# EDGAR Filing Document

**Accession Number:** 0001097519
**File Stem:** 0001193125-26-143483
**Filing Date:** 2026-4
**Character Count:** 603266
**Document Hash:** 2f8cc2f0a1d42f06c9f227a01584ec49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-143483.hdr.sgml**: 20260406

**ACCESSION NUMBER**: 0001193125-26-143483

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260406

**DATE AS OF CHANGE**: 20260406

**EFFECTIVENESS DATE**: 20260406

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLUMBIA FUNDS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001097519

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09645
- **FILM NUMBER:** 26840587

**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:** NATIONS FUNDS TRUST
- **DATE OF NAME CHANGE:** 19991022

## Series and Classes Contracts Data

### Columbia Capital Allocation Moderate Aggressive Portfolio (Series ID: S000010774)

| Class ID   | Class Name                                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000029775 | Columbia Capital Allocation Moderate Aggressive Portfolio Class A               | NBIAX           |
| C000029777 | Columbia Capital Allocation Moderate Aggressive Portfolio Class C               | NBICX           |
| C000029778 | Columbia Capital Allocation Moderate Aggressive Portfolio Class R               | CLBRX           |
| C000029779 | Columbia Capital Allocation Moderate Aggressive Portfolio Institutional Class   | NBGPX           |
| C000129843 | Columbia Capital Allocation Moderate Aggressive Portfolio Institutional 3 Class | CPHNX           |
| C000251871 | Columbia Capital Allocation Moderate Aggressive Portfolio Class S               | NBGDX           |

### Columbia Capital Allocation Moderate Conservative Portfolio (Series ID: S000010796)

| Class ID   | Class Name                                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000029869 | Columbia Capital Allocation Moderate Conservative Portfolio Class A             | NLGAX           |
| C000029871 | Columbia Capital Allocation Moderate Conservative Portfolio Class C             | NIICX           |
| C000029872 | Columbia Capital Allocation Moderate Conservative Portfolio Class R             | CLIRX           |
| C000029873 | Columbia Capital Allocation Moderate Conservative Portfolio Institutional Class | NIPAX           |

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-09645

## Columbia Funds Series Trust

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

#### 290 Congress Street

#### Boston, MA 02210

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

#### Michael G. Clarke

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

#### 290 Congress Street

#### Boston, MA 02210

#### Ryan C. Larrenaga, Esq.

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

#### 290 Congress Street

#### Boston, MA 02210

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

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

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

#### Date of reporting period: January 31, 2026

------

#### Item 1. Reports to Stockholders.

# Columbia Capital Allocation Moderate Aggressive Portfolio
Class A \| NBIAX

![Image](g117810i7bce3e2e78dce229144f.jpg)

## Annual Shareholder Report \| January 31, 2026
This annual shareholder report contains important information about Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $42 | 0.39% |

---

## Management's Discussion of Fund Performance
The performance of Class A shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| An overweight to equities versus the Fund's blended benchmark supported results, driven primarily through an overweight to international equity. An out-of-benchmark exposure to commodities also aided results. An underweight to core fixed income contributed positively to the Fund's relative performance. Cash was used to fund the overweight to equities, which also contributed positively to relative results.

**Style decisions** \| Within equities, exposure to developed international markets supported results. Within fixed income, the Fund's high-yield holdings outperformed the benchmark's credit selection, which contributed positively to relative performance.

**Selection** \| Within equities, strong results from Columbia Small Cap Growth Fund and Columbia Overseas Core Fund contributed to the Fund's relative performance. Within fixed income, performance from Columbia Quality Income Fund and Columbia Bond Fund added to relative performance.

### Top Performance Detractors
**Asset allocation** \| The Fund's overweight to high yield versus its benchmark detracted from relative performance, despite the positive impact of the Fund's style decisions within high yield.

**Selection** \| Weaker performance from Columbia Cornerstone Equity Fund and Columbia Select Small Cap Value Fund detracted from the Fund's relative performance during the period.

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class A **\|** ASR126_01_(03/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class A shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g117810if00cefa2c74445d346b0.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Capital Allocation Moderate Aggressive Portfolio Class A (including sales charges) ($22887)** | **Russell 3000<sup>®</sup> Index ($40910)** | **50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) ($25433)** | **Bloomberg U.S. Aggregate Bond Index ($12047)** | **49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) ($26113)** |
| **01/16** | $9425 | $10000 | $10000 | $10000 | $10000 |
| **02/16** | $9391 | $9997 | $10001 | $10071 | $10000 |
| **03/16** | $9874 | $10701 | $10505 | $10163 | $10531 |
| **04/16** | $9967 | $10767 | $10589 | $10202 | $10640 |
| **05/16** | $10069 | $10960 | $10660 | $10205 | $10711 |
| **06/16** | $10053 | $10982 | $10711 | $10388 | $10757 |
| **07/16** | $10357 | $11418 | $11029 | $10454 | $11091 |
| **08/16** | $10383 | $11447 | $11049 | $10442 | $11129 |
| **09/16** | $10438 | $11465 | $11076 | $10436 | $11162 |
| **10/16** | $10247 | $11217 | $10902 | $10356 | $10996 |
| **11/16** | $10351 | $11719 | $11013 | $10111 | $11113 |
| **12/16** | $10469 | $11948 | $11169 | $10125 | $11284 |
| **01/17** | $10673 | $12173 | $11341 | $10145 | $11469 |
| **02/17** | $10922 | $12625 | $11610 | $10213 | $11744 |
| **03/17** | $11009 | $12634 | $11658 | $10208 | $11795 |
| **04/17** | $11169 | $12768 | $11794 | $10287 | $11938 |
| **05/17** | $11338 | $12898 | $11948 | $10366 | $12097 |
| **06/17** | $11414 | $13015 | $12000 | $10356 | $12151 |
| **07/17** | $11670 | $13260 | $12197 | $10400 | $12358 |
| **08/17** | $11743 | $13286 | $12258 | $10493 | $12411 |
| **09/17** | $11906 | $13610 | $12418 | $10444 | $12585 |
| **10/17** | $12070 | $13907 | $12594 | $10450 | $12766 |
| **11/17** | $12281 | $14329 | $12795 | $10436 | $12966 |
| **12/17** | $12415 | $14472 | $12921 | $10484 | $13092 |
| **01/18** | $12902 | $15235 | $13323 | $10363 | $13515 |
| **02/18** | $12472 | $14674 | $12943 | $10265 | $13129 |
| **03/18** | $12326 | $14379 | $12807 | $10331 | $12980 |
| **04/18** | $12317 | $14434 | $12827 | $10254 | $13016 |
| **05/18** | $12470 | $14841 | $12991 | $10327 | $13169 |
| **06/18** | $12422 | $14938 | $12988 | $10315 | $13168 |
| **07/18** | $12682 | $15434 | $13251 | $10317 | $13443 |
| **08/18** | $12833 | $15976 | $13471 | $10383 | $13660 |
| **09/18** | $12854 | $16002 | $13462 | $10317 | $13662 |
| **10/18** | $12080 | $14824 | $12764 | $10235 | $12946 |
| **11/18** | $12181 | $15121 | $12938 | $10296 | $13108 |
| **12/18** | $11451 | $13714 | $12337 | $10485 | $12470 |
| **01/19** | $12195 | $14891 | $13045 | $10597 | $13211 |
| **02/19** | $12457 | $15414 | $13309 | $10590 | $13492 |
| **03/19** | $12616 | $15640 | $13509 | $10794 | $13686 |
| **04/19** | $12963 | $16264 | $13833 | $10797 | $14025 |
| **05/19** | $12375 | $15212 | $13358 | $10988 | $13519 |
| **06/19** | $13023 | $16280 | $14006 | $11126 | $14182 |
| **07/19** | $13066 | $16522 | $14095 | $11151 | $14271 |
| **08/19** | $12904 | $16185 | $14011 | $11440 | $14165 |
| **09/19** | $13047 | $16469 | $14162 | $11379 | $14329 |
| **10/19** | $13274 | $16824 | $14409 | $11413 | $14581 |
| **11/19** | $13566 | $17463 | $14697 | $11407 | $14872 |
| **12/19** | $13889 | $17968 | $15004 | $11399 | $15201 |
| **01/20** | $13843 | $17948 | $15033 | $11619 | $15210 |
| **02/20** | $13122 | $16478 | $14333 | $11828 | $14467 |
| **03/20** | $11626 | $14212 | $13018 | $11758 | $13039 |
| **04/20** | $12643 | $16095 | $14102 | $11967 | $14139 |
| **05/20** | $13151 | $16955 | $14572 | $12023 | $14647 |
| **06/20** | $13445 | $17343 | $14871 | $12099 | $14949 |
| **07/20** | $14000 | $18328 | $15468 | $12279 | $15570 |
| **08/20** | $14530 | $19656 | $16082 | $12180 | $16206 |
| **09/20** | $14173 | $18940 | $15731 | $12173 | $15842 |
| **10/20** | $13960 | $18531 | $15488 | $12119 | $15597 |
| **11/20** | $15189 | $20785 | $16795 | $12238 | $16958 |
| **12/20** | $15699 | $21721 | $17320 | $12255 | $17504 |
| **01/21** | $15628 | $21624 | $17246 | $12167 | $17433 |
| **02/21** | $15975 | $22300 | $17473 | $11991 | $17685 |
| **03/21** | $16300 | $23099 | $17737 | $11842 | $17972 |
| **04/21** | $16852 | $24290 | $18318 | $11935 | $18562 |
| **05/21** | $16997 | $24401 | $18462 | $11974 | $18714 |
| **06/21** | $17187 | $25002 | $18716 | $12058 | $18970 |
| **07/21** | $17278 | $25425 | $18898 | $12193 | $19159 |
| **08/21** | $17604 | $26150 | $19213 | $12170 | $19483 |
| **09/21** | $17023 | $24977 | $18630 | $12065 | $18908 |
| **10/21** | $17534 | $26666 | $19314 | $12061 | $19594 |
| **11/21** | $17167 | $26260 | $19057 | $12097 | $19310 |
| **12/21** | $17691 | $27294 | $19532 | $12066 | $19826 |
| **01/22** | $17052 | $25688 | $18696 | $11806 | $18967 |
| **02/22** | $16621 | $25041 | $18327 | $11674 | $18597 |
| **03/22** | $16646 | $25854 | $18438 | $11350 | $18729 |
| **04/22** | $15533 | $23533 | $17195 | $10919 | $17473 |
| **05/22** | $15589 | $23502 | $17239 | $10990 | $17515 |
| **06/22** | $14491 | $21536 | $16205 | $10817 | $16400 |
| **07/22** | $15338 | $23556 | $17183 | $11082 | $17428 |
| **08/22** | $14842 | $22677 | $16612 | $10768 | $16846 |
| **09/22** | $13603 | $20574 | $15338 | $10303 | $15562 |
| **10/22** | $14204 | $22261 | $15959 | $10170 | $16237 |
| **11/22** | $15038 | $23423 | $16876 | $10544 | $17161 |
| **12/22** | $14489 | $22052 | $16346 | $10496 | $16632 |
| **01/23** | $15359 | $23571 | $17282 | $10819 | $17594 |
| **02/23** | $14872 | $23020 | $16834 | $10539 | $17159 |
| **03/23** | $15299 | $23635 | $17276 | $10807 | $17592 |
| **04/23** | $15476 | $23887 | $17447 | $10873 | $17777 |
| **05/23** | $15402 | $23980 | $17323 | $10754 | $17643 |
| **06/23** | $16047 | $25618 | $18005 | $10716 | $18357 |
| **07/23** | $16413 | $26536 | $18435 | $10708 | $18810 |
| **08/23** | $16169 | $26024 | $18091 | $10640 | $18468 |
| **09/23** | $15533 | $24784 | $17413 | $10370 | $17794 |
| **10/23** | $15227 | $24127 | $16981 | $10206 | $17355 |
| **11/23** | $16328 | $26377 | $18269 | $10668 | $18672 |
| **12/23** | $17020 | $27776 | $19132 | $11076 | $19555 |
| **01/24** | $17128 | $28084 | $19190 | $11046 | $19623 |
| **02/24** | $17561 | $29604 | $19692 | $10890 | $20148 |
| **03/24** | $17978 | $30559 | $20163 | $10991 | $20635 |
| **04/24** | $17420 | $29214 | $19491 | $10713 | $19969 |
| **05/24** | $18117 | $30594 | $20151 | $10895 | $20639 |
| **06/24** | $18488 | $31542 | $20532 | $10998 | $21013 |
| **07/24** | $18741 | $32128 | $20955 | $11255 | $21448 |
| **08/24** | $19136 | $32827 | $21375 | $11416 | $21885 |
| **09/24** | $19454 | $33506 | $21783 | $11569 | $22296 |
| **10/24** | $19010 | $33260 | $21346 | $11282 | $21865 |
| **11/24** | $19660 | $35473 | $22086 | $11402 | $22614 |
| **12/24** | $19231 | $34389 | $21569 | $11215 | $22100 |
| **01/25** | $19692 | $35474 | $22083 | $11274 | $22650 |
| **02/25** | $19643 | $34794 | $22091 | $11522 | $22647 |
| **03/25** | $18994 | $32765 | $21447 | $11527 | $21981 |
| **04/25** | $19077 | $32545 | $21519 | $11572 | $22066 |
| **05/25** | $19770 | $34608 | $22291 | $11489 | $22889 |
| **06/25** | $20612 | $36366 | $23091 | $11666 | $23702 |
| **07/25** | $20903 | $37167 | $23312 | $11635 | $23926 |
| **08/25** | $21382 | $38027 | $23794 | $11774 | $24432 |
| **09/25** | $21952 | $39339 | $24424 | $11903 | $25061 |
| **10/25** | $22347 | $40183 | $24819 | $11977 | $25448 |
| **11/25** | $22450 | $40293 | $24892 | $12052 | $25532 |
| **12/25** | $22477 | $40285 | $24988 | $12034 | $25650 |
| **01/26** | $22887 | $40910 | $25433 | $12047 | $26113 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class A (excluding sales charges)<sup>Footnote Reference(a)</sup> | 16.22 | 7.93 | 9.28 |
| Class A (including sales charges)<sup>Footnote Reference(a)</sup> | 9.54 | 6.65 | 8.63 |
| Russell 3000<sup>®</sup> Index | 15.32 | 13.60 | 15.13 |
| 50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) | 15.17 | 8.08 | 9.78 |
| Bloomberg U.S. Aggregate Bond Index | 6.85 | (0.20) | 1.88 |
| 49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) | 15.29 | 8.42 | 10.07 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark (50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net)) is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark (49% Russell 3000 Index<sup>®</sup>, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net)). The returns of the Former Blended Benchmark will be shown for a one-year transition period. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1780561020 |
| **Total number of portfolio holdings** | 39 |
| **Management services fees (represents 0.03% of Fund average net assets)** | $554367 |
| **Portfolio turnover for the reporting period** | 22% |

