Commission | &nbsp;&nbsp;North Carolina Medical Care Commission | &nbsp;&nbsp;North Carolina Medical Care Commission | &nbsp;&nbsp;North Carolina Medical Care Commission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2021C | &nbsp;&nbsp;Series 2021C | &nbsp;&nbsp;Series 2021C | &nbsp;&nbsp;Series 2021C |
| &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;4.000% | 2320000 | &nbsp;&nbsp;&nbsp;&nbsp;1986662 |
| &nbsp;&nbsp;Southminster, Inc. | &nbsp;&nbsp;Southminster, Inc. | &nbsp;&nbsp;Southminster, Inc. | &nbsp;&nbsp;Southminster, Inc. |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;5.000% | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1731099 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;REX Health Care | &nbsp;&nbsp;REX Health Care | &nbsp;&nbsp;REX Health Care | &nbsp;&nbsp;REX Health Care |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;4.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4981073 |
| &nbsp;&nbsp;Twin Lakes Community | &nbsp;&nbsp;Twin Lakes Community | &nbsp;&nbsp;Twin Lakes Community | &nbsp;&nbsp;Twin Lakes Community |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1984536 |
| &nbsp;&nbsp;North Carolina Turnpike Authority | &nbsp;&nbsp;North Carolina Turnpike Authority | &nbsp;&nbsp;North Carolina Turnpike Authority | &nbsp;&nbsp;North Carolina Turnpike Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Senior Lien - Triangle Expressway | &nbsp;&nbsp;Senior Lien - Triangle Expressway | &nbsp;&nbsp;Senior Lien - Triangle Expressway | &nbsp;&nbsp;Senior Lien - Triangle Expressway |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2082502 |
| &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(c)</sup> | &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(c)</sup> | &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(c)</sup> | &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;0.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1322742 |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;0.000% | 3950000 | &nbsp;&nbsp;&nbsp;&nbsp;2005862 |
| &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;0.000% | 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;2650199 |
| &nbsp;&nbsp;Triangle Expressway System | &nbsp;&nbsp;Triangle Expressway System | &nbsp;&nbsp;Triangle Expressway System | &nbsp;&nbsp;Triangle Expressway System |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;0.000% | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;1961525 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**22583369** |
| &nbsp;&nbsp;**North Dakota 0.2%** | &nbsp;&nbsp;**North Dakota 0.2%** | &nbsp;&nbsp;**North Dakota 0.2%** | &nbsp;&nbsp;**North Dakota 0.2%** |
| &nbsp;&nbsp;North Dakota Housing Finance Agency | &nbsp;&nbsp;North Dakota Housing Finance Agency | &nbsp;&nbsp;North Dakota Housing Finance Agency | &nbsp;&nbsp;North Dakota Housing Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Home Mortgage Finance Program | &nbsp;&nbsp;Home Mortgage Finance Program | &nbsp;&nbsp;Home Mortgage Finance Program | &nbsp;&nbsp;Home Mortgage Finance Program |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713004 |
| &nbsp;&nbsp;Housing Finance Program | &nbsp;&nbsp;Housing Finance Program | &nbsp;&nbsp;Housing Finance Program | &nbsp;&nbsp;Housing Finance Program |
| &nbsp;&nbsp;Series 2017 (FHA) | &nbsp;&nbsp;Series 2017 (FHA) | &nbsp;&nbsp;Series 2017 (FHA) | &nbsp;&nbsp;Series 2017 (FHA) |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398424 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Housing Finance Program-Home Mortgage Finance | &nbsp;&nbsp;Housing Finance Program-Home Mortgage Finance | &nbsp;&nbsp;Housing Finance Program-Home Mortgage Finance | &nbsp;&nbsp;Housing Finance Program-Home Mortgage Finance |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896388 |
| &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C |
| &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;1427126 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3434942** |
| &nbsp;&nbsp;**Ohio 2.3%** | &nbsp;&nbsp;**Ohio 2.3%** | &nbsp;&nbsp;**Ohio 2.3%** | &nbsp;&nbsp;**Ohio 2.3%** |
| &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority | &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority | &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority | &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority |
| &nbsp;&nbsp;Refunding Senior Revenue Bonds | &nbsp;&nbsp;Refunding Senior Revenue Bonds | &nbsp;&nbsp;Refunding Senior Revenue Bonds | &nbsp;&nbsp;Refunding Senior Revenue Bonds |
| &nbsp;&nbsp;Series 2020B-2 | &nbsp;&nbsp;Series 2020B-2 | &nbsp;&nbsp;Series 2020B-2 | &nbsp;&nbsp;Series 2020B-2 |
| &nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;5.000% | 33910000 | &nbsp;&nbsp;32333775 |
| &nbsp;&nbsp;County of Marion | &nbsp;&nbsp;County of Marion | &nbsp;&nbsp;County of Marion | &nbsp;&nbsp;County of Marion |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;United Church Homes, Inc. | &nbsp;&nbsp;United Church Homes, Inc. | &nbsp;&nbsp;United Church Homes, Inc. | &nbsp;&nbsp;United Church Homes, Inc. |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1534366 |
| &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(a),(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;1st Mortgage - Tapestry Wickliffe LLC | &nbsp;&nbsp;1st Mortgage - Tapestry Wickliffe LLC | &nbsp;&nbsp;1st Mortgage - Tapestry Wickliffe LLC | &nbsp;&nbsp;1st Mortgage - Tapestry Wickliffe LLC |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;2175000 |
| &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Ohio Valley Electric Crop. | &nbsp;&nbsp;Ohio Valley Electric Crop. | &nbsp;&nbsp;Ohio Valley Electric Crop. | &nbsp;&nbsp;Ohio Valley Electric Crop. |
| &nbsp;&nbsp;Series 2019 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 10/01/29) |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1377109 |
| &nbsp;&nbsp;Ohio Higher Educational Facility Commission | &nbsp;&nbsp;Ohio Higher Educational Facility Commission | &nbsp;&nbsp;Ohio Higher Educational Facility Commission | &nbsp;&nbsp;Ohio Higher Educational Facility Commission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Ashtabula County Medical Center Obligated Group | &nbsp;&nbsp;Ashtabula County Medical Center Obligated Group | &nbsp;&nbsp;Ashtabula County Medical Center Obligated Group | &nbsp;&nbsp;Ashtabula County Medical Center Obligated Group |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264552 |
| &nbsp;&nbsp;Ohio Housing Finance Agency | &nbsp;&nbsp;Ohio Housing Finance Agency | &nbsp;&nbsp;Ohio Housing Finance Agency | &nbsp;&nbsp;Ohio Housing Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1842935 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**39527737** |
| &nbsp;&nbsp;**Oklahoma 0.2%** | &nbsp;&nbsp;**Oklahoma 0.2%** | &nbsp;&nbsp;**Oklahoma 0.2%** | &nbsp;&nbsp;**Oklahoma 0.2%** |
| &nbsp;&nbsp;Tulsa County Industrial Authority | &nbsp;&nbsp;Tulsa County Industrial Authority | &nbsp;&nbsp;Tulsa County Industrial Authority | &nbsp;&nbsp;Tulsa County Industrial Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Montereau, Inc. Project | &nbsp;&nbsp;Montereau, Inc. Project | &nbsp;&nbsp;Montereau, Inc. Project | &nbsp;&nbsp;Montereau, Inc. Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1276383 |
| &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1885000 | &nbsp;&nbsp;&nbsp;&nbsp;1892753 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3169136** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 19