---

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class A **\|** ASR126_01_(03/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| Columbia Bond Fund, Institutional 3 Class | 15.5% |
| Columbia Contrarian Core Fund, Institutional 3 Class | 12.4% |
| Columbia Cornerstone Equity Fund, Institutional 3 Class | 12.3% |
| Columbia Cornerstone Growth Fund, Institutional 3 Class | 11.6% |
| Columbia Intrinsic Value Fund, Institutional 3 Class | 11.1% |
| Columbia Overseas Core Fund, Institutional 3 Class | 10.3% |
| Columbia Select Corporate Income Fund, Institutional 3 Class | 5.2% |
| Columbia High Yield Bond Fund, Institutional 3 Class | 3.5% |
| Columbia Quality Income Fund, Institutional 3 Class | 3.4% |
| Columbia Research Enhanced Emerging Economies ETF | 2.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 62.3% |
| Fixed Income Funds | 31.3% |
| Exchange-Traded Equity Funds | 2.8% |
| Money Market Funds | 2.0% |
| Alternative Strategies Funds | 1.0% |

---

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

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.© 2026 Columbia Threadneedle. All rights reserved.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g117810ic2ef25a2415571abe88a.jpg)

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class A **\|** ASR126_01_(03/26) \|

# Columbia Capital Allocation Moderate Aggressive Portfolio
Class C \| NBICX

![Image](g117810i7bce3e2e78dce229144f.jpg)

## Annual Shareholder Report \| January 31, 2026
This annual shareholder report contains important information about Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $123 | 1.14% |

---

## Management's Discussion of Fund Performance
The performance of Class C shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| An overweight to equities versus the Fund's blended benchmark supported results, driven primarily through an overweight to international equity. An out-of-benchmark exposure to commodities also aided results. An underweight to core fixed income contributed positively to the Fund's relative performance. Cash was used to fund the overweight to equities, which also contributed positively to relative results.

**Style decisions** \| Within equities, exposure to developed international markets supported results. Within fixed income, the Fund's high-yield holdings outperformed the benchmark's credit selection, which contributed positively to relative performance.

**Selection** \| Within equities, strong results from Columbia Small Cap Growth Fund and Columbia Overseas Core Fund contributed to the Fund's relative performance. Within fixed income, performance from Columbia Quality Income Fund and Columbia Bond Fund added to relative performance.

### Top Performance Detractors
**Asset allocation** \| The Fund's overweight to high yield versus its benchmark detracted from relative performance, despite the positive impact of the Fund's style decisions within high yield.

**Selection** \| Weaker performance from Columbia Cornerstone Equity Fund and Columbia Select Small Cap Value Fund detracted from the Fund's relative performance during the period.

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class C **\|** ASR126_04_(03/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class C shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g117810ie72d24955e55b856b7ec.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Capital Allocation Moderate Aggressive Portfolio Class C (including sales charges) ($22520)** | **Russell 3000<sup>®</sup> Index ($40910)** | **50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) ($25433)** | **Bloomberg U.S. Aggregate Bond Index ($12047)** | **49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) ($26113)** |
| **01/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **02/16** | $9955 | $9997 | $10001 | $10071 | $10000 |
| **03/16** | $10455 | $10701 | $10505 | $10163 | $10531 |
| **04/16** | $10553 | $10767 | $10589 | $10202 | $10640 |
| **05/16** | $10651 | $10960 | $10660 | $10205 | $10711 |
| **06/16** | $10626 | $10982 | $10711 | $10388 | $10757 |
| **07/16** | $10946 | $11418 | $11029 | $10454 | $11091 |
| **08/16** | $10964 | $11447 | $11049 | $10442 | $11129 |
| **09/16** | $11010 | $11465 | $11076 | $10436 | $11162 |
| **10/16** | $10800 | $11217 | $10902 | $10356 | $10996 |
| **11/16** | $10900 | $11719 | $11013 | $10111 | $11113 |
| **12/16** | $11031 | $11948 | $11169 | $10125 | $11284 |
| **01/17** | $11236 | $12173 | $11341 | $10145 | $11469 |
| **02/17** | $11488 | $12625 | $11610 | $10213 | $11744 |
| **03/17** | $11572 | $12634 | $11658 | $10208 | $11795 |
| **04/17** | $11731 | $12768 | $11794 | $10287 | $11938 |
| **05/17** | $11899 | $12898 | $11948 | $10366 | $12097 |
| **06/17** | $11979 | $13015 | $12000 | $10356 | $12151 |
| **07/17** | $12228 | $13260 | $12197 | $10400 | $12358 |
| **08/17** | $12304 | $13286 | $12258 | $10493 | $12411 |
| **09/17** | $12467 | $13610 | $12418 | $10444 | $12585 |
| **10/17** | $12629 | $13907 | $12594 | $10450 | $12766 |
| **11/17** | $12849 | $14329 | $12795 | $10436 | $12966 |
| **12/17** | $12975 | $14472 | $12921 | $10484 | $13092 |
| **01/18** | $13473 | $15235 | $13323 | $10363 | $13515 |
| **02/18** | $13025 | $14674 | $12943 | $10265 | $13129 |
| **03/18** | $12868 | $14379 | $12807 | $10331 | $12980 |
| **04/18** | $12848 | $14434 | $12827 | $10254 | $13016 |
| **05/18** | $12998 | $14841 | $12991 | $10327 | $13169 |
| **06/18** | $12933 | $14938 | $12988 | $10315 | $13168 |
| **07/18** | $13193 | $15434 | $13251 | $10317 | $13443 |
| **08/18** | $13349 | $15976 | $13471 | $10383 | $13660 |
| **09/18** | $13368 | $16002 | $13462 | $10317 | $13662 |
| **10/18** | $12544 | $14824 | $12764 | $10235 | $12946 |
| **11/18** | $12649 | $15121 | $12938 | $10296 | $13108 |
| **12/18** | $11879 | $13714 | $12337 | $10485 | $12470 |
| **01/19** | $12648 | $14891 | $13045 | $10597 | $13211 |
| **02/19** | $12908 | $15414 | $13309 | $10590 | $13492 |
| **03/19** | $13060 | $15640 | $13509 | $10794 | $13686 |
| **04/19** | $13407 | $16264 | $13833 | $10797 | $14025 |
| **05/19** | $12789 | $15212 | $13358 | $10988 | $13519 |
| **06/19** | $13455 | $16280 | $14006 | $11126 | $14182 |
| **07/19** | $13499 | $16522 | $14095 | $11151 | $14271 |
| **08/19** | $13322 | $16185 | $14011 | $11440 | $14165 |
| **09/19** | $13454 | $16469 | $14162 | $11379 | $14329 |
| **10/19** | $13688 | $16824 | $14409 | $11413 | $14581 |
| **11/19** | $13977 | $17463 | $14697 | $11407 | $14872 |
| **12/19** | $14294 | $17968 | $15004 | $11399 | $15201 |
| **01/20** | $14236 | $17948 | $15033 | $11619 | $15210 |
| **02/20** | $13495 | $16478 | $14333 | $11828 | $14467 |
| **03/20** | $11944 | $14212 | $13018 | $11758 | $13039 |
| **04/20** | $12986 | $16095 | $14102 | $11967 | $14139 |
| **05/20** | $13507 | $16955 | $14572 | $12023 | $14647 |
| **06/20** | $13795 | $17343 | $14871 | $12099 | $14949 |
| **07/20** | $14350 | $18328 | $15468 | $12279 | $15570 |
| **08/20** | $14892 | $19656 | $16082 | $12180 | $16206 |
| **09/20** | $14518 | $18940 | $15731 | $12173 | $15842 |
| **10/20** | $14277 | $18531 | $15488 | $12119 | $15597 |
| **11/20** | $15531 | $20785 | $16795 | $12238 | $16958 |
| **12/20** | $16048 | $21721 | $17320 | $12255 | $17504 |
| **01/21** | $15950 | $21624 | $17246 | $12167 | $17433 |
| **02/21** | $16304 | $22300 | $17473 | $11991 | $17685 |
| **03/21** | $16629 | $23099 | $17737 | $11842 | $17972 |
| **04/21** | $17180 | $24290 | $18318 | $11935 | $18562 |
| **05/21** | $17314 | $24401 | $18462 | $11974 | $18714 |
| **06/21** | $17500 | $25002 | $18716 | $12058 | $18970 |
| **07/21** | $17579 | $25425 | $18898 | $12193 | $19159 |
| **08/21** | $17897 | $26150 | $19213 | $12170 | $19483 |
| **09/21** | $17301 | $24977 | $18630 | $12065 | $18908 |
| **10/21** | $17805 | $26666 | $19314 | $12061 | $19594 |
| **11/21** | $17420 | $26260 | $19057 | $12097 | $19310 |
| **12/21** | $17944 | $27294 | $19532 | $12066 | $19826 |
| **01/22** | $17283 | $25688 | $18696 | $11806 | $18967 |
| **02/22** | $16834 | $25041 | $18327 | $11674 | $18597 |
| **03/22** | $16848 | $25854 | $18438 | $11350 | $18729 |
| **04/22** | $15710 | $23533 | $17195 | $10919 | $17473 |
| **05/22** | $15766 | $23502 | $17239 | $10990 | $17515 |
| **06/22** | $14642 | $21536 | $16205 | $10817 | $16400 |
| **07/22** | $15496 | $23556 | $17183 | $11082 | $17428 |
| **08/22** | $14981 | $22677 | $16612 | $10768 | $16846 |
| **09/22** | $13720 | $20574 | $15338 | $10303 | $15562 |
| **10/22** | $14324 | $22261 | $15959 | $10170 | $16237 |
| **11/22** | $15148 | $23423 | $16876 | $10544 | $17161 |
| **12/22** | $14583 | $22052 | $16346 | $10496 | $16632 |
| **01/23** | $15456 | $23571 | $17282 | $10819 | $17594 |
| **02/23** | $14953 | $23020 | $16834 | $10539 | $17159 |
| **03/23** | $15382 | $23635 | $17276 | $10807 | $17592 |
| **04/23** | $15546 | $23887 | $17447 | $10873 | $17777 |
| **05/23** | $15471 | $23980 | $17323 | $10754 | $17643 |
| **06/23** | $16088 | $25618 | $18005 | $10716 | $18357 |
| **07/23** | $16453 | $26536 | $18435 | $10708 | $18810 |
| **08/23** | $16194 | $26024 | $18091 | $10640 | $18468 |
| **09/23** | $15559 | $24784 | $17413 | $10370 | $17794 |
| **10/23** | $15239 | $24127 | $16981 | $10206 | $17355 |
| **11/23** | $16322 | $26377 | $18269 | $10668 | $18672 |
| **12/23** | $17012 | $27776 | $19132 | $11076 | $19555 |
| **01/24** | $17105 | $28084 | $19190 | $11046 | $19623 |
| **02/24** | $17520 | $29604 | $19692 | $10890 | $20148 |
| **03/24** | $17934 | $30559 | $20163 | $10991 | $20635 |
| **04/24** | $17364 | $29214 | $19491 | $10713 | $19969 |
| **05/24** | $18042 | $30594 | $20151 | $10895 | $20639 |
| **06/24** | $18407 | $31542 | $20532 | $10998 | $21013 |
| **07/24** | $18642 | $32128 | $20955 | $11255 | $21448 |
| **08/24** | $19019 | $32827 | $21375 | $11416 | $21885 |
| **09/24** | $19331 | $33506 | $21783 | $11569 | $22296 |
| **10/24** | $18875 | $33260 | $21346 | $11282 | $21865 |
| **11/24** | $19519 | $35473 | $22086 | $11402 | $22614 |
| **12/24** | $19074 | $34389 | $21569 | $11215 | $22100 |
| **01/25** | $19529 | $35474 | $22083 | $11274 | $22650 |
| **02/25** | $19464 | $34794 | $22091 | $11522 | $22647 |
| **03/25** | $18804 | $32765 | $21447 | $11527 | $21981 |
| **04/25** | $18869 | $32545 | $21519 | $11572 | $22066 |
| **05/25** | $19537 | $34608 | $22291 | $11489 | $22889 |
| **06/25** | $20380 | $36366 | $23091 | $11666 | $23702 |
| **07/25** | $20650 | $37167 | $23312 | $11635 | $23926 |
| **08/25** | $21105 | $38027 | $23794 | $11774 | $24432 |
| **09/25** | $21643 | $39339 | $24424 | $11903 | $25061 |
| **10/25** | $22014 | $40183 | $24819 | $11977 | $25448 |
| **11/25** | $22116 | $40293 | $24892 | $12052 | $25532 |
| **12/25** | $22135 | $40285 | $24988 | $12034 | $25650 |
| **01/26** | $22520 | $40910 | $25433 | $12047 | $26113 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class C (excluding sales charges)<sup>Footnote Reference(a)</sup> | 15.31 | 7.14 | 8.46 |
| Class C (including sales charges)<sup>Footnote Reference(a)</sup> | 14.31 | 7.14 | 8.46 |
| Russell 3000<sup>®</sup> Index | 15.32 | 13.60 | 15.13 |
| 50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) | 15.17 | 8.08 | 9.78 |
| Bloomberg U.S. Aggregate Bond Index | 6.85 | (0.20) | 1.88 |
| 49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) | 15.29 | 8.42 | 10.07 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark (50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net)) is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark (49% Russell 3000 Index<sup>®</sup>, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net)). The returns of the Former Blended Benchmark will be shown for a one-year transition period. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1780561020 |
| **Total number of portfolio holdings** | 39 |
| **Management services fees (represents 0.03% of Fund average net assets)** | $554367 |
| **Portfolio turnover for the reporting period** | 22% |

---

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class C **\|** ASR126_04_(03/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| Columbia Bond Fund, Institutional 3 Class | 15.5% |
| Columbia Contrarian Core Fund, Institutional 3 Class | 12.4% |
| Columbia Cornerstone Equity Fund, Institutional 3 Class | 12.3% |
| Columbia Cornerstone Growth Fund, Institutional 3 Class | 11.6% |
| Columbia Intrinsic Value Fund, Institutional 3 Class | 11.1% |
| Columbia Overseas Core Fund, Institutional 3 Class | 10.3% |
| Columbia Select Corporate Income Fund, Institutional 3 Class | 5.2% |
| Columbia High Yield Bond Fund, Institutional 3 Class | 3.5% |
| Columbia Quality Income Fund, Institutional 3 Class | 3.4% |
| Columbia Research Enhanced Emerging Economies ETF | 2.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 62.3% |
| Fixed Income Funds | 31.3% |
| Exchange-Traded Equity Funds | 2.8% |
| Money Market Funds | 2.0% |
| Alternative Strategies Funds | 1.0% |

---

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

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.© 2026 Columbia Threadneedle. All rights reserved.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g117810ic2ef25a2415571abe88a.jpg)

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class C **\|** ASR126_04_(03/26) \|

# Columbia Capital Allocation Moderate Aggressive Portfolio
Class R \| CLBRX

![Image](g117810i7bce3e2e78dce229144f.jpg)

## Annual Shareholder Report \| January 31, 2026
This annual shareholder report contains important information about Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class R | $69 | 0.64% |

---

## Management's Discussion of Fund Performance
The performance of Class R shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| An overweight to equities versus the Fund's blended benchmark supported results, driven primarily through an overweight to international equity. An out-of-benchmark exposure to commodities also aided results. An underweight to core fixed income contributed positively to the Fund's relative performance. Cash was used to fund the overweight to equities, which also contributed positively to relative results.

**Style decisions** \| Within equities, exposure to developed international markets supported results. Within fixed income, the Fund's high-yield holdings outperformed the benchmark's credit selection, which contributed positively to relative performance.

**Selection** \| Within equities, strong results from Columbia Small Cap Growth Fund and Columbia Overseas Core Fund contributed to the Fund's relative performance. Within fixed income, performance from Columbia Quality Income Fund and Columbia Bond Fund added to relative performance.

### Top Performance Detractors
**Asset allocation** \| The Fund's overweight to high yield versus its benchmark detracted from relative performance, despite the positive impact of the Fund's style decisions within high yield.

**Selection** \| Weaker performance from Columbia Cornerstone Equity Fund and Columbia Select Small Cap Value Fund detracted from the Fund's relative performance during the period.