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Oregon 0.6%** | &nbsp;&nbsp;**Oregon 0.6%** | &nbsp;&nbsp;**Oregon 0.6%** | &nbsp;&nbsp;**Oregon 0.6%** |
| &nbsp;&nbsp;Clackamas County Hospital Facility Authority | &nbsp;&nbsp;Clackamas County Hospital Facility Authority | &nbsp;&nbsp;Clackamas County Hospital Facility Authority | &nbsp;&nbsp;Clackamas County Hospital Facility Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Rose Villa Project | &nbsp;&nbsp;Rose Villa Project | &nbsp;&nbsp;Rose Villa Project | &nbsp;&nbsp;Rose Villa Project |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;11/15/2055 | &nbsp;&nbsp;5.375% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1390298 |
| &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County | &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County | &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County | &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mirabella at South Waterfront | &nbsp;&nbsp;Mirabella at South Waterfront | &nbsp;&nbsp;Mirabella at South Waterfront | &nbsp;&nbsp;Mirabella at South Waterfront |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522305 |
| &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Asante Project | &nbsp;&nbsp;Asante Project | &nbsp;&nbsp;Asante Project | &nbsp;&nbsp;Asante Project |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;08/15/2045 | &nbsp;&nbsp;5.000% | 4660000 | &nbsp;&nbsp;&nbsp;&nbsp;4967176 |
| &nbsp;&nbsp;Port of Portland Airport<sup>(b)</sup> | &nbsp;&nbsp;Port of Portland Airport<sup>(b)</sup> | &nbsp;&nbsp;Port of Portland Airport<sup>(b)</sup> | &nbsp;&nbsp;Port of Portland Airport<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017-24B | &nbsp;&nbsp;Series 2017-24B | &nbsp;&nbsp;Series 2017-24B | &nbsp;&nbsp;Series 2017-24B |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1035711 |
| &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D |
| &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;3.450% | 2365000 | &nbsp;&nbsp;&nbsp;&nbsp;2352350 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10267840** |
| &nbsp;&nbsp;**Pennsylvania 7.5%** | &nbsp;&nbsp;**Pennsylvania 7.5%** | &nbsp;&nbsp;**Pennsylvania 7.5%** | &nbsp;&nbsp;**Pennsylvania 7.5%** |
| &nbsp;&nbsp;Allegheny County Hospital Development Authority | &nbsp;&nbsp;Allegheny County Hospital Development Authority | &nbsp;&nbsp;Allegheny County Hospital Development Authority | &nbsp;&nbsp;Allegheny County Hospital Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;University of Pittsburgh Medical Center | &nbsp;&nbsp;University of Pittsburgh Medical Center | &nbsp;&nbsp;University of Pittsburgh Medical Center | &nbsp;&nbsp;University of Pittsburgh Medical Center |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;4.000% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1763214 |
| &nbsp;&nbsp;City of Philadelphia Airport<sup>(b)</sup> | &nbsp;&nbsp;City of Philadelphia Airport<sup>(b)</sup> | &nbsp;&nbsp;City of Philadelphia Airport<sup>(b)</sup> | &nbsp;&nbsp;City of Philadelphia Airport<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Private Activity | &nbsp;&nbsp;Private Activity | &nbsp;&nbsp;Private Activity | &nbsp;&nbsp;Private Activity |
| &nbsp;&nbsp;Series 2021 (AGM) | &nbsp;&nbsp;Series 2021 (AGM) | &nbsp;&nbsp;Series 2021 (AGM) | &nbsp;&nbsp;Series 2021 (AGM) |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.000% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1678350 |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;5.000% | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;2329623 |
| &nbsp;&nbsp;Commonwealth Financing Authority | &nbsp;&nbsp;Commonwealth Financing Authority | &nbsp;&nbsp;Commonwealth Financing Authority | &nbsp;&nbsp;Commonwealth Financing Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;5.000% | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;2037307 |
| &nbsp;&nbsp;Tobacco Master Settlement Payment | &nbsp;&nbsp;Tobacco Master Settlement Payment | &nbsp;&nbsp;Tobacco Master Settlement Payment | &nbsp;&nbsp;Tobacco Master Settlement Payment |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2186555 |
| &nbsp;&nbsp;Commonwealth of Pennsylvania | &nbsp;&nbsp;Commonwealth of Pennsylvania | &nbsp;&nbsp;Commonwealth of Pennsylvania | &nbsp;&nbsp;Commonwealth of Pennsylvania |
| &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;5.000% | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1750544 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Cumberland County Municipal Authority | &nbsp;&nbsp;Cumberland County Municipal Authority | &nbsp;&nbsp;Cumberland County Municipal Authority | &nbsp;&nbsp;Cumberland County Municipal Authority |
| &nbsp;&nbsp;Prerefunded 01/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/01/25 Revenue Bonds |
| &nbsp;&nbsp;Diakon Lutheran Social Ministries | &nbsp;&nbsp;Diakon Lutheran Social Ministries | &nbsp;&nbsp;Diakon Lutheran Social Ministries | &nbsp;&nbsp;Diakon Lutheran Social Ministries |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;167784 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Diakon Lutheran | &nbsp;&nbsp;Diakon Lutheran | &nbsp;&nbsp;Diakon Lutheran | &nbsp;&nbsp;Diakon Lutheran |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;813153 |
| &nbsp;&nbsp;Franklin County Industrial Development Authority | &nbsp;&nbsp;Franklin County Industrial Development Authority | &nbsp;&nbsp;Franklin County Industrial Development Authority | &nbsp;&nbsp;Franklin County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Menno-Haven, Inc. Project | &nbsp;&nbsp;Menno-Haven, Inc. Project | &nbsp;&nbsp;Menno-Haven, Inc. Project | &nbsp;&nbsp;Menno-Haven, Inc. Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;1026494 |
| &nbsp;&nbsp;Geisinger Authority | &nbsp;&nbsp;Geisinger Authority | &nbsp;&nbsp;Geisinger Authority | &nbsp;&nbsp;Geisinger Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Geisinger Health System | &nbsp;&nbsp;Geisinger Health System | &nbsp;&nbsp;Geisinger Health System | &nbsp;&nbsp;Geisinger Health System |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;4801237 |
| &nbsp;&nbsp;Lancaster County Hospital Authority | &nbsp;&nbsp;Lancaster County Hospital Authority | &nbsp;&nbsp;Lancaster County Hospital Authority | &nbsp;&nbsp;Lancaster County Hospital Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Masonic Villages of the Grand Lodge of Pennsylvania | &nbsp;&nbsp;Masonic Villages of the Grand Lodge of Pennsylvania | &nbsp;&nbsp;Masonic Villages of the Grand Lodge of Pennsylvania | &nbsp;&nbsp;Masonic Villages of the Grand Lodge of Pennsylvania |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;716216 |
| &nbsp;&nbsp;Luzerne County Industrial Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Luzerne County Industrial Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Luzerne County Industrial Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Luzerne County Industrial Development Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Pennsylvania-American Water Co. Project | &nbsp;&nbsp;Pennsylvania-American Water Co. Project | &nbsp;&nbsp;Pennsylvania-American Water Co. Project | &nbsp;&nbsp;Pennsylvania-American Water Co. Project |
| &nbsp;&nbsp;Series 2019 (Mandatory Put 12/03/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 12/03/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 12/03/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 12/03/29) |
| &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;2.450% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;3258747 |
| &nbsp;&nbsp;Montgomery County Industrial Development Authority | &nbsp;&nbsp;Montgomery County Industrial Development Authority | &nbsp;&nbsp;Montgomery County Industrial Development Authority | &nbsp;&nbsp;Montgomery County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Meadowood Senior Living Project | &nbsp;&nbsp;Meadowood Senior Living Project | &nbsp;&nbsp;Meadowood Senior Living Project | &nbsp;&nbsp;Meadowood Senior Living Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1270000 | &nbsp;&nbsp;1282933 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;ACTS Retirement - Life Communities | &nbsp;&nbsp;ACTS Retirement - Life Communities | &nbsp;&nbsp;ACTS Retirement - Life Communities | &nbsp;&nbsp;ACTS Retirement - Life Communities |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;862278 |
| &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;3485589 |
| &nbsp;&nbsp;Northampton County General Purpose Authority | &nbsp;&nbsp;Northampton County General Purpose Authority | &nbsp;&nbsp;Northampton County General Purpose Authority | &nbsp;&nbsp;Northampton County General Purpose Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;St. Luke's University Health Network | &nbsp;&nbsp;St. Luke's University Health Network | &nbsp;&nbsp;St. Luke's University Health Network | &nbsp;&nbsp;St. Luke's University Health Network |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;08/15/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;701298 |