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class R **\|** ASR126_12_(03/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class R shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g117810i9fc9fdadbbf92facc334.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Capital Allocation Moderate Aggressive Portfolio Class R ($23682)** | **Russell 3000<sup>®</sup> Index ($40910)** | **50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) ($25433)** | **Bloomberg U.S. Aggregate Bond Index ($12047)** | **49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) ($26113)** |
| **01/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **02/16** | $9964 | $9997 | $10001 | $10071 | $10000 |
| **03/16** | $10471 | $10701 | $10505 | $10163 | $10531 |
| **04/16** | $10569 | $10767 | $10589 | $10202 | $10640 |
| **05/16** | $10668 | $10960 | $10660 | $10205 | $10711 |
| **06/16** | $10654 | $10982 | $10711 | $10388 | $10757 |
| **07/16** | $10976 | $11418 | $11029 | $10454 | $11091 |
| **08/16** | $11004 | $11447 | $11049 | $10442 | $11129 |
| **09/16** | $11046 | $11465 | $11076 | $10436 | $11162 |
| **10/16** | $10843 | $11217 | $10902 | $10356 | $10996 |
| **11/16** | $10954 | $11719 | $11013 | $10111 | $11113 |
| **12/16** | $11081 | $11948 | $11169 | $10125 | $11284 |
| **01/17** | $11297 | $12173 | $11341 | $10145 | $11469 |
| **02/17** | $11561 | $12625 | $11610 | $10213 | $11744 |
| **03/17** | $11646 | $12634 | $11658 | $10208 | $11795 |
| **04/17** | $11815 | $12768 | $11794 | $10287 | $11938 |
| **05/17** | $11994 | $12898 | $11948 | $10366 | $12097 |
| **06/17** | $12067 | $13015 | $12000 | $10356 | $12151 |
| **07/17** | $12328 | $13260 | $12197 | $10400 | $12358 |
| **08/17** | $12406 | $13286 | $12258 | $10493 | $12411 |
| **09/17** | $12580 | $13610 | $12418 | $10444 | $12585 |
| **10/17** | $12754 | $13907 | $12594 | $10450 | $12766 |
| **11/17** | $12976 | $14329 | $12795 | $10436 | $12966 |
| **12/17** | $13110 | $14472 | $12921 | $10484 | $13092 |
| **01/18** | $13615 | $15235 | $13323 | $10363 | $13515 |
| **02/18** | $13171 | $14674 | $12943 | $10265 | $13129 |
| **03/18** | $13018 | $14379 | $12807 | $10331 | $12980 |
| **04/18** | $12998 | $14434 | $12827 | $10254 | $13016 |
| **05/18** | $13160 | $14841 | $12991 | $10327 | $13169 |
| **06/18** | $13101 | $14938 | $12988 | $10315 | $13168 |
| **07/18** | $13365 | $15434 | $13251 | $10317 | $13443 |
| **08/18** | $13524 | $15976 | $13471 | $10383 | $13660 |
| **09/18** | $13549 | $16002 | $13462 | $10317 | $13662 |
| **10/18** | $12722 | $14824 | $12764 | $10235 | $12946 |
| **11/18** | $12838 | $15121 | $12938 | $10296 | $13108 |
| **12/18** | $12061 | $13714 | $12337 | $10485 | $12470 |
| **01/19** | $12845 | $14891 | $13045 | $10597 | $13211 |
| **02/19** | $13121 | $15414 | $13309 | $10590 | $13492 |
| **03/19** | $13281 | $15640 | $13509 | $10794 | $13686 |
| **04/19** | $13635 | $16264 | $13833 | $10797 | $14025 |
| **05/19** | $13015 | $15212 | $13358 | $10988 | $13519 |
| **06/19** | $13700 | $16280 | $14006 | $11126 | $14182 |
| **07/19** | $13746 | $16522 | $14095 | $11151 | $14271 |
| **08/19** | $13576 | $16185 | $14011 | $11440 | $14165 |
| **09/19** | $13717 | $16469 | $14162 | $11379 | $14329 |
| **10/19** | $13956 | $16824 | $14409 | $11413 | $14581 |
| **11/19** | $14251 | $17463 | $14697 | $11407 | $14872 |
| **12/19** | $14594 | $17968 | $15004 | $11399 | $15201 |
| **01/20** | $14535 | $17948 | $15033 | $11619 | $15210 |
| **02/20** | $13788 | $16478 | $14333 | $11828 | $14467 |
| **03/20** | $12217 | $14212 | $13018 | $11758 | $13039 |
| **04/20** | $13274 | $16095 | $14102 | $11967 | $14139 |
| **05/20** | $13808 | $16955 | $14572 | $12023 | $14647 |
| **06/20** | $14109 | $17343 | $14871 | $12099 | $14949 |
| **07/20** | $14691 | $18328 | $15468 | $12279 | $15570 |
| **08/20** | $15248 | $19656 | $16082 | $12180 | $16206 |
| **09/20** | $14876 | $18940 | $15731 | $12173 | $15842 |
| **10/20** | $14641 | $18531 | $15488 | $12119 | $15597 |
| **11/20** | $15930 | $20785 | $16795 | $12238 | $16958 |
| **12/20** | $16469 | $21721 | $17320 | $12255 | $17504 |
| **01/21** | $16368 | $21624 | $17246 | $12167 | $17433 |
| **02/21** | $16745 | $22300 | $17473 | $11991 | $17685 |
| **03/21** | $17088 | $23099 | $17737 | $11842 | $17972 |
| **04/21** | $17642 | $24290 | $18318 | $11935 | $18562 |
| **05/21** | $17806 | $24401 | $18462 | $11974 | $18714 |
| **06/21** | $17994 | $25002 | $18716 | $12058 | $18970 |
| **07/21** | $18090 | $25425 | $18898 | $12193 | $19159 |
| **08/21** | $18432 | $26150 | $19213 | $12170 | $19483 |
| **09/21** | $17812 | $24977 | $18630 | $12065 | $18908 |
| **10/21** | $18346 | $26666 | $19314 | $12061 | $19594 |
| **11/21** | $17949 | $26260 | $19057 | $12097 | $19310 |
| **12/21** | $18499 | $27294 | $19532 | $12066 | $19826 |
| **01/22** | $17816 | $25688 | $18696 | $11806 | $18967 |
| **02/22** | $17380 | $25041 | $18327 | $11674 | $18597 |
| **03/22** | $17395 | $25854 | $18438 | $11350 | $18729 |
| **04/22** | $16216 | $23533 | $17195 | $10919 | $17473 |
| **05/22** | $16289 | $23502 | $17239 | $10990 | $17515 |
| **06/22** | $15130 | $21536 | $16205 | $10817 | $16400 |
| **07/22** | $16016 | $23556 | $17183 | $11082 | $17428 |
| **08/22** | $15497 | $22677 | $16612 | $10768 | $16846 |
| **09/22** | $14193 | $20574 | $15338 | $10303 | $15562 |
| **10/22** | $14820 | $22261 | $15959 | $10170 | $16237 |
| **11/22** | $15692 | $23423 | $16876 | $10544 | $17161 |
| **12/22** | $15108 | $22052 | $16346 | $10496 | $16632 |
| **01/23** | $16017 | $23571 | $17282 | $10819 | $17594 |
| **02/23** | $15493 | $23020 | $16834 | $10539 | $17159 |
| **03/23** | $15959 | $23635 | $17276 | $10807 | $17592 |
| **04/23** | $16129 | $23887 | $17447 | $10873 | $17777 |
| **05/23** | $16052 | $23980 | $17323 | $10754 | $17643 |
| **06/23** | $16714 | $25618 | $18005 | $10716 | $18357 |
| **07/23** | $17095 | $26536 | $18435 | $10708 | $18810 |
| **08/23** | $16841 | $26024 | $18091 | $10640 | $18468 |
| **09/23** | $16184 | $24784 | $17413 | $10370 | $17794 |
| **10/23** | $15849 | $24127 | $16981 | $10206 | $17355 |
| **11/23** | $16996 | $26377 | $18269 | $10668 | $18672 |
| **12/23** | $17707 | $27776 | $19132 | $11076 | $19555 |
| **01/24** | $17819 | $28084 | $19190 | $11046 | $19623 |
| **02/24** | $18269 | $29604 | $19692 | $10890 | $20148 |
| **03/24** | $18693 | $30559 | $20163 | $10991 | $20635 |
| **04/24** | $18113 | $29214 | $19491 | $10713 | $19969 |
| **05/24** | $18822 | $30594 | $20151 | $10895 | $20639 |
| **06/24** | $19212 | $31542 | $20532 | $10998 | $21013 |
| **07/24** | $19475 | $32128 | $20955 | $11255 | $21448 |
| **08/24** | $19870 | $32827 | $21375 | $11416 | $21885 |
| **09/24** | $20204 | $33506 | $21783 | $11569 | $22296 |
| **10/24** | $19743 | $33260 | $21346 | $11282 | $21865 |
| **11/24** | $20419 | $35473 | $22086 | $11402 | $22614 |
| **12/24** | $19960 | $34389 | $21569 | $11215 | $22100 |
| **01/25** | $20439 | $35474 | $22083 | $11274 | $22650 |
| **02/25** | $20388 | $34794 | $22091 | $11522 | $22647 |
| **03/25** | $19702 | $32765 | $21447 | $11527 | $21981 |
| **04/25** | $19787 | $32545 | $21519 | $11572 | $22066 |
| **05/25** | $20490 | $34608 | $22291 | $11489 | $22889 |
| **06/25** | $21368 | $36366 | $23091 | $11666 | $23702 |
| **07/25** | $21670 | $37167 | $23312 | $11635 | $23926 |
| **08/25** | $22150 | $38027 | $23794 | $11774 | $24432 |
| **09/25** | $22745 | $39339 | $24424 | $11903 | $25061 |
| **10/25** | $23136 | $40183 | $24819 | $11977 | $25448 |
| **11/25** | $23243 | $40293 | $24892 | $12052 | $25532 |
| **12/25** | $23275 | $40285 | $24988 | $12034 | $25650 |
| **01/26** | $23682 | $40910 | $25433 | $12047 | $26113 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class R<sup>Footnote Reference(a)</sup> | 15.86 | 7.67 | 9.00 |
| Russell 3000<sup>®</sup> Index | 15.32 | 13.60 | 15.13 |
| 50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) | 15.17 | 8.08 | 9.78 |
| Bloomberg U.S. Aggregate Bond Index | 6.85 | (0.20) | 1.88 |
| 49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) | 15.29 | 8.42 | 10.07 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark (50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net)) is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark (49% Russell 3000 Index<sup>®</sup>, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net)). The returns of the Former Blended Benchmark will be shown for a one-year transition period. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1780561020 |
| **Total number of portfolio holdings** | 39 |
| **Management services fees (represents 0.03% of Fund average net assets)** | $554367 |
| **Portfolio turnover for the reporting period** | 22% |

---

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class R **\|** ASR126_12_(03/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| Columbia Bond Fund, Institutional 3 Class | 15.5% |
| Columbia Contrarian Core Fund, Institutional 3 Class | 12.4% |
| Columbia Cornerstone Equity Fund, Institutional 3 Class | 12.3% |
| Columbia Cornerstone Growth Fund, Institutional 3 Class | 11.6% |
| Columbia Intrinsic Value Fund, Institutional 3 Class | 11.1% |
| Columbia Overseas Core Fund, Institutional 3 Class | 10.3% |
| Columbia Select Corporate Income Fund, Institutional 3 Class | 5.2% |
| Columbia High Yield Bond Fund, Institutional 3 Class | 3.5% |
| Columbia Quality Income Fund, Institutional 3 Class | 3.4% |
| Columbia Research Enhanced Emerging Economies ETF | 2.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 62.3% |
| Fixed Income Funds | 31.3% |
| Exchange-Traded Equity Funds | 2.8% |
| Money Market Funds | 2.0% |
| Alternative Strategies Funds | 1.0% |

---

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

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.© 2026 Columbia Threadneedle. All rights reserved.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g117810ic2ef25a2415571abe88a.jpg)

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class R **\|** ASR126_12_(03/26) \|

# Columbia Capital Allocation Moderate Aggressive Portfolio
Class S \| NBGDX

![Image](g117810i7bce3e2e78dce229144f.jpg)

## Annual Shareholder Report \| January 31, 2026
This annual shareholder report contains important information about Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class S | $15 | 0.14% |

---

## Management's Discussion of Fund Performance
The performance of Class S shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| An overweight to equities versus the Fund's blended benchmark supported results, driven primarily through an overweight to international equity. An out-of-benchmark exposure to commodities also aided results. An underweight to core fixed income contributed positively to the Fund's relative performance. Cash was used to fund the overweight to equities, which also contributed positively to relative results.

**Style decisions** \| Within equities, exposure to developed international markets supported results. Within fixed income, the Fund's high-yield holdings outperformed the benchmark's credit selection, which contributed positively to relative performance.

**Selection** \| Within equities, strong results from Columbia Small Cap Growth Fund and Columbia Overseas Core Fund contributed to the Fund's relative performance. Within fixed income, performance from Columbia Quality Income Fund and Columbia Bond Fund added to relative performance.

### Top Performance Detractors
**Asset allocation** \| The Fund's overweight to high yield versus its benchmark detracted from relative performance, despite the positive impact of the Fund's style decisions within high yield.

**Selection** \| Weaker performance from Columbia Cornerstone Equity Fund and Columbia Select Small Cap Value Fund detracted from the Fund's relative performance during the period.

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class S **\|** ASR126_16_(03/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class S shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g117810iede7db82b3f50373b162.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Capital Allocation Moderate Aggressive Portfolio Class S ($24354)** | **Russell 3000<sup>®</sup> Index ($40910)** | **50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) ($25433)** | **Bloomberg U.S. Aggregate Bond Index ($12047)** | **49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) ($26113)** |
| **01/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **02/16** | $9964 | $9997 | $10001 | $10071 | $10000 |
| **03/16** | $10476 | $10701 | $10505 | $10163 | $10531 |
| **04/16** | $10575 | $10767 | $10589 | $10202 | $10640 |
| **05/16** | $10683 | $10960 | $10660 | $10205 | $10711 |
| **06/16** | $10666 | $10982 | $10711 | $10388 | $10757 |
| **07/16** | $10989 | $11418 | $11029 | $10454 | $11091 |
| **08/16** | $11016 | $11447 | $11049 | $10442 | $11129 |
| **09/16** | $11075 | $11465 | $11076 | $10436 | $11162 |
| **10/16** | $10872 | $11217 | $10902 | $10356 | $10996 |
| **11/16** | $10982 | $11719 | $11013 | $10111 | $11113 |
| **12/16** | $11107 | $11948 | $11169 | $10125 | $11284 |
| **01/17** | $11324 | $12173 | $11341 | $10145 | $11469 |
| **02/17** | $11588 | $12625 | $11610 | $10213 | $11744 |
| **03/17** | $11680 | $12634 | $11658 | $10208 | $11795 |
| **04/17** | $11850 | $12768 | $11794 | $10287 | $11938 |
| **05/17** | $12030 | $12898 | $11948 | $10366 | $12097 |
| **06/17** | $12110 | $13015 | $12000 | $10356 | $12151 |
| **07/17** | $12381 | $13260 | $12197 | $10400 | $12358 |
| **08/17** | $12459 | $13286 | $12258 | $10493 | $12411 |
| **09/17** | $12632 | $13610 | $12418 | $10444 | $12585 |
| **10/17** | $12806 | $13907 | $12594 | $10450 | $12766 |
| **11/17** | $13030 | $14329 | $12795 | $10436 | $12966 |
| **12/17** | $13172 | $14472 | $12921 | $10484 | $13092 |
| **01/18** | $13689 | $15235 | $13323 | $10363 | $13515 |
| **02/18** | $13233 | $14674 | $12943 | $10265 | $13129 |
| **03/18** | $13078 | $14379 | $12807 | $10331 | $12980 |
| **04/18** | $13068 | $14434 | $12827 | $10254 | $13016 |
| **05/18** | $13230 | $14841 | $12991 | $10327 | $13169 |
| **06/18** | $13179 | $14938 | $12988 | $10315 | $13168 |
| **07/18** | $13456 | $15434 | $13251 | $10317 | $13443 |
| **08/18** | $13615 | $15976 | $13471 | $10383 | $13660 |
| **09/18** | $13638 | $16002 | $13462 | $10317 | $13662 |
| **10/18** | $12817 | $14824 | $12764 | $10235 | $12946 |
| **11/18** | $12924 | $15121 | $12938 | $10296 | $13108 |
| **12/18** | $12150 | $13714 | $12337 | $10485 | $12470 |
| **01/19** | $12939 | $14891 | $13045 | $10597 | $13211 |
| **02/19** | $13217 | $15414 | $13309 | $10590 | $13492 |
| **03/19** | $13386 | $15640 | $13509 | $10794 | $13686 |
| **04/19** | $13753 | $16264 | $13833 | $10797 | $14025 |
| **05/19** | $13129 | $15212 | $13358 | $10988 | $13519 |
| **06/19** | $13817 | $16280 | $14006 | $11126 | $14182 |
| **07/19** | $13863 | $16522 | $14095 | $11151 | $14271 |
| **08/19** | $13691 | $16185 | $14011 | $11440 | $14165 |
| **09/19** | $13842 | $16469 | $14162 | $11379 | $14329 |
| **10/19** | $14083 | $16824 | $14409 | $11413 | $14581 |
| **11/19** | $14393 | $17463 | $14697 | $11407 | $14872 |
| **12/19** | $14736 | $17968 | $15004 | $11399 | $15201 |
| **01/20** | $14688 | $17948 | $15033 | $11619 | $15210 |
| **02/20** | $13922 | $16478 | $14333 | $11828 | $14467 |
| **03/20** | $12335 | $14212 | $13018 | $11758 | $13039 |
| **04/20** | $13414 | $16095 | $14102 | $11967 | $14139 |
| **05/20** | $13953 | $16955 | $14572 | $12023 | $14647 |
| **06/20** | $14265 | $17343 | $14871 | $12099 | $14949 |
| **07/20** | $14853 | $18328 | $15468 | $12279 | $15570 |
| **08/20** | $15416 | $19656 | $16082 | $12180 | $16206 |
| **09/20** | $15037 | $18940 | $15731 | $12173 | $15842 |
| **10/20** | $14812 | $18531 | $15488 | $12119 | $15597 |
| **11/20** | $16115 | $20785 | $16795 | $12238 | $16958 |
| **12/20** | $16657 | $21721 | $17320 | $12255 | $17504 |
| **01/21** | $16581 | $21624 | $17246 | $12167 | $17433 |
| **02/21** | $16949 | $22300 | $17473 | $11991 | $17685 |
| **03/21** | $17294 | $23099 | $17737 | $11842 | $17972 |
| **04/21** | $17880 | $24290 | $18318 | $11935 | $18562 |
| **05/21** | $18033 | $24401 | $18462 | $11974 | $18714 |
| **06/21** | $18235 | $25002 | $18716 | $12058 | $18970 |
| **07/21** | $18332 | $25425 | $18898 | $12193 | $19159 |
| **08/21** | $18678 | $26150 | $19213 | $12170 | $19483 |
| **09/21** | $18062 | $24977 | $18630 | $12065 | $18908 |
| **10/21** | $18603 | $26666 | $19314 | $12061 | $19594 |
| **11/21** | $18214 | $26260 | $19057 | $12097 | $19310 |
| **12/21** | $18770 | $27294 | $19532 | $12066 | $19826 |
| **01/22** | $18092 | $25688 | $18696 | $11806 | $18967 |
| **02/22** | $17635 | $25041 | $18327 | $11674 | $18597 |
| **03/22** | $17662 | $25854 | $18438 | $11350 | $18729 |
| **04/22** | $16480 | $23533 | $17195 | $10919 | $17473 |
| **05/22** | $16539 | $23502 | $17239 | $10990 | $17515 |
| **06/22** | $15375 | $21536 | $16205 | $10817 | $16400 |
| **07/22** | $16274 | $23556 | $17183 | $11082 | $17428 |
| **08/22** | $15747 | $22677 | $16612 | $10768 | $16846 |
| **09/22** | $14433 | $20574 | $15338 | $10303 | $15562 |
| **10/22** | $15070 | $22261 | $15959 | $10170 | $16237 |
| **11/22** | $15955 | $23423 | $16876 | $10544 | $17161 |
| **12/22** | $15372 | $22052 | $16346 | $10496 | $16632 |
| **01/23** | $16296 | $23571 | $17282 | $10819 | $17594 |
| **02/23** | $15779 | $23020 | $16834 | $10539 | $17159 |
| **03/23** | $16232 | $23635 | $17276 | $10807 | $17592 |
| **04/23** | $16420 | $23887 | $17447 | $10873 | $17777 |
| **05/23** | $16342 | $23980 | $17323 | $10754 | $17643 |
| **06/23** | $17026 | $25618 | $18005 | $10716 | $18357 |
| **07/23** | $17414 | $26536 | $18435 | $10708 | $18810 |
| **08/23** | $17155 | $26024 | $18091 | $10640 | $18468 |
| **09/23** | $16481 | $24784 | $17413 | $10370 | $17794 |
| **10/23** | $16156 | $24127 | $16981 | $10206 | $17355 |
| **11/23** | $17324 | $26377 | $18269 | $10668 | $18672 |
| **12/23** | $18058 | $27776 | $19132 | $11076 | $19555 |
| **01/24** | $18173 | $28084 | $19190 | $11046 | $19623 |
| **02/24** | $18631 | $29604 | $19692 | $10890 | $20148 |
| **03/24** | $19074 | $30559 | $20163 | $10991 | $20635 |
| **04/24** | $18482 | $29214 | $19491 | $10713 | $19969 |
| **05/24** | $19222 | $30594 | $20151 | $10895 | $20639 |
| **06/24** | $19615 | $31542 | $20532 | $10998 | $21013 |
| **07/24** | $19884 | $32128 | $20955 | $11255 | $21448 |
| **08/24** | $20303 | $32827 | $21375 | $11416 | $21885 |
| **09/24** | $20640 | $33506 | $21783 | $11569 | $22296 |
| **10/24** | $20168 | $33260 | $21346 | $11282 | $21865 |
| **11/24** | $20860 | $35473 | $22086 | $11402 | $22614 |
| **12/24** | $20417 | $34389 | $21569 | $11215 | $22100 |
| **01/25** | $20909 | $35474 | $22083 | $11274 | $22650 |
| **02/25** | $20873 | $34794 | $22091 | $11522 | $22647 |
| **03/25** | $20160 | $32765 | $21447 | $11527 | $21981 |
| **04/25** | $20266 | $32545 | $21519 | $11572 | $22066 |
| **05/25** | $21004 | $34608 | $22291 | $11489 | $22889 |
| **06/25** | $21915 | $36366 | $23091 | $11666 | $23702 |
| **07/25** | $22225 | $37167 | $23312 | $11635 | $23926 |
| **08/25** | $22737 | $38027 | $23794 | $11774 | $24432 |
| **09/25** | $23340 | $39339 | $24424 | $11903 | $25061 |
| **10/25** | $23762 | $40183 | $24819 | $11977 | $25448 |
| **11/25** | $23890 | $40293 | $24892 | $12052 | $25532 |
| **12/25** | $23916 | $40285 | $24988 | $12034 | $25650 |
| **01/26** | $24354 | $40910 | $25433 | $12047 | $26113 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class S<sup>Footnote Reference(a)</sup><sup>Footnote Reference(b)</sup> | 16.48 | 7.99 | 9.31 |
| Russell 3000<sup>®</sup> Index | 15.32 | 13.60 | 15.13 |
| 50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) | 15.17 | 8.08 | 9.78 |
| Bloomberg U.S. Aggregate Bond Index | 6.85 | (0.20) | 1.88 |
| 49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) | 15.29 | 8.42 | 10.07 |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark (50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net)) is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark (49% Russell 3000 Index<sup>®</sup>, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net)). The returns of the Former Blended Benchmark will be shown for a one-year transition period. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1780561020 |
| **Total number of portfolio holdings** | 39 |
| **Management services fees (represents 0.03% of Fund average net assets)** | $554367 |
| **Portfolio turnover for the reporting period** | 22% |