| &nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1556607 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;4.000% | 10000000 | &nbsp;&nbsp;9832678 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(a),(d)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Tapestry Moon Senior Housing Project | &nbsp;&nbsp;Tapestry Moon Senior Housing Project | &nbsp;&nbsp;Tapestry Moon Senior Housing Project | &nbsp;&nbsp;Tapestry Moon Senior Housing Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;5625000 | &nbsp;&nbsp;&nbsp;&nbsp;2144531 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;PA Bridges Finco LP | &nbsp;&nbsp;PA Bridges Finco LP | &nbsp;&nbsp;PA Bridges Finco LP | &nbsp;&nbsp;PA Bridges Finco LP |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;12/31/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4125000 | &nbsp;&nbsp;&nbsp;&nbsp;4167766 |
| &nbsp;&nbsp;06/30/2042 | &nbsp;&nbsp;5.000% | 11000000 | &nbsp;&nbsp;11035685 |
| &nbsp;&nbsp;The PennDOT Major Bridges Package One Project | &nbsp;&nbsp;The PennDOT Major Bridges Package One Project | &nbsp;&nbsp;The PennDOT Major Bridges Package One Project | &nbsp;&nbsp;The PennDOT Major Bridges Package One Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/30/2053 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5248079 |
| &nbsp;&nbsp;06/30/2061 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3326181 |
| &nbsp;&nbsp;Pennsylvania Housing Finance Agency | &nbsp;&nbsp;Pennsylvania Housing Finance Agency | &nbsp;&nbsp;Pennsylvania Housing Finance Agency | &nbsp;&nbsp;Pennsylvania Housing Finance Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2016-120 | &nbsp;&nbsp;Series 2016-120 | &nbsp;&nbsp;Series 2016-120 | &nbsp;&nbsp;Series 2016-120 |
| &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569302 |
| &nbsp;&nbsp;Series 2017-124B | &nbsp;&nbsp;Series 2017-124B | &nbsp;&nbsp;Series 2017-124B | &nbsp;&nbsp;Series 2017-124B |
| &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;7180000 | &nbsp;&nbsp;&nbsp;&nbsp;6865064 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019-130A | &nbsp;&nbsp;Series 2019-130A | &nbsp;&nbsp;Series 2019-130A | &nbsp;&nbsp;Series 2019-130A |
| &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3575050 |
| &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2471404 |
| &nbsp;&nbsp;Pennsylvania Turnpike Commission | &nbsp;&nbsp;Pennsylvania Turnpike Commission | &nbsp;&nbsp;Pennsylvania Turnpike Commission | &nbsp;&nbsp;Pennsylvania Turnpike Commission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mass Transit Projects | &nbsp;&nbsp;Mass Transit Projects | &nbsp;&nbsp;Mass Transit Projects | &nbsp;&nbsp;Mass Transit Projects |
| &nbsp;&nbsp;Subordinated Series 2016A-1 | &nbsp;&nbsp;Subordinated Series 2016A-1 | &nbsp;&nbsp;Subordinated Series 2016A-1 | &nbsp;&nbsp;Subordinated Series 2016A-1 |
| &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;4967626 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2014C | &nbsp;&nbsp;Series 2014C | &nbsp;&nbsp;Series 2014C | &nbsp;&nbsp;Series 2014C |
| &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2559550 |
| &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2607868 |
| &nbsp;&nbsp;Subordinated Series 2017B-1 | &nbsp;&nbsp;Subordinated Series 2017B-1 | &nbsp;&nbsp;Subordinated Series 2017B-1 | &nbsp;&nbsp;Subordinated Series 2017B-1 |
| &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3138181 |
| &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B |
| &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5271317 |
| &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A |
| &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;10653369 |
| &nbsp;&nbsp;Philadelphia Authority for Industrial Development | &nbsp;&nbsp;Philadelphia Authority for Industrial Development | &nbsp;&nbsp;Philadelphia Authority for Industrial Development | &nbsp;&nbsp;Philadelphia Authority for Industrial Development |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Thomas Jefferson University | &nbsp;&nbsp;Thomas Jefferson University | &nbsp;&nbsp;Thomas Jefferson University | &nbsp;&nbsp;Thomas Jefferson University |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2579484 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;First Philadelphia Preparatory Charter School | &nbsp;&nbsp;First Philadelphia Preparatory Charter School | &nbsp;&nbsp;First Philadelphia Preparatory Charter School | &nbsp;&nbsp;First Philadelphia Preparatory Charter School |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780895 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Pocono Mountains Industrial Park Authority | &nbsp;&nbsp;Pocono Mountains Industrial Park Authority | &nbsp;&nbsp;Pocono Mountains Industrial Park Authority | &nbsp;&nbsp;Pocono Mountains Industrial Park Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;St. Luke's Hospital-Monroe Project | &nbsp;&nbsp;St. Luke's Hospital-Monroe Project | &nbsp;&nbsp;St. Luke's Hospital-Monroe Project | &nbsp;&nbsp;St. Luke's Hospital-Monroe Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;5.000% | 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;1475594 |
| &nbsp;&nbsp;School District of Philadelphia (The) | &nbsp;&nbsp;School District of Philadelphia (The) | &nbsp;&nbsp;School District of Philadelphia (The) | &nbsp;&nbsp;School District of Philadelphia (The) |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;5.000% | 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;1226789 |
| &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B |
| &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550244 |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;4.000% | 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;6309028 |
| &nbsp;&nbsp;State Public School Building Authority | &nbsp;&nbsp;State Public School Building Authority | &nbsp;&nbsp;State Public School Building Authority | &nbsp;&nbsp;State Public School Building Authority |
| &nbsp;&nbsp;Prerefunded 12/01/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 12/01/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 12/01/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 12/01/26 Revenue Bonds |
| &nbsp;&nbsp;Philadelphia School District Project | &nbsp;&nbsp;Philadelphia School District Project | &nbsp;&nbsp;Philadelphia School District Project | &nbsp;&nbsp;Philadelphia School District Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5524 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;School District of Philadelphia | &nbsp;&nbsp;School District of Philadelphia | &nbsp;&nbsp;School District of Philadelphia | &nbsp;&nbsp;School District of Philadelphia |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;5.000% | 4795000 | &nbsp;&nbsp;&nbsp;&nbsp;5063309 |
| &nbsp;&nbsp;Union County Hospital Authority | &nbsp;&nbsp;Union County Hospital Authority | &nbsp;&nbsp;Union County Hospital Authority | &nbsp;&nbsp;Union County Hospital Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Evangelical Community Hospital | &nbsp;&nbsp;Evangelical Community Hospital | &nbsp;&nbsp;Evangelical Community Hospital | &nbsp;&nbsp;Evangelical Community Hospital |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;5.000% | 3065000 | &nbsp;&nbsp;&nbsp;&nbsp;3233712 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**130076159** |
| &nbsp;&nbsp;**Puerto Rico 4.3%** | &nbsp;&nbsp;**Puerto Rico 4.3%** | &nbsp;&nbsp;**Puerto Rico 4.3%** | &nbsp;&nbsp;**Puerto Rico 4.3%** |
| &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(c),(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(c),(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(c),(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(c),(g)</sup> |
| &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/01/2051 | &nbsp;&nbsp;0.000% | 6036277 | &nbsp;&nbsp;&nbsp;&nbsp;2655962 |
| &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 |
| &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;0.000% | 4295800 | &nbsp;&nbsp;&nbsp;&nbsp;1895522 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2024 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;302953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283732 |
| &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(g)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021-A1 | &nbsp;&nbsp;Series 2021-A1 | &nbsp;&nbsp;Series 2021-A1 | &nbsp;&nbsp;Series 2021-A1 |
| &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;815535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740753 |
| &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;699944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619377 |
| &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;951656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818358 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.000% | 2984709 | &nbsp;&nbsp;&nbsp;&nbsp;2488683 |
| &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(g)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2958244 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 21

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(d),(g)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(d),(g)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(d),(g)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(d),(g)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2007TT | &nbsp;&nbsp;Series 2007TT | &nbsp;&nbsp;Series 2007TT | &nbsp;&nbsp;Series 2007TT |
| &nbsp;&nbsp;07/01/2022 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2735000 | &nbsp;&nbsp;&nbsp;&nbsp;1880312 |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2420000 | &nbsp;&nbsp;&nbsp;&nbsp;1687950 |
| &nbsp;&nbsp;Series 2008WW | &nbsp;&nbsp;Series 2008WW | &nbsp;&nbsp;Series 2008WW | &nbsp;&nbsp;Series 2008WW |
| &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1225000 |
| &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1231563 |
| &nbsp;&nbsp;Series 2010CCC | &nbsp;&nbsp;Series 2010CCC | &nbsp;&nbsp;Series 2010CCC | &nbsp;&nbsp;Series 2010CCC |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;4200000 |
| &nbsp;&nbsp;Series 2010XX | &nbsp;&nbsp;Series 2010XX | &nbsp;&nbsp;Series 2010XX | &nbsp;&nbsp;Series 2010XX |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;4550000 |
| &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6505000 | &nbsp;&nbsp;&nbsp;&nbsp;4537237 |
| &nbsp;&nbsp;Puerto Rico Highway & Transportation Authority<sup>(c),(g)</sup> | &nbsp;&nbsp;Puerto Rico Highway & Transportation Authority<sup>(c),(g)</sup> | &nbsp;&nbsp;Puerto Rico Highway & Transportation Authority<sup>(c),(g)</sup> | &nbsp;&nbsp;Puerto Rico Highway & Transportation Authority<sup>(c),(g)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;617360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388165 |
| &nbsp;&nbsp;Series 2022C | &nbsp;&nbsp;Series 2022C | &nbsp;&nbsp;Series 2022C | &nbsp;&nbsp;Series 2022C |
| &nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1056051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612508 |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(c),(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(c),(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(c),(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(c),(g)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;0.000% | 86183000 | &nbsp;&nbsp;23666455 |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;1662159 |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(g)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 |
| &nbsp;&nbsp;07/01/2058 | &nbsp;&nbsp;5.000% | 16420000 | &nbsp;&nbsp;16177784 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**74279764** |
| &nbsp;&nbsp;**South Carolina 1.5%** | &nbsp;&nbsp;**South Carolina 1.5%** | &nbsp;&nbsp;**South Carolina 1.5%** | &nbsp;&nbsp;**South Carolina 1.5%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority | &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority | &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority | &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Bon Secours Mercy Health, Inc. | &nbsp;&nbsp;Bon Secours Mercy Health, Inc. | &nbsp;&nbsp;Bon Secours Mercy Health, Inc. | &nbsp;&nbsp;Bon Secours Mercy Health, Inc. |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;2993051 |
| &nbsp;&nbsp;South Carolina Ports Authority<sup>(b)</sup> | &nbsp;&nbsp;South Carolina Ports Authority<sup>(b)</sup> | &nbsp;&nbsp;South Carolina Ports Authority<sup>(b)</sup> | &nbsp;&nbsp;South Carolina Ports Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1570000 | &nbsp;&nbsp;&nbsp;&nbsp;1637655 |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4080000 | &nbsp;&nbsp;&nbsp;&nbsp;4275679 |
| &nbsp;&nbsp;South Carolina Public Service Authority | &nbsp;&nbsp;South Carolina Public Service Authority | &nbsp;&nbsp;South Carolina Public Service Authority | &nbsp;&nbsp;South Carolina Public Service Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;4.000% | 18000000 | &nbsp;&nbsp;16834502 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;South Carolina State Housing Finance & Development Authority | &nbsp;&nbsp;South Carolina State Housing Finance & Development Authority | &nbsp;&nbsp;South Carolina State Housing Finance & Development Authority | &nbsp;&nbsp;South Carolina State Housing Finance & Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777681 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**26518568** |
| &nbsp;&nbsp;**South Dakota 0.8%** | &nbsp;&nbsp;**South Dakota 0.8%** | &nbsp;&nbsp;**South Dakota 0.8%** | &nbsp;&nbsp;**South Dakota 0.8%** |
| &nbsp;&nbsp;South Dakota Health & Educational Facilities Authority | &nbsp;&nbsp;South Dakota Health & Educational Facilities Authority | &nbsp;&nbsp;South Dakota Health & Educational Facilities Authority | &nbsp;&nbsp;South Dakota Health & Educational Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Avera Health | &nbsp;&nbsp;Avera Health | &nbsp;&nbsp;Avera Health | &nbsp;&nbsp;Avera Health |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;4.000% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9808725 |
| &nbsp;&nbsp;South Dakota Housing Development Authority | &nbsp;&nbsp;South Dakota Housing Development Authority | &nbsp;&nbsp;South Dakota Housing Development Authority | &nbsp;&nbsp;South Dakota Housing Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Homeownership Mortgage | &nbsp;&nbsp;Homeownership Mortgage | &nbsp;&nbsp;Homeownership Mortgage | &nbsp;&nbsp;Homeownership Mortgage |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;2.050% | &nbsp;&nbsp;5660000 | &nbsp;&nbsp;&nbsp;&nbsp;4111230 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13919955** |
| &nbsp;&nbsp;**Tennessee 2.7%** | &nbsp;&nbsp;**Tennessee 2.7%** | &nbsp;&nbsp;**Tennessee 2.7%** | &nbsp;&nbsp;**Tennessee 2.7%** |
| &nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board | &nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board | &nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board | &nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Student Housing - CDFI Phase I | &nbsp;&nbsp;Student Housing - CDFI Phase I | &nbsp;&nbsp;Student Housing - CDFI Phase I | &nbsp;&nbsp;Student Housing - CDFI Phase I |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358589 |
| &nbsp;&nbsp;Greeneville Health & Educational Facilities Board | &nbsp;&nbsp;Greeneville Health & Educational Facilities Board | &nbsp;&nbsp;Greeneville Health & Educational Facilities Board | &nbsp;&nbsp;Greeneville Health & Educational Facilities Board |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Ballad Health Obligation Group | &nbsp;&nbsp;Ballad Health Obligation Group | &nbsp;&nbsp;Ballad Health Obligation Group | &nbsp;&nbsp;Ballad Health Obligation Group |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1765212 |
| &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board | &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board | &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board | &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;East Tennessee Children's Hospital | &nbsp;&nbsp;East Tennessee Children's Hospital | &nbsp;&nbsp;East Tennessee Children's Hospital | &nbsp;&nbsp;East Tennessee Children's Hospital |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5235000 | &nbsp;&nbsp;&nbsp;&nbsp;4969556 |
| &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Vanderbilt University Medical Center | &nbsp;&nbsp;Vanderbilt University Medical Center | &nbsp;&nbsp;Vanderbilt University Medical Center | &nbsp;&nbsp;Vanderbilt University Medical Center |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1229106 |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853258 |
| &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(c)</sup> | &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(c)</sup> | &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(c)</sup> | &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;City of Memphis Project | &nbsp;&nbsp;City of Memphis Project | &nbsp;&nbsp;City of Memphis Project | &nbsp;&nbsp;City of Memphis Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147341 |
| &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1406244 |
| &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616285 |
| &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823685 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board | &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board | &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board | &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Farms at Bailey Station (The) | &nbsp;&nbsp;Farms at Bailey Station (The) | &nbsp;&nbsp;Farms at Bailey Station (The) | &nbsp;&nbsp;Farms at Bailey Station (The) |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;6625318 |
| &nbsp;&nbsp;Farms at Bailey Station Project (The) | &nbsp;&nbsp;Farms at Bailey Station Project (The) | &nbsp;&nbsp;Farms at Bailey Station Project (The) | &nbsp;&nbsp;Farms at Bailey Station Project (The) |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;10/01/2059 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2092070 |
| &nbsp;&nbsp;Tennessee Energy Acquisition Corp.<sup>(e)</sup> | &nbsp;&nbsp;Tennessee Energy Acquisition Corp.<sup>(e)</sup> | &nbsp;&nbsp;Tennessee Energy Acquisition Corp.<sup>(e)</sup> | &nbsp;&nbsp;Tennessee Energy Acquisition Corp.<sup>(e)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Gas Project | &nbsp;&nbsp;Gas Project | &nbsp;&nbsp;Gas Project | &nbsp;&nbsp;Gas Project |
| &nbsp;&nbsp;Series 2023A-1 (Mandatory Put 05/01/28) | &nbsp;&nbsp;Series 2023A-1 (Mandatory Put 05/01/28) | &nbsp;&nbsp;Series 2023A-1 (Mandatory Put 05/01/28) | &nbsp;&nbsp;Series 2023A-1 (Mandatory Put 05/01/28) |
| &nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;5.000% | 18500000 | &nbsp;&nbsp;19347650 |
| &nbsp;&nbsp;Tennessee Housing Development Agency | &nbsp;&nbsp;Tennessee Housing Development Agency | &nbsp;&nbsp;Tennessee Housing Development Agency | &nbsp;&nbsp;Tennessee Housing Development Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;3rd Issue | &nbsp;&nbsp;3rd Issue | &nbsp;&nbsp;3rd Issue | &nbsp;&nbsp;3rd Issue |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441032 |
| &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873185 |
| &nbsp;&nbsp;Series 2018-1 | &nbsp;&nbsp;Series 2018-1 | &nbsp;&nbsp;Series 2018-1 | &nbsp;&nbsp;Series 2018-1 |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427519 |
| &nbsp;&nbsp;Social Bond | &nbsp;&nbsp;Social Bond | &nbsp;&nbsp;Social Bond | &nbsp;&nbsp;Social Bond |
| &nbsp;&nbsp;Series 2022-2 | &nbsp;&nbsp;Series 2022-2 | &nbsp;&nbsp;Series 2022-2 | &nbsp;&nbsp;Series 2022-2 |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4575011 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**46551061** |
| &nbsp;&nbsp;**Texas 8.5%** | &nbsp;&nbsp;**Texas 8.5%** | &nbsp;&nbsp;**Texas 8.5%** | &nbsp;&nbsp;**Texas 8.5%** |
| &nbsp;&nbsp;Angelina & Neches River Authority<sup>(a),(b)</sup> | &nbsp;&nbsp;Angelina & Neches River Authority<sup>(a),(b)</sup> | &nbsp;&nbsp;Angelina & Neches River Authority<sup>(a),(b)</sup> | &nbsp;&nbsp;Angelina & Neches River Authority<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Jefferson Enterprise Energy LLC Project | &nbsp;&nbsp;Jefferson Enterprise Energy LLC Project | &nbsp;&nbsp;Jefferson Enterprise Energy LLC Project | &nbsp;&nbsp;Jefferson Enterprise Energy LLC Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;3378605 |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. | &nbsp;&nbsp;Arlington Higher Education Finance Corp. | &nbsp;&nbsp;Arlington Higher Education Finance Corp. | &nbsp;&nbsp;Arlington Higher Education Finance Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Brooks Academies of Texas | &nbsp;&nbsp;Brooks Academies of Texas | &nbsp;&nbsp;Brooks Academies of Texas | &nbsp;&nbsp;Brooks Academies of Texas |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;01/15/2051 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745841 |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Arlington Higher Education Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Arlington Higher Education Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Arlington Higher Education Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Legacy Traditional Schools - Texas Project | &nbsp;&nbsp;Legacy Traditional Schools - Texas Project | &nbsp;&nbsp;Legacy Traditional Schools - Texas Project | &nbsp;&nbsp;Legacy Traditional Schools - Texas Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;02/15/2062 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5024768 |
| &nbsp;&nbsp;Austin Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Austin Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Austin Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Austin Independent School District<sup>(e)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 |
| &nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;2105463 |
| &nbsp;&nbsp;Bexar County Health Facilities Development Corp. | &nbsp;&nbsp;Bexar County Health Facilities Development Corp. | &nbsp;&nbsp;Bexar County Health Facilities Development Corp. | &nbsp;&nbsp;Bexar County Health Facilities Development Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Army Retirement Residence Foundation | &nbsp;&nbsp;Army Retirement Residence Foundation | &nbsp;&nbsp;Army Retirement Residence Foundation | &nbsp;&nbsp;Army Retirement Residence Foundation |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1853009 |
| &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2573503 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;980844 |
| &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;5.000% | 2100000 | &nbsp;&nbsp;2026611 |
| &nbsp;&nbsp;Central Texas Regional Mobility Authority | &nbsp;&nbsp;Central Texas Regional Mobility Authority | &nbsp;&nbsp;Central Texas Regional Mobility Authority | &nbsp;&nbsp;Central Texas Regional Mobility Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2016 | &nbsp;&nbsp;Subordinated Series 2016 | &nbsp;&nbsp;Subordinated Series 2016 | &nbsp;&nbsp;Subordinated Series 2016 |
| &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;4.000% | 2295000 | &nbsp;&nbsp;2252438 |
| &nbsp;&nbsp;Central Texas Turnpike System<sup>(c)</sup> | &nbsp;&nbsp;Central Texas Turnpike System<sup>(c)</sup> | &nbsp;&nbsp;Central Texas Turnpike System<sup>(c)</sup> | &nbsp;&nbsp;Central Texas Turnpike System<sup>(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B |
| &nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;0.000% | 2000000 | &nbsp;&nbsp;1067076 |
| &nbsp;&nbsp;Central Texas Turnpike System | &nbsp;&nbsp;Central Texas Turnpike System | &nbsp;&nbsp;Central Texas Turnpike System | &nbsp;&nbsp;Central Texas Turnpike System |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2015C | &nbsp;&nbsp;Subordinated Series 2015C | &nbsp;&nbsp;Subordinated Series 2015C | &nbsp;&nbsp;Subordinated Series 2015C |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;5.000% | 2500000 | &nbsp;&nbsp;2539677 |
| &nbsp;&nbsp;City of Austin Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Austin Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Austin Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Austin Airport System<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1036976 |
| &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1027730 |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;5.000% | 7850000 | &nbsp;&nbsp;8184999 |
| &nbsp;&nbsp;City of Houston Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Houston Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Houston Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Houston Airport System<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2018C | &nbsp;&nbsp;Subordinated Series 2018C | &nbsp;&nbsp;Subordinated Series 2018C | &nbsp;&nbsp;Subordinated Series 2018C |
| &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;5.000% | 1525000 | &nbsp;&nbsp;1667323 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2018A | &nbsp;&nbsp;Subordinated Series 2018A | &nbsp;&nbsp;Subordinated Series 2018A | &nbsp;&nbsp;Subordinated Series 2018A |
| &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;5.000% | 1250000 | &nbsp;&nbsp;1314148 |
| &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A |
| &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;4.000% | 4200000 | &nbsp;&nbsp;4000822 |
| &nbsp;&nbsp;Subordinated Series 2021A | &nbsp;&nbsp;Subordinated Series 2021A | &nbsp;&nbsp;Subordinated Series 2021A | &nbsp;&nbsp;Subordinated Series 2021A |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.000% | 2000000 | &nbsp;&nbsp;1906723 |
| &nbsp;&nbsp;Clifton Higher Education Finance Corp. | &nbsp;&nbsp;Clifton Higher Education Finance Corp. | &nbsp;&nbsp;Clifton Higher Education Finance Corp. | &nbsp;&nbsp;Clifton Higher Education Finance Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Idea Public Schools | &nbsp;&nbsp;Idea Public Schools | &nbsp;&nbsp;Idea Public Schools | &nbsp;&nbsp;Idea Public Schools |
| &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 |
| &nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;581018 |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;1501504 |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;264355 |
| &nbsp;&nbsp;International Leadership | &nbsp;&nbsp;International Leadership | &nbsp;&nbsp;International Leadership | &nbsp;&nbsp;International Leadership |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;5.750% | 2015000 | &nbsp;&nbsp;2052453 |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;404100 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 23