---

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class S **\|** ASR126_16_(03/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| Columbia Bond Fund, Institutional 3 Class | 15.5% |
| Columbia Contrarian Core Fund, Institutional 3 Class | 12.4% |
| Columbia Cornerstone Equity Fund, Institutional 3 Class | 12.3% |
| Columbia Cornerstone Growth Fund, Institutional 3 Class | 11.6% |
| Columbia Intrinsic Value Fund, Institutional 3 Class | 11.1% |
| Columbia Overseas Core Fund, Institutional 3 Class | 10.3% |
| Columbia Select Corporate Income Fund, Institutional 3 Class | 5.2% |
| Columbia High Yield Bond Fund, Institutional 3 Class | 3.5% |
| Columbia Quality Income Fund, Institutional 3 Class | 3.4% |
| Columbia Research Enhanced Emerging Economies ETF | 2.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 62.3% |
| Fixed Income Funds | 31.3% |
| Exchange-Traded Equity Funds | 2.8% |
| Money Market Funds | 2.0% |
| Alternative Strategies Funds | 1.0% |

---

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

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.© 2026 Columbia Threadneedle. All rights reserved.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g117810ic2ef25a2415571abe88a.jpg)

Columbia Capital Allocation Moderate Aggressive Portfolio \| Class S **\|** ASR126_16_(03/26) \|

# Columbia Capital Allocation Moderate Aggressive Portfolio
Institutional 3 Class \| CPHNX

![Image](g117810i7bce3e2e78dce229144f.jpg)

## Annual Shareholder Report \| January 31, 2026
This annual shareholder report contains important information about Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $6 | 0.06% |

---

## Management's Discussion of Fund Performance
The performance of Institutional 3 Class shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| An overweight to equities versus the Fund's blended benchmark supported results, driven primarily through an overweight to international equity. An out-of-benchmark exposure to commodities also aided results. An underweight to core fixed income contributed positively to the Fund's relative performance. Cash was used to fund the overweight to equities, which also contributed positively to relative results.

**Style decisions** \| Within equities, exposure to developed international markets supported results. Within fixed income, the Fund's high-yield holdings outperformed the benchmark's credit selection, which contributed positively to relative performance.

**Selection** \| Within equities, strong results from Columbia Small Cap Growth Fund and Columbia Overseas Core Fund contributed to the Fund's relative performance. Within fixed income, performance from Columbia Quality Income Fund and Columbia Bond Fund added to relative performance.

### Top Performance Detractors
**Asset allocation** \| The Fund's overweight to high yield versus its benchmark detracted from relative performance, despite the positive impact of the Fund's style decisions within high yield.

**Selection** \| Weaker performance from Columbia Cornerstone Equity Fund and Columbia Select Small Cap Value Fund detracted from the Fund's relative performance during the period.