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Dallas Love Field<sup>(b)</sup> | &nbsp;&nbsp;Dallas Love Field<sup>(b)</sup> | &nbsp;&nbsp;Dallas Love Field<sup>(b)</sup> | &nbsp;&nbsp;Dallas Love Field<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1062320 |
| &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1046799 |
| &nbsp;&nbsp;Humble Independent School District | &nbsp;&nbsp;Humble Independent School District | &nbsp;&nbsp;Humble Independent School District | &nbsp;&nbsp;Humble Independent School District |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;4813976 |
| &nbsp;&nbsp;Katy Independent School District | &nbsp;&nbsp;Katy Independent School District | &nbsp;&nbsp;Katy Independent School District | &nbsp;&nbsp;Katy Independent School District |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1703320 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Texas Children's Health System | &nbsp;&nbsp;Texas Children's Health System | &nbsp;&nbsp;Texas Children's Health System | &nbsp;&nbsp;Texas Children's Health System |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3610000 | &nbsp;&nbsp;&nbsp;&nbsp;3626796 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;MRC Senior Living-Langford Project | &nbsp;&nbsp;MRC Senior Living-Langford Project | &nbsp;&nbsp;MRC Senior Living-Langford Project | &nbsp;&nbsp;MRC Senior Living-Langford Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455177 |
| &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646782 |
| &nbsp;&nbsp;Westminster Project | &nbsp;&nbsp;Westminster Project | &nbsp;&nbsp;Westminster Project | &nbsp;&nbsp;Westminster Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1261995 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;4-K Housing, Inc. Stoney Brook Project | &nbsp;&nbsp;4-K Housing, Inc. Stoney Brook Project | &nbsp;&nbsp;4-K Housing, Inc. Stoney Brook Project | &nbsp;&nbsp;4-K Housing, Inc. Stoney Brook Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 |
| &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1020000 |
| &nbsp;&nbsp;Bridgemoor Plano Project | &nbsp;&nbsp;Bridgemoor Plano Project | &nbsp;&nbsp;Bridgemoor Plano Project | &nbsp;&nbsp;Bridgemoor Plano Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4050000 |
| &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;5235000 | &nbsp;&nbsp;&nbsp;&nbsp;2617500 |
| &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2535000 | &nbsp;&nbsp;&nbsp;&nbsp;1267500 |
| &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;2nd Tier | &nbsp;&nbsp;2nd Tier | &nbsp;&nbsp;2nd Tier | &nbsp;&nbsp;2nd Tier |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp;1786785 |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;4.000% | 13500000 | &nbsp;&nbsp;13265277 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Port Beaumont Navigation District<sup>(a),(b)</sup> | &nbsp;&nbsp;Port Beaumont Navigation District<sup>(a),(b)</sup> | &nbsp;&nbsp;Port Beaumont Navigation District<sup>(a),(b)</sup> | &nbsp;&nbsp;Port Beaumont Navigation District<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Jefferson Gulf Coast Energy Project | &nbsp;&nbsp;Jefferson Gulf Coast Energy Project | &nbsp;&nbsp;Jefferson Gulf Coast Energy Project | &nbsp;&nbsp;Jefferson Gulf Coast Energy Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1015118 |
| &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. | &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. | &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. | &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377575 |
| &nbsp;&nbsp;San Antonio Independent School District | &nbsp;&nbsp;San Antonio Independent School District | &nbsp;&nbsp;San Antonio Independent School District | &nbsp;&nbsp;San Antonio Independent School District |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;11137504 |
| &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Trinity Terrace Project | &nbsp;&nbsp;Trinity Terrace Project | &nbsp;&nbsp;Trinity Terrace Project | &nbsp;&nbsp;Trinity Terrace Project |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729154 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Methodist Hospitals of Dallas | &nbsp;&nbsp;Methodist Hospitals of Dallas | &nbsp;&nbsp;Methodist Hospitals of Dallas | &nbsp;&nbsp;Methodist Hospitals of Dallas |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1223828 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project | &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project | &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project | &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;06/30/2036 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1493657 |
| &nbsp;&nbsp;06/30/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478959 |
| &nbsp;&nbsp;Senior Lien - North Tarrant Express | &nbsp;&nbsp;Senior Lien - North Tarrant Express | &nbsp;&nbsp;Senior Lien - North Tarrant Express | &nbsp;&nbsp;Senior Lien - North Tarrant Express |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/31/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1882821 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(b)</sup> | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(b)</sup> | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(b)</sup> | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Segment 3C Project | &nbsp;&nbsp;Segment 3C Project | &nbsp;&nbsp;Segment 3C Project | &nbsp;&nbsp;Segment 3C Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;06/30/2058 | &nbsp;&nbsp;5.000% | 17000000 | &nbsp;&nbsp;17203612 |
| &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC | &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC | &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC | &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;12/31/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2022221 |
| &nbsp;&nbsp;12/31/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;2270604 |
| &nbsp;&nbsp;12/31/2050 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1930000 | &nbsp;&nbsp;&nbsp;&nbsp;1936234 |
| &nbsp;&nbsp;12/31/2055 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6515000 | &nbsp;&nbsp;&nbsp;&nbsp;6527075 |
| &nbsp;&nbsp;Texas Transportation Commission<sup>(c)</sup> | &nbsp;&nbsp;Texas Transportation Commission<sup>(c)</sup> | &nbsp;&nbsp;Texas Transportation Commission<sup>(c)</sup> | &nbsp;&nbsp;Texas Transportation Commission<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;First Tier Toll | &nbsp;&nbsp;First Tier Toll | &nbsp;&nbsp;First Tier Toll | &nbsp;&nbsp;First Tier Toll |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504908 |
| &nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266594 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tomball Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Tomball Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Tomball Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Tomball Independent School District<sup>(e)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 |
| &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;5.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5764499 |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3450555 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**147509131** |
| &nbsp;&nbsp;**Utah 1.1%** | &nbsp;&nbsp;**Utah 1.1%** | &nbsp;&nbsp;**Utah 1.1%** | &nbsp;&nbsp;**Utah 1.1%** |
| &nbsp;&nbsp;Downtown East Streetcar Sewer Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;Downtown East Streetcar Sewer Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;Downtown East Streetcar Sewer Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;Downtown East Streetcar Sewer Public Infrastructure District<sup>(a)</sup> |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;6.000% | 2025000 | &nbsp;&nbsp;&nbsp;&nbsp;2053443 |
| &nbsp;&nbsp;Mida Golf and Equestrian Center Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;Mida Golf and Equestrian Center Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;Mida Golf and Equestrian Center Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;Mida Golf and Equestrian Center Public Infrastructure District<sup>(a)</sup> |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2051 | &nbsp;&nbsp;4.500% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;3900308 |
| &nbsp;&nbsp;Salt Lake City Corp. Airport<sup>(b)</sup> | &nbsp;&nbsp;Salt Lake City Corp. Airport<sup>(b)</sup> | &nbsp;&nbsp;Salt Lake City Corp. Airport<sup>(b)</sup> | &nbsp;&nbsp;Salt Lake City Corp. Airport<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;5.000% | 6700000 | &nbsp;&nbsp;&nbsp;&nbsp;6959024 |
| &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(a)</sup> |
| &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;4.375% | 3260000 | &nbsp;&nbsp;&nbsp;&nbsp;2836855 |
| &nbsp;&nbsp;Utah Charter School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Utah Charter School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Utah Charter School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Utah Charter School Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Ascent Academies Charter Schools | &nbsp;&nbsp;Ascent Academies Charter Schools | &nbsp;&nbsp;Ascent Academies Charter Schools | &nbsp;&nbsp;Ascent Academies Charter Schools |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2057 | &nbsp;&nbsp;5.000% | 3840000 | &nbsp;&nbsp;&nbsp;&nbsp;3141321 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**18890951** |
| &nbsp;&nbsp;**Virginia 2.0%** | &nbsp;&nbsp;**Virginia 2.0%** | &nbsp;&nbsp;**Virginia 2.0%** | &nbsp;&nbsp;**Virginia 2.0%** |
| &nbsp;&nbsp;Chesapeake Bay Bridge & Tunnel District | &nbsp;&nbsp;Chesapeake Bay Bridge & Tunnel District | &nbsp;&nbsp;Chesapeake Bay Bridge & Tunnel District | &nbsp;&nbsp;Chesapeake Bay Bridge & Tunnel District |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;1st Tier General Resolution | &nbsp;&nbsp;1st Tier General Resolution | &nbsp;&nbsp;1st Tier General Resolution | &nbsp;&nbsp;1st Tier General Resolution |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;5.000% | 7255000 | &nbsp;&nbsp;&nbsp;&nbsp;7410148 |
| &nbsp;&nbsp;City of Chesapeake Expressway Toll Road | &nbsp;&nbsp;City of Chesapeake Expressway Toll Road | &nbsp;&nbsp;City of Chesapeake Expressway Toll Road | &nbsp;&nbsp;City of Chesapeake Expressway Toll Road |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System |
| &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A |
| &nbsp;&nbsp;07/15/2047 | &nbsp;&nbsp;5.000% | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;3251829 |
| &nbsp;&nbsp;Virginia Small Business Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Virginia Small Business Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Virginia Small Business Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Virginia Small Business Financing Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien - 95 Express Lanes LLC Project | &nbsp;&nbsp;Senior Lien - 95 Express Lanes LLC Project | &nbsp;&nbsp;Senior Lien - 95 Express Lanes LLC Project | &nbsp;&nbsp;Senior Lien - 95 Express Lanes LLC Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;4.000% | 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3393515 |
| &nbsp;&nbsp;Senior Lien - I-495 HOT Lanes Project | &nbsp;&nbsp;Senior Lien - I-495 HOT Lanes Project | &nbsp;&nbsp;Senior Lien - I-495 HOT Lanes Project | &nbsp;&nbsp;Senior Lien - I-495 HOT Lanes Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/31/2057 | &nbsp;&nbsp;5.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2572911 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Transform 66 P3 Project | &nbsp;&nbsp;Transform 66 P3 Project | &nbsp;&nbsp;Transform 66 P3 Project | &nbsp;&nbsp;Transform 66 P3 Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;12/31/2052 | &nbsp;&nbsp;5.000% | 19125000 | &nbsp;&nbsp;19131480 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**35759883** |
| &nbsp;&nbsp;**Washington 1.6%** | &nbsp;&nbsp;**Washington 1.6%** | &nbsp;&nbsp;**Washington 1.6%** | &nbsp;&nbsp;**Washington 1.6%** |
| &nbsp;&nbsp;King County Housing Authority | &nbsp;&nbsp;King County Housing Authority | &nbsp;&nbsp;King County Housing Authority | &nbsp;&nbsp;King County Housing Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;3890000 | &nbsp;&nbsp;&nbsp;&nbsp;3781183 |
| &nbsp;&nbsp;King County Public Hospital District No. 4 | &nbsp;&nbsp;King County Public Hospital District No. 4 | &nbsp;&nbsp;King County Public Hospital District No. 4 | &nbsp;&nbsp;King County Public Hospital District No. 4 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1034411 |
| &nbsp;&nbsp;Port of Seattle<sup>(b)</sup> | &nbsp;&nbsp;Port of Seattle<sup>(b)</sup> | &nbsp;&nbsp;Port of Seattle<sup>(b)</sup> | &nbsp;&nbsp;Port of Seattle<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Intermediate Lien | &nbsp;&nbsp;Intermediate Lien | &nbsp;&nbsp;Intermediate Lien | &nbsp;&nbsp;Intermediate Lien |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6303278 |
| &nbsp;&nbsp;Washington Health Care Facilities Authority | &nbsp;&nbsp;Washington Health Care Facilities Authority | &nbsp;&nbsp;Washington Health Care Facilities Authority | &nbsp;&nbsp;Washington Health Care Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Seattle Cancer Care Alliance | &nbsp;&nbsp;Seattle Cancer Care Alliance | &nbsp;&nbsp;Seattle Cancer Care Alliance | &nbsp;&nbsp;Seattle Cancer Care Alliance |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;09/01/2055 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;10468615 |
| &nbsp;&nbsp;Virginia Mason Medical Center | &nbsp;&nbsp;Virginia Mason Medical Center | &nbsp;&nbsp;Virginia Mason Medical Center | &nbsp;&nbsp;Virginia Mason Medical Center |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4625614 |
| &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(a)</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(a)</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(a)</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Presbyterian Retirement Co. | &nbsp;&nbsp;Presbyterian Retirement Co. | &nbsp;&nbsp;Presbyterian Retirement Co. | &nbsp;&nbsp;Presbyterian Retirement Co. |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1640817 |
| &nbsp;&nbsp;Skyline 1st Hill Project | &nbsp;&nbsp;Skyline 1st Hill Project | &nbsp;&nbsp;Skyline 1st Hill Project | &nbsp;&nbsp;Skyline 1st Hill Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414963 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**28268881** |
| &nbsp;&nbsp;**Wisconsin 2.5%** | &nbsp;&nbsp;**Wisconsin 2.5%** | &nbsp;&nbsp;**Wisconsin 2.5%** | &nbsp;&nbsp;**Wisconsin 2.5%** |
| &nbsp;&nbsp;Public Finance Authority | &nbsp;&nbsp;Public Finance Authority | &nbsp;&nbsp;Public Finance Authority | &nbsp;&nbsp;Public Finance Authority |
| &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds |
| &nbsp;&nbsp;Rose Villa Project | &nbsp;&nbsp;Rose Villa Project | &nbsp;&nbsp;Rose Villa Project | &nbsp;&nbsp;Rose Villa Project |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;1645000 | &nbsp;&nbsp;&nbsp;&nbsp;1733728 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Friends Homes | &nbsp;&nbsp;Friends Homes | &nbsp;&nbsp;Friends Homes | &nbsp;&nbsp;Friends Homes |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2230000 | &nbsp;&nbsp;&nbsp;&nbsp;2140069 |
| &nbsp;&nbsp;09/01/2054 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902001 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 25

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;WakeMed Hospital | &nbsp;&nbsp;WakeMed Hospital | &nbsp;&nbsp;WakeMed Hospital | &nbsp;&nbsp;WakeMed Hospital |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3107507 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2690000 | &nbsp;&nbsp;2544896 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;ACTS Retirement - Life Communities | &nbsp;&nbsp;ACTS Retirement - Life Communities | &nbsp;&nbsp;ACTS Retirement - Life Communities | &nbsp;&nbsp;ACTS Retirement - Life Communities |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1829868 |
| &nbsp;&nbsp;Coral Academy Science Las Vegas | &nbsp;&nbsp;Coral Academy Science Las Vegas | &nbsp;&nbsp;Coral Academy Science Las Vegas | &nbsp;&nbsp;Coral Academy Science Las Vegas |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2496173 |
| &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mary's Woods at Marylhurst | &nbsp;&nbsp;Mary's Woods at Marylhurst | &nbsp;&nbsp;Mary's Woods at Marylhurst | &nbsp;&nbsp;Mary's Woods at Marylhurst |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;383990 |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;200854 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;WFCS Portfolio Project | &nbsp;&nbsp;WFCS Portfolio Project | &nbsp;&nbsp;WFCS Portfolio Project | &nbsp;&nbsp;WFCS Portfolio Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;01/01/2056 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;820385 |
| &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects | &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects | &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects | &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;2902168 |
| &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics | &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics | &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics | &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital | &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital | &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital | &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;04/01/2046 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;6876774 |
| &nbsp;&nbsp;Wisconsin Center District<sup>(c)</sup> | &nbsp;&nbsp;Wisconsin Center District<sup>(c)</sup> | &nbsp;&nbsp;Wisconsin Center District<sup>(c)</sup> | &nbsp;&nbsp;Wisconsin Center District<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Junior Dedicated | &nbsp;&nbsp;Junior Dedicated | &nbsp;&nbsp;Junior Dedicated | &nbsp;&nbsp;Junior Dedicated |
| &nbsp;&nbsp;Series 2020D (AGM) | &nbsp;&nbsp;Series 2020D (AGM) | &nbsp;&nbsp;Series 2020D (AGM) | &nbsp;&nbsp;Series 2020D (AGM) |
| &nbsp;&nbsp;12/15/2055 | &nbsp;&nbsp;0.000% | 15000000 | &nbsp;&nbsp;3085468 |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority | &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority | &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority | &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Cedar Crest, Inc. Project | &nbsp;&nbsp;Cedar Crest, Inc. Project | &nbsp;&nbsp;Cedar Crest, Inc. Project | &nbsp;&nbsp;Cedar Crest, Inc. Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;04/01/2057 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;4060783 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Covenant Communities, Inc. Project | &nbsp;&nbsp;Covenant Communities, Inc. Project | &nbsp;&nbsp;Covenant Communities, Inc. Project | &nbsp;&nbsp;Covenant Communities, Inc. Project |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;4.000% | 4665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778680 |
| &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B |
| &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;4.250% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042028 |
| &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;4.500% | 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003212 |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376249 |
| &nbsp;&nbsp;PHW Muskego, Inc. Project | &nbsp;&nbsp;PHW Muskego, Inc. Project | &nbsp;&nbsp;PHW Muskego, Inc. Project | &nbsp;&nbsp;PHW Muskego, Inc. Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;10/01/2061 | &nbsp;&nbsp;4.000% | 4465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183828 |
| &nbsp;&nbsp;Wisconsin Housing & Economic Development Authority | &nbsp;&nbsp;Wisconsin Housing & Economic Development Authority | &nbsp;&nbsp;Wisconsin Housing & Economic Development Authority | &nbsp;&nbsp;Wisconsin Housing & Economic Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;2.700% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913343 |
| &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185986 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43567990** |
| &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $1,880,749,298) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $1,880,749,298) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $1,880,749,298) | &nbsp;&nbsp;**1740860424** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 1.5%** | &nbsp;&nbsp;**Money Market Funds 1.5%** | &nbsp;&nbsp;**Money Market Funds 1.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 1.662%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50100 |
| &nbsp;&nbsp;JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.588%<sup>(h)</sup> | &nbsp;&nbsp;27162938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27162938 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $27,213,033) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $27,213,033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27213038** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $1,907,962,331)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $1,907,962,331)** | &nbsp;&nbsp;&nbsp;&nbsp;**1768073462** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(24946756)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$1743126706** |