Columbia Capital Allocation Moderate Aggressive Portfolio \| Institutional 3 Class **\|** ASR126_17_(03/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g117810i800e7d21bbeb0cf4d411.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Capital Allocation Moderate Aggressive Portfolio Institutional 3 Class ($25118)** | **Russell 3000<sup>®</sup> Index ($40910)** | **50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) ($25433)** | **Bloomberg U.S. Aggregate Bond Index ($12047)** | **49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) ($26113)** |
| **01/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **02/16** | $9964 | $9997 | $10001 | $10071 | $10000 |
| **03/16** | $10484 | $10701 | $10505 | $10163 | $10531 |
| **04/16** | $10584 | $10767 | $10589 | $10202 | $10640 |
| **05/16** | $10693 | $10960 | $10660 | $10205 | $10711 |
| **06/16** | $10678 | $10982 | $10711 | $10388 | $10757 |
| **07/16** | $11014 | $11418 | $11029 | $10454 | $11091 |
| **08/16** | $11042 | $11447 | $11049 | $10442 | $11129 |
| **09/16** | $11104 | $11465 | $11076 | $10436 | $11162 |
| **10/16** | $10897 | $11217 | $10902 | $10356 | $10996 |
| **11/16** | $11010 | $11719 | $11013 | $10111 | $11113 |
| **12/16** | $11148 | $11948 | $11169 | $10125 | $11284 |
| **01/17** | $11368 | $12173 | $11341 | $10145 | $11469 |
| **02/17** | $11637 | $12625 | $11610 | $10213 | $11744 |
| **03/17** | $11732 | $12634 | $11658 | $10208 | $11795 |
| **04/17** | $11905 | $12768 | $11794 | $10287 | $11938 |
| **05/17** | $12088 | $12898 | $11948 | $10366 | $12097 |
| **06/17** | $12181 | $13015 | $12000 | $10356 | $12151 |
| **07/17** | $12448 | $13260 | $12197 | $10400 | $12358 |
| **08/17** | $12537 | $13286 | $12258 | $10493 | $12411 |
| **09/17** | $12704 | $13610 | $12418 | $10444 | $12585 |
| **10/17** | $12892 | $13907 | $12594 | $10450 | $12766 |
| **11/17** | $13120 | $14329 | $12795 | $10436 | $12966 |
| **12/17** | $13267 | $14472 | $12921 | $10484 | $13092 |
| **01/18** | $13786 | $15235 | $13323 | $10363 | $13515 |
| **02/18** | $13340 | $14674 | $12943 | $10265 | $13129 |
| **03/18** | $13183 | $14379 | $12807 | $10331 | $12980 |
| **04/18** | $13183 | $14434 | $12827 | $10254 | $13016 |
| **05/18** | $13349 | $14841 | $12991 | $10327 | $13169 |
| **06/18** | $13287 | $14938 | $12988 | $10315 | $13168 |
| **07/18** | $13571 | $15434 | $13251 | $10317 | $13443 |
| **08/18** | $13745 | $15976 | $13471 | $10383 | $13660 |
| **09/18** | $13770 | $16002 | $13462 | $10317 | $13662 |
| **10/18** | $12938 | $14824 | $12764 | $10235 | $12946 |
| **11/18** | $13059 | $15121 | $12938 | $10296 | $13108 |
| **12/18** | $12277 | $13714 | $12337 | $10485 | $12470 |
| **01/19** | $13077 | $14891 | $13045 | $10597 | $13211 |
| **02/19** | $13362 | $15414 | $13309 | $10590 | $13492 |
| **03/19** | $13536 | $15640 | $13509 | $10794 | $13686 |
| **04/19** | $13914 | $16264 | $13833 | $10797 | $14025 |
| **05/19** | $13284 | $15212 | $13358 | $10988 | $13519 |
| **06/19** | $13992 | $16280 | $14006 | $11126 | $14182 |
| **07/19** | $14039 | $16522 | $14095 | $11151 | $14271 |
| **08/19** | $13874 | $16185 | $14011 | $11440 | $14165 |
| **09/19** | $14019 | $16469 | $14162 | $11379 | $14329 |
| **10/19** | $14267 | $16824 | $14409 | $11413 | $14581 |
| **11/19** | $14586 | $17463 | $14697 | $11407 | $14872 |
| **12/19** | $14940 | $17968 | $15004 | $11399 | $15201 |
| **01/20** | $14890 | $17948 | $15033 | $11619 | $15210 |
| **02/20** | $14125 | $16478 | $14333 | $11828 | $14467 |
| **03/20** | $12523 | $14212 | $13018 | $11758 | $13039 |
| **04/20** | $13614 | $16095 | $14102 | $11967 | $14139 |
| **05/20** | $14171 | $16955 | $14572 | $12023 | $14647 |
| **06/20** | $14493 | $17343 | $14871 | $12099 | $14949 |
| **07/20** | $15089 | $18328 | $15468 | $12279 | $15570 |
| **08/20** | $15672 | $19656 | $16082 | $12180 | $16206 |
| **09/20** | $15293 | $18940 | $15731 | $12173 | $15842 |
| **10/20** | $15059 | $18531 | $15488 | $12119 | $15597 |
| **11/20** | $16396 | $20785 | $16795 | $12238 | $16958 |
| **12/20** | $16959 | $21721 | $17320 | $12255 | $17504 |
| **01/21** | $16867 | $21624 | $17246 | $12167 | $17433 |
| **02/21** | $17262 | $22300 | $17473 | $11991 | $17685 |
| **03/21** | $17621 | $23099 | $17737 | $11842 | $17972 |
| **04/21** | $18203 | $24290 | $18318 | $11935 | $18562 |
| **05/21** | $18375 | $24401 | $18462 | $11974 | $18714 |
| **06/21** | $18572 | $25002 | $18716 | $12058 | $18970 |
| **07/21** | $18687 | $25425 | $18898 | $12193 | $19159 |
| **08/21** | $19048 | $26150 | $19213 | $12170 | $19483 |
| **09/21** | $18422 | $24977 | $18630 | $12065 | $18908 |
| **10/21** | $18972 | $26666 | $19314 | $12061 | $19594 |
| **11/21** | $18581 | $26260 | $19057 | $12097 | $19310 |
| **12/21** | $19162 | $27294 | $19532 | $12066 | $19826 |
| **01/22** | $18470 | $25688 | $18696 | $11806 | $18967 |
| **02/22** | $18008 | $25041 | $18327 | $11674 | $18597 |
| **03/22** | $18036 | $25854 | $18438 | $11350 | $18729 |
| **04/22** | $16832 | $23533 | $17195 | $10919 | $17473 |
| **05/22** | $16910 | $23502 | $17239 | $10990 | $17515 |
| **06/22** | $15723 | $21536 | $16205 | $10817 | $16400 |
| **07/22** | $16648 | $23556 | $17183 | $11082 | $17428 |
| **08/22** | $16112 | $22677 | $16612 | $10768 | $16846 |
| **09/22** | $14766 | $20574 | $15338 | $10303 | $15562 |
| **10/22** | $15434 | $22261 | $15959 | $10170 | $16237 |
| **11/22** | $16329 | $23423 | $16876 | $10544 | $17161 |
| **12/22** | $15748 | $22052 | $16346 | $10496 | $16632 |
| **01/23** | $16700 | $23571 | $17282 | $10819 | $17594 |
| **02/23** | $16158 | $23020 | $16834 | $10539 | $17159 |
| **03/23** | $16647 | $23635 | $17276 | $10807 | $17592 |
| **04/23** | $16845 | $23887 | $17447 | $10873 | $17777 |
| **05/23** | $16763 | $23980 | $17323 | $10754 | $17643 |
| **06/23** | $17463 | $25618 | $18005 | $10716 | $18357 |
| **07/23** | $17871 | $26536 | $18435 | $10708 | $18810 |
| **08/23** | $17616 | $26024 | $18091 | $10640 | $18468 |
| **09/23** | $16922 | $24784 | $17413 | $10370 | $17794 |
| **10/23** | $16598 | $24127 | $16981 | $10206 | $17355 |
| **11/23** | $17793 | $26377 | $18269 | $10668 | $18672 |
| **12/23** | $18564 | $27776 | $19132 | $11076 | $19555 |
| **01/24** | $18685 | $28084 | $19190 | $11046 | $19623 |
| **02/24** | $19151 | $29604 | $19692 | $10890 | $20148 |
| **03/24** | $19617 | $30559 | $20163 | $10991 | $20635 |
| **04/24** | $19027 | $29214 | $19491 | $10713 | $19969 |
| **05/24** | $19773 | $30594 | $20151 | $10895 | $20639 |
| **06/24** | $20186 | $31542 | $20532 | $10998 | $21013 |
| **07/24** | $20470 | $32128 | $20955 | $11255 | $21448 |
| **08/24** | $20913 | $32827 | $21375 | $11416 | $21885 |
| **09/24** | $21251 | $33506 | $21783 | $11569 | $22296 |
| **10/24** | $20788 | $33260 | $21346 | $11282 | $21865 |
| **11/24** | $21500 | $35473 | $22086 | $11402 | $22614 |
| **12/24** | $21038 | $34389 | $21569 | $11215 | $22100 |
| **01/25** | $21556 | $35474 | $22083 | $11274 | $22650 |
| **02/25** | $21500 | $34794 | $22091 | $11522 | $22647 |
| **03/25** | $20789 | $32765 | $21447 | $11527 | $21981 |
| **04/25** | $20900 | $32545 | $21519 | $11572 | $22066 |
| **05/25** | $21643 | $34608 | $22291 | $11489 | $22889 |
| **06/25** | $22589 | $36366 | $23091 | $11666 | $23702 |
| **07/25** | $22917 | $37167 | $23312 | $11635 | $23926 |
| **08/25** | $23438 | $38027 | $23794 | $11774 | $24432 |
| **09/25** | $24061 | $39339 | $24424 | $11903 | $25061 |
| **10/25** | $24507 | $40183 | $24819 | $11977 | $25448 |
| **11/25** | $24642 | $40293 | $24892 | $12052 | $25532 |
| **12/25** | $24675 | $40285 | $24988 | $12034 | $25650 |
| **01/26** | $25118 | $40910 | $25433 | $12047 | $26113 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional 3 Class<sup>Footnote Reference(a)</sup> | 16.53 | 8.29 | 9.65 |
| Russell 3000<sup>®</sup> Index | 15.32 | 13.60 | 15.13 |
| 50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) | 15.17 | 8.08 | 9.78 |
| Bloomberg U.S. Aggregate Bond Index | 6.85 | (0.20) | 1.88 |
| 49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) | 15.29 | 8.42 | 10.07 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark (50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net)) is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark (49% Russell 3000 Index<sup>®</sup>, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net)). The returns of the Former Blended Benchmark will be shown for a one-year transition period. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1780561020 |
| **Total number of portfolio holdings** | 39 |
| **Management services fees (represents 0.03% of Fund average net assets)** | $554367 |
| **Portfolio turnover for the reporting period** | 22% |

---

Columbia Capital Allocation Moderate Aggressive Portfolio \| Institutional 3 Class **\|** ASR126_17_(03/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| Columbia Bond Fund, Institutional 3 Class | 15.5% |
| Columbia Contrarian Core Fund, Institutional 3 Class | 12.4% |
| Columbia Cornerstone Equity Fund, Institutional 3 Class | 12.3% |
| Columbia Cornerstone Growth Fund, Institutional 3 Class | 11.6% |
| Columbia Intrinsic Value Fund, Institutional 3 Class | 11.1% |
| Columbia Overseas Core Fund, Institutional 3 Class | 10.3% |
| Columbia Select Corporate Income Fund, Institutional 3 Class | 5.2% |
| Columbia High Yield Bond Fund, Institutional 3 Class | 3.5% |
| Columbia Quality Income Fund, Institutional 3 Class | 3.4% |
| Columbia Research Enhanced Emerging Economies ETF | 2.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 62.3% |
| Fixed Income Funds | 31.3% |
| Exchange-Traded Equity Funds | 2.8% |
| Money Market Funds | 2.0% |
| Alternative Strategies Funds | 1.0% |

---

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

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.© 2026 Columbia Threadneedle. All rights reserved.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g117810ic2ef25a2415571abe88a.jpg)

Columbia Capital Allocation Moderate Aggressive Portfolio \| Institutional 3 Class **\|** ASR126_17_(03/26) \|

# Columbia Capital Allocation Moderate Aggressive Portfolio
Institutional Class \| NBGPX

![Image](g117810i7bce3e2e78dce229144f.jpg)

## Annual Shareholder Report \| January 31, 2026
This annual shareholder report contains important information about Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $15 | 0.14% |

---

## Management's Discussion of Fund Performance
The performance of Institutional Class shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| An overweight to equities versus the Fund's blended benchmark supported results, driven primarily through an overweight to international equity. An out-of-benchmark exposure to commodities also aided results. An underweight to core fixed income contributed positively to the Fund's relative performance. Cash was used to fund the overweight to equities, which also contributed positively to relative results.

**Style decisions** \| Within equities, exposure to developed international markets supported results. Within fixed income, the Fund's high-yield holdings outperformed the benchmark's credit selection, which contributed positively to relative performance.

**Selection** \| Within equities, strong results from Columbia Small Cap Growth Fund and Columbia Overseas Core Fund contributed to the Fund's relative performance. Within fixed income, performance from Columbia Quality Income Fund and Columbia Bond Fund added to relative performance.

### Top Performance Detractors
**Asset allocation** \| The Fund's overweight to high yield versus its benchmark detracted from relative performance, despite the positive impact of the Fund's style decisions within high yield.

**Selection** \| Weaker performance from Columbia Cornerstone Equity Fund and Columbia Select Small Cap Value Fund detracted from the Fund's relative performance during the period.