---

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At January 31, 2023, the total value of these securities amounted to $93,438,899, which represents 5.36% of total net assets.

(b) Income from this security may be subject to alternative minimum tax.

(c) Zero coupon bond.

(d) Represents a security in default.

(e) Represents a security purchased on a when-issued basis.

(f) 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 January 31, 2023.

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Notes to Portfolio of Investments (continued)
**(g)** **Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At January 31, 2023, the total value of these securities amounted to $74,279,764, which represents 4.26% of total net assets.** 

**(h)** **The rate shown is the seven-day current annualized yield at January 31, 2023.** 

#### Abbreviation Legend

---

| | |
|:---|:---|
| AGM | &nbsp;&nbsp;Assured Guaranty Municipal Corporation |
| BAM | &nbsp;&nbsp;Build America Mutual Assurance Co. |
| FHA | &nbsp;&nbsp;Federal Housing Authority |
| GNMA | &nbsp;&nbsp;Government National Mortgage Association |

---

#### Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1740860424 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1740860424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 27213038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27213038 |
| &nbsp;&nbsp;Total Investments in Securities | 27213038 | &nbsp;&nbsp;&nbsp;&nbsp;1740860424 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1768073462 |

---

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 Strategic Municipal Income Fund \| Semiannual Report 2023 27

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $1,907,962,331) | $1768073462 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101585 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11047114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16077625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18942 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;1795320616 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40718513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53580 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52193910 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$1743126706** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;2006454047 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(263327341) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$1743126706** |
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$681156915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46362442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.14 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$42095765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.67 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$58512290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.70 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$797926138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54417192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.66 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$25804357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.66 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$137631241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.69 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;37005252 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;37044373 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20607 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400106 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270063) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6130043 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;30914330 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(53048669) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028782 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(50019887) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(19029440) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(19029440) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(69049327) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(38134997)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 29

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$30914330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63624939 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50019887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49244312) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19029440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330228192) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38134997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315847565) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11518334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22734612) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(791975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1861750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1561720) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15746300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42470650) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(509666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1701293) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2685638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5484231) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32048173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75814256) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(344989606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332870273) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(415172776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(724532094) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;2158299482 | &nbsp;&nbsp;&nbsp;&nbsp;2882831576 |
| &nbsp;&nbsp;**Net assets at end of period** | **$1743126706** | &nbsp;&nbsp;**$2158299482** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

30 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;7416734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105602808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10441838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163542769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11144232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21920344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (12333611) | &nbsp;&nbsp;&nbsp;&nbsp;(174571921) | &nbsp;&nbsp;&nbsp;&nbsp;(14336534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222273825) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;(4127357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57824881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2531662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36810712) |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10039270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39299927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(1453413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20479538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3288205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50780468) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9648403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(638494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9618803) |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5463071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12526763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(1075151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15275583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1466026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22972742) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(639364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9083928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(594741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9048744) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;21858164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309897533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46854422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745069761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1010130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14216767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37017887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (39536713) | &nbsp;&nbsp;&nbsp;&nbsp;(557542867) | &nbsp;&nbsp;&nbsp;&nbsp;(68482086) | &nbsp;&nbsp;&nbsp;&nbsp;(1055729577) |
| &nbsp;&nbsp;Net decrease | (16668419) | &nbsp;&nbsp;&nbsp;&nbsp;(233428567) | &nbsp;&nbsp;&nbsp;&nbsp;(19329753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273641929) |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8442668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39031395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(1533241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21417820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3565590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54256211) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(912730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12465639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(956429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13527413) |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;2582386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36702328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6287425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99644453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3106446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(4291918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60585984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6026252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92973571) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;(1614138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22538188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9777328 |
| &nbsp;&nbsp;**Total net decrease** | **(24649537)** | &nbsp;&nbsp;&nbsp;&nbsp;**(344989606)** | &nbsp;&nbsp;&nbsp;&nbsp;**(23596876)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(332870273)** |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 31

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $15.07 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $17.28 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(2.14) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.69 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.48 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $15.98 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.56) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $16.10 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $15.04 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $17.26 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;(2.15) | &nbsp;&nbsp;(1.75) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.67 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.46 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.52) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $15.95 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $16.08 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.64) |
| &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $15.08 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $17.29 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(2.14) | &nbsp;&nbsp;(1.90) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.71 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.49 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $15.99 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $16.11 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $15.04 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $17.25 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;(2.14) | &nbsp;&nbsp;(1.74) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.66 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.45 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.52) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $15.94 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $16.07 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.64) |
| &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $15.04 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $17.25 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;(2.14) | &nbsp;&nbsp;(1.74) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.66 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.42) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.45 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.52) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $15.94 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $16.07 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.64) |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

32 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $14.69 | &nbsp;&nbsp;(0.85%) | 0.81%<sup>(d),(e)</sup> | 0.78%<sup>(d),(e)</sup> | 3.17%<sup>(d)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;$681157 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.07 | (10.43%) | 0.78%<sup>(e),(f)</sup> | 0.78%<sup>(e),(f),(g),(h)</sup> | 2.24% | 29% | &nbsp;&nbsp;$760677 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $17.28 | &nbsp;&nbsp;&nbsp;5.91% | 0.78%<sup>(i)</sup> | 0.78%<sup>(h),(i)</sup> | 2.21% | 14% | &nbsp;&nbsp;$916301 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.69 | &nbsp;&nbsp;&nbsp;4.25% | 0.80%<sup>(j)</sup> | 0.80%<sup>(g),(h),(j)</sup> | 2.66% | 32% | &nbsp;&nbsp;$843707 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $16.48 | &nbsp;&nbsp;&nbsp;7.05% | 0.81% | 0.81%<sup>(h)</sup> | 3.23% | 30% | &nbsp;&nbsp;$792540 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $15.98 | &nbsp;&nbsp;&nbsp;2.98% | 0.81% | 0.81%<sup>(g)</sup> | 3.37% | 19% | &nbsp;&nbsp;$718879 |
| &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $14.67 | &nbsp;&nbsp;(0.66%) | 0.56%<sup>(d),(e)</sup> | 0.53%<sup>(d),(e)</sup> | 3.40%<sup>(d)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;$42096 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.04 | (10.28%) | 0.53%<sup>(e),(f)</sup> | 0.53%<sup>(e),(f),(g),(h)</sup> | 2.47% | 29% | &nbsp;&nbsp;&nbsp;&nbsp;$53510 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $17.26 | &nbsp;&nbsp;&nbsp;6.06% | 0.53%<sup>(i)</sup> | 0.53%<sup>(h),(i)</sup> | 2.46% | 14% | &nbsp;&nbsp;&nbsp;&nbsp;$72397 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.67 | &nbsp;&nbsp;&nbsp;4.77% | 0.55%<sup>(j)</sup> | 0.55%<sup>(g),(h),(j)</sup> | 2.91% | 32% | &nbsp;&nbsp;&nbsp;&nbsp;$60124 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $16.46 | &nbsp;&nbsp;&nbsp;7.06% | 0.56% | 0.56%<sup>(h)</sup> | 3.47% | 30% | &nbsp;&nbsp;&nbsp;&nbsp;$46584 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $15.95 | &nbsp;&nbsp;&nbsp;3.24% | 0.57% | 0.57%<sup>(g)</sup> | 3.63% | 19% | &nbsp;&nbsp;&nbsp;&nbsp;$31934 |
| &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $14.70 | &nbsp;&nbsp;(1.22%) | 1.56%<sup>(d),(e)</sup> | 1.53%<sup>(d),(e)</sup> | 2.41%<sup>(d)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;$58512 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.08 | (11.09%) | 1.53%<sup>(e),(f)</sup> | 1.53%<sup>(e),(f),(g),(h)</sup> | 1.48% | 29% | &nbsp;&nbsp;&nbsp;&nbsp;$69643 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $17.29 | &nbsp;&nbsp;&nbsp;4.93% | 1.53%<sup>(i)</sup> | 1.53%<sup>(h),(i)</sup> | 1.46% | 14% | &nbsp;&nbsp;&nbsp;&nbsp;$90170 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.71 | &nbsp;&nbsp;&nbsp;3.73% | 1.55%<sup>(j)</sup> | 1.55%<sup>(g),(h),(j)</sup> | 1.91% | 32% | &nbsp;&nbsp;&nbsp;&nbsp;$91717 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $16.49 | &nbsp;&nbsp;&nbsp;5.98% | 1.56% | 1.56%<sup>(h)</sup> | 2.48% | 30% | &nbsp;&nbsp;&nbsp;&nbsp;$72283 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $15.99 | &nbsp;&nbsp;&nbsp;2.22% | 1.56% | 1.56%<sup>(g)</sup> | 2.61% | 19% | &nbsp;&nbsp;&nbsp;&nbsp;$59720 |
| &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $14.66 | &nbsp;&nbsp;(0.73%) | 0.56%<sup>(d),(e)</sup> | 0.53%<sup>(d),(e)</sup> | 3.40%<sup>(d)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;$797926 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.04 | (10.22%) | 0.53%<sup>(e),(f)</sup> | 0.53%<sup>(e),(f),(g),(h)</sup> | 2.45% | 29% | $1068842 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $17.25 | &nbsp;&nbsp;&nbsp;6.00% | 0.53%<sup>(i)</sup> | 0.53%<sup>(h),(i)</sup> | 2.46% | 14% | $1559431 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.66 | &nbsp;&nbsp;&nbsp;4.77% | 0.55%<sup>(j)</sup> | 0.55%<sup>(g),(h),(j)</sup> | 2.91% | 32% | $1218644 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $16.45 | &nbsp;&nbsp;&nbsp;7.06% | 0.56% | 0.56%<sup>(h)</sup> | 3.46% | 30% | &nbsp;&nbsp;$930894 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $15.94 | &nbsp;&nbsp;&nbsp;3.24% | 0.57% | 0.57%<sup>(g)</sup> | 3.62% | 19% | &nbsp;&nbsp;$556945 |
| &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $14.66 | &nbsp;&nbsp;(0.73%) | 0.55%<sup>(d),(e)</sup> | 0.52%<sup>(d),(e)</sup> | 3.38%<sup>(d)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;$25804 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.04 | (10.22%) | 0.52%<sup>(e),(f)</sup> | 0.52%<sup>(e),(f),(h)</sup> | 2.44% | 29% | &nbsp;&nbsp;&nbsp;&nbsp;$40187 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $17.25 | &nbsp;&nbsp;&nbsp;6.01% | 0.53%<sup>(i)</sup> | 0.52%<sup>(h),(i)</sup> | 2.47% | 14% | &nbsp;&nbsp;&nbsp;&nbsp;$62604 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.66 | &nbsp;&nbsp;&nbsp;4.78% | 0.54%<sup>(j)</sup> | 0.54%<sup>(h),(j)</sup> | 2.91% | 32% | &nbsp;&nbsp;&nbsp;&nbsp;$51339 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $16.45 | &nbsp;&nbsp;&nbsp;7.06% | 0.55% | 0.55%<sup>(h)</sup> | 3.45% | 30% | &nbsp;&nbsp;&nbsp;&nbsp;$39068 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $15.94 | &nbsp;&nbsp;&nbsp;3.23% | 0.57% | 0.57% | 3.61% | 19% | &nbsp;&nbsp;&nbsp;&nbsp;$12762 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 33

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $15.06 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $17.28 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;(2.15) | &nbsp;&nbsp;(1.74) | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $16.69 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.47 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.52) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $15.97 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.64) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $16.10 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.64) |

---

---

| | |
|:---|:---|
| **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) | 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. |
| (d) | Annualized. |
| (e) | Ratios include interfund lending expense which is less than 0.01%. |
| (f) | Ratios include interest on collateral expense which is less than 0.01%. |
| (g) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (h) | Ratios include the impact of voluntary waivers paid by the Investment Manager. If the Investment Manager had not paid these voluntary waivers, the Fund's net expense ratio would increase by less than 0.01%. |
| (i) | Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income. |
| (j) | Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

34 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

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Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $14.69 | &nbsp;&nbsp;(0.63%) | 0.50%<sup>(d),(e)</sup> | 0.48%<sup>(d),(e)</sup> | 3.46%<sup>(d)</sup> | &nbsp;&nbsp;9% | $137631 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $15.06 | (10.21%) | 0.48%<sup>(e),(f)</sup> | 0.47%<sup>(e),(f),(h)</sup> | 2.55% | 29% | $165440 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $17.28 | &nbsp;&nbsp;&nbsp;6.24% | 0.48%<sup>(i)</sup> | 0.47%<sup>(h),(i)</sup> | 2.51% | 14% | $181928 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $16.69 | &nbsp;&nbsp;&nbsp;4.58% | 0.49%<sup>(j)</sup> | 0.49%<sup>(h),(j)</sup> | 2.96% | 32% | $104667 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $16.47 | &nbsp;&nbsp;&nbsp;7.38% | 0.50% | 0.50%<sup>(h)</sup> | 3.52% | 30% | &nbsp;&nbsp;$52836 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $15.97 | &nbsp;&nbsp;&nbsp;3.02% | 0.52% | 0.52% | 3.67% | 19% | &nbsp;&nbsp;$33118 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 35

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Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Strategic Municipal 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. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund's prospectus.

Note 2. Summary of significant accounting policies

#### Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

#### Security valuation
Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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.

36 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP 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 CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the 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 CCP 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

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 37

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[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

#### Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

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 January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;3028782 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — short | 54150186 |

---

38 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

\* Based on the ending daily outstanding amounts for the six months ended January 31, 2023.

#### 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.

#### 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 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 net tax-exempt and 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.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 39

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Notes to Financial Statements (continued)

January 31, 2023 (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 pronouncement
*Tailored Shareholder Reports*

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.48% to 0.29% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.46% 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 "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

40 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. 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 January 31, 2023, 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 (%)** |
| &nbsp;&nbsp;Class A | 0.06 |
| &nbsp;&nbsp;Advisor Class | 0.06 |
| &nbsp;&nbsp;Class C | 0.06 |
| &nbsp;&nbsp;Institutional Class | 0.06 |
| &nbsp;&nbsp;Institutional 2 Class | 0.06 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |

---

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 January 31, 2023, 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 $348,000 for Class C shares. This amount is based on the most recent information available as of December 31, 2022, 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 January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 3.00 &nbsp;&nbsp;&nbsp;&nbsp;0.75<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105454 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 |

---

(a) This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.

(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 41

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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:

---

| | | |
|:---|:---|:---|
|  | **December 1, 2022<br> through<br> November 30, 2023** | **Prior to<br> December 1, 2022** |
| &nbsp;&nbsp;Class A | 0.77% | 0.78% |
| &nbsp;&nbsp;Advisor Class | 0.52 | 0.53 |
| &nbsp;&nbsp;Class C | 1.52 | 1.53 |
| &nbsp;&nbsp;Institutional Class | 0.52 | 0.53 |
| &nbsp;&nbsp;Institutional 2 Class | 0.51 | 0.53 |
| &nbsp;&nbsp;Institutional 3 Class | 0.47 | 0.48 |

---

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. Prior to December 1, 2022, expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds) were included with the waivers and/or expense reimbursement arrangement. 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 January 31, 2023, 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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;1907962000 | 10737000 | (150626000) | (139889000) |

---

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 July 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** |
| &nbsp;&nbsp;(57526831) | (9030578) | (66557409) |

---

42 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (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 $172,679,977 and $518,622,706, respectively, for the six months ended January 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. 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 January 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 4254717 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;53 |

---

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at January 31, 2023.

Note 7. 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 27, 2022 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 $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended January 31, 2023.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 43

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[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Note 8. Significant risks

#### Credit risk
Credit risk is the risk that the value of debt instruments in the Fund's portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

#### High-yield investments risk
Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.

#### Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

#### Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such

44 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

#### Municipal securities risk
Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes. The value of municipal securities can be significantly affected by actual or expected political and legislative changes at the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market.

Issuers in a state, territory, commonwealth or possession in which the Fund invests may experience significant financial difficulties for various reasons, including as the result of events that cannot be reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest, labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in such state, territory, commonwealth or possession. The value of the Fund's shares will be negatively impacted to the extent it invests in such securities. The Fund's annual and semiannual reports show the Fund's investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund's investment exposures.

Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. A municipal security can be significantly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes in a particular state's (state and its instrumentalities') financial, economic or other condition and prospects.

#### Shareholder concentration risk
At January 31, 2023, affiliated shareholders of record owned 51.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity 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 9. 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.

Columbia Strategic Municipal Income Fund \| Semiannual Report 2023 45

------

[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

46 Columbia Strategic Municipal Income Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_14_90616488-4ada-484f-8956-bff6915284f5_TOC)

#### Columbia Strategic Municipal Income Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img23e273202.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 (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2023 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

SAR118_07_N01_(03/23)

------

#### Item 2. Code of Ethics.
Not applicable for semiannual reports.

#### Item 3. Audit Committee Financial Expert.
Not applicable for semiannual reports.

#### Item 4. Principal Accountant Fees and Services .
Not applicable for semiannual reports.

#### 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 1 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 11. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

[(a)(2) 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.](f25043d2.htm)

[(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.](f25043d3.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.

---

| | |
|:---|:---|
| (registrant)  | <u>Columbia Funds Series Trust II</u>  |
| By (Signature and Title)  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |
| Date  | <u>March 24, 2023</u>  |

---

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 (Signature and Title)  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |
| Date  | <u>March 24, 2023</u>  |

---

---

| | |
|:---|:---|
| By (Signature and Title)  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |
| Date  | <u>March 24, 2023</u>  |

---

---

| | |
|:---|:---|
| By (Signature and Title)  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joseph Beranek</u>  |
|  | Joseph Beranek, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |
| Date  | <u>March 24, 2023</u>  |

---

------

## Ex-99.Cert

I, Daniel J. Beckman, 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;&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;&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;&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;&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;&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;&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.

---

| | |
|:---|:---|
| Date: March 24, 2023 | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | Daniel J. Beckman, President and Principal |
|  | Executive Officer |

---

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;&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;&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;&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;&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;&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;&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.

---

| | | |
|:---|:---|:---|
| Date: March 24, 2023 |  | /s/ Michael G. Clarke |
|  |  | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice | Principal Financial Officer and Senior Vice |
|  | President | President |

---

I, Joseph Beranek, 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;&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;&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; |
| (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;&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;&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;&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.

---

| | | |
|:---|:---|:---|
| Date: March 24, 2023 |  | /s/ Joseph Beranek |
|  | Joseph Beranek, Treasurer, Chief Accounting | Joseph Beranek, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer | Officer and Principal Financial Officer |

---

## Exhibit 99.906

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 January 31, 2023 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.

---

| | |
|:---|:---|
| Date: March 24, 2023  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |

---

---

| | |
|:---|:---|
| Date: March 24, 2023  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |

---

---

| | |
|:---|:---|
| Date: March 24, 2023  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joseph Beranek</u>  |
|  | Joseph Beranek, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |

---

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.