Columbia Capital Allocation Moderate Aggressive Portfolio \| Institutional Class **\|** ASR126_08_(03/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional Class shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g117810i7d2c66c89161de19c0c0.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Capital Allocation Moderate Aggressive Portfolio Institutional Class ($24916)** | **Russell 3000<sup>®</sup> Index ($40910)** | **50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) ($25433)** | **Bloomberg U.S. Aggregate Bond Index ($12047)** | **49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) ($26113)** |
| **01/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **02/16** | $9973 | $9997 | $10001 | $10071 | $10000 |
| **03/16** | $10484 | $10701 | $10505 | $10163 | $10531 |
| **04/16** | $10592 | $10767 | $10589 | $10202 | $10640 |
| **05/16** | $10691 | $10960 | $10660 | $10205 | $10711 |
| **06/16** | $10681 | $10982 | $10711 | $10388 | $10757 |
| **07/16** | $11004 | $11418 | $11029 | $10454 | $11091 |
| **08/16** | $11041 | $11447 | $11049 | $10442 | $11129 |
| **09/16** | $11097 | $11465 | $11076 | $10436 | $11162 |
| **10/16** | $10894 | $11217 | $10902 | $10356 | $10996 |
| **11/16** | $11005 | $11719 | $11013 | $10111 | $11113 |
| **12/16** | $11137 | $11948 | $11169 | $10125 | $11284 |
| **01/17** | $11355 | $12173 | $11341 | $10145 | $11469 |
| **02/17** | $11620 | $12625 | $11610 | $10213 | $11744 |
| **03/17** | $11719 | $12634 | $11658 | $10208 | $11795 |
| **04/17** | $11890 | $12768 | $11794 | $10287 | $11938 |
| **05/17** | $12071 | $12898 | $11948 | $10366 | $12097 |
| **06/17** | $12159 | $13015 | $12000 | $10356 | $12151 |
| **07/17** | $12422 | $13260 | $12197 | $10400 | $12358 |
| **08/17** | $12510 | $13286 | $12258 | $10493 | $12411 |
| **09/17** | $12682 | $13610 | $12418 | $10444 | $12585 |
| **10/17** | $12868 | $13907 | $12594 | $10450 | $12766 |
| **11/17** | $13092 | $14329 | $12795 | $10436 | $12966 |
| **12/17** | $13234 | $14472 | $12921 | $10484 | $13092 |
| **01/18** | $13754 | $15235 | $13323 | $10363 | $13515 |
| **02/18** | $13305 | $14674 | $12943 | $10265 | $13129 |
| **03/18** | $13158 | $14379 | $12807 | $10331 | $12980 |
| **04/18** | $13147 | $14434 | $12827 | $10254 | $13016 |
| **05/18** | $13311 | $14841 | $12991 | $10327 | $13169 |
| **06/18** | $13258 | $14938 | $12988 | $10315 | $13168 |
| **07/18** | $13536 | $15434 | $13251 | $10317 | $13443 |
| **08/18** | $13708 | $15976 | $13471 | $10383 | $13660 |
| **09/18** | $13739 | $16002 | $13462 | $10317 | $13662 |
| **10/18** | $12900 | $14824 | $12764 | $10235 | $12946 |
| **11/18** | $13019 | $15121 | $12938 | $10296 | $13108 |
| **12/18** | $12236 | $13714 | $12337 | $10485 | $12470 |
| **01/19** | $13044 | $14891 | $13045 | $10597 | $13211 |
| **02/19** | $13324 | $15414 | $13309 | $10590 | $13492 |
| **03/19** | $13492 | $15640 | $13509 | $10794 | $13686 |
| **04/19** | $13863 | $16264 | $13833 | $10797 | $14025 |
| **05/19** | $13233 | $15212 | $13358 | $10988 | $13519 |
| **06/19** | $13936 | $16280 | $14006 | $11126 | $14182 |
| **07/19** | $13994 | $16522 | $14095 | $11151 | $14271 |
| **08/19** | $13820 | $16185 | $14011 | $11440 | $14165 |
| **09/19** | $13970 | $16469 | $14162 | $11379 | $14329 |
| **10/19** | $14214 | $16824 | $14409 | $11413 | $14581 |
| **11/19** | $14527 | $17463 | $14697 | $11407 | $14872 |
| **12/19** | $14883 | $17968 | $15004 | $11399 | $15201 |
| **01/20** | $14835 | $17948 | $15033 | $11619 | $15210 |
| **02/20** | $14072 | $16478 | $14333 | $11828 | $14467 |
| **03/20** | $12473 | $14212 | $13018 | $11758 | $13039 |
| **04/20** | $13554 | $16095 | $14102 | $11967 | $14139 |
| **05/20** | $14113 | $16955 | $14572 | $12023 | $14647 |
| **06/20** | $14426 | $17343 | $14871 | $12099 | $14949 |
| **07/20** | $15022 | $18328 | $15468 | $12279 | $15570 |
| **08/20** | $15606 | $19656 | $16082 | $12180 | $16206 |
| **09/20** | $15218 | $18940 | $15731 | $12173 | $15842 |
| **10/20** | $14989 | $18531 | $15488 | $12119 | $15597 |
| **11/20** | $16312 | $20785 | $16795 | $12238 | $16958 |
| **12/20** | $16872 | $21721 | $17320 | $12255 | $17504 |
| **01/21** | $16794 | $21624 | $17246 | $12167 | $17433 |
| **02/21** | $17181 | $22300 | $17473 | $11991 | $17685 |
| **03/21** | $17529 | $23099 | $17737 | $11842 | $17972 |
| **04/21** | $18112 | $24290 | $18318 | $11935 | $18562 |
| **05/21** | $18280 | $24401 | $18462 | $11974 | $18714 |
| **06/21** | $18483 | $25002 | $18716 | $12058 | $18970 |
| **07/21** | $18596 | $25425 | $18898 | $12193 | $19159 |
| **08/21** | $18948 | $26150 | $19213 | $12170 | $19483 |
| **09/21** | $18333 | $24977 | $18630 | $12065 | $18908 |
| **10/21** | $18870 | $26666 | $19314 | $12061 | $19594 |
| **11/21** | $18489 | $26260 | $19057 | $12097 | $19310 |
| **12/21** | $19052 | $27294 | $19532 | $12066 | $19826 |
| **01/22** | $18361 | $25688 | $18696 | $11806 | $18967 |
| **02/22** | $17911 | $25041 | $18327 | $11674 | $18597 |
| **03/22** | $17934 | $25854 | $18438 | $11350 | $18729 |
| **04/22** | $16730 | $23533 | $17195 | $10919 | $17473 |
| **05/22** | $16821 | $23502 | $17239 | $10990 | $17515 |
| **06/22** | $15630 | $21536 | $16205 | $10817 | $16400 |
| **07/22** | $16546 | $23556 | $17183 | $11082 | $17428 |
| **08/22** | $16009 | $22677 | $16612 | $10768 | $16846 |
| **09/22** | $14679 | $20574 | $15338 | $10303 | $15562 |
| **10/22** | $15329 | $22261 | $15959 | $10170 | $16237 |
| **11/22** | $16233 | $23423 | $16876 | $10544 | $17161 |
| **12/22** | $15647 | $22052 | $16346 | $10496 | $16632 |
| **01/23** | $16590 | $23571 | $17282 | $10819 | $17594 |
| **02/23** | $16063 | $23020 | $16834 | $10539 | $17159 |
| **03/23** | $16535 | $23635 | $17276 | $10807 | $17592 |
| **04/23** | $16728 | $23887 | $17447 | $10873 | $17777 |
| **05/23** | $16647 | $23980 | $17323 | $10754 | $17643 |
| **06/23** | $17341 | $25618 | $18005 | $10716 | $18357 |
| **07/23** | $17754 | $26536 | $18435 | $10708 | $18810 |
| **08/23** | $17489 | $26024 | $18091 | $10640 | $18468 |
| **09/23** | $16811 | $24784 | $17413 | $10370 | $17794 |
| **10/23** | $16479 | $24127 | $16981 | $10206 | $17355 |
| **11/23** | $17674 | $26377 | $18269 | $10668 | $18672 |
| **12/23** | $18419 | $27776 | $19132 | $11076 | $19555 |
| **01/24** | $18536 | $28084 | $19190 | $11046 | $19623 |
| **02/24** | $19023 | $29604 | $19692 | $10890 | $20148 |
| **03/24** | $19471 | $30559 | $20163 | $10991 | $20635 |
| **04/24** | $18882 | $29214 | $19491 | $10713 | $19969 |
| **05/24** | $19623 | $30594 | $20151 | $10895 | $20639 |
| **06/24** | $20037 | $31542 | $20532 | $10998 | $21013 |
| **07/24** | $20313 | $32128 | $20955 | $11255 | $21448 |
| **08/24** | $20743 | $32827 | $21375 | $11416 | $21885 |
| **09/24** | $21084 | $33506 | $21783 | $11569 | $22296 |
| **10/24** | $20618 | $33260 | $21346 | $11282 | $21865 |
| **11/24** | $21343 | $35473 | $22086 | $11402 | $22614 |
| **12/24** | $20872 | $34389 | $21569 | $11215 | $22100 |
| **01/25** | $21374 | $35474 | $22083 | $11274 | $22650 |
| **02/25** | $21339 | $34794 | $22091 | $11522 | $22647 |
| **03/25** | $20627 | $32765 | $21447 | $11527 | $21981 |
| **04/25** | $20717 | $32545 | $21519 | $11572 | $22066 |
| **05/25** | $21472 | $34608 | $22291 | $11489 | $22889 |
| **06/25** | $22403 | $36366 | $23091 | $11666 | $23702 |
| **07/25** | $22720 | $37167 | $23312 | $11635 | $23926 |
| **08/25** | $23243 | $38027 | $23794 | $11774 | $24432 |
| **09/25** | $23860 | $39339 | $24424 | $11903 | $25061 |
| **10/25** | $24291 | $40183 | $24819 | $11977 | $25448 |
| **11/25** | $24422 | $40293 | $24892 | $12052 | $25532 |
| **12/25** | $24468 | $40285 | $24988 | $12034 | $25650 |
| **01/26** | $24916 | $40910 | $25433 | $12047 | $26113 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional Class<sup>Footnote Reference(a)</sup> | 16.57 | 8.21 | 9.56 |
| Russell 3000<sup>®</sup> Index | 15.32 | 13.60 | 15.13 |
| 50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net) | 15.17 | 8.08 | 9.78 |
| Bloomberg U.S. Aggregate Bond Index | 6.85 | (0.20) | 1.88 |
| 49% Russell 3000<sup>®</sup> Index, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net) | 15.29 | 8.42 | 10.07 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark (50% Russell 3000<sup>®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 15% MSCI EAFE + Emerging Markets Index (Net)) is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark (49% Russell 3000 Index<sup>®</sup>, 28.5% Bloomberg U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg U.S. Corporate High-Yield Index, 4% MSCI Emerging Markets Index (Net)). The returns of the Former Blended Benchmark will be shown for a one-year transition period. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $1780561020 |
| **Total number of portfolio holdings** | 39 |
| **Management services fees (represents 0.03% of Fund average net assets)** | $554367 |
| **Portfolio turnover for the reporting period** | 22% |

---

Columbia Capital Allocation Moderate Aggressive Portfolio \| Institutional Class **\|** ASR126_08_(03/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| Columbia Bond Fund, Institutional 3 Class | 15.5% |
| Columbia Contrarian Core Fund, Institutional 3 Class | 12.4% |
| Columbia Cornerstone Equity Fund, Institutional 3 Class | 12.3% |
| Columbia Cornerstone Growth Fund, Institutional 3 Class | 11.6% |
| Columbia Intrinsic Value Fund, Institutional 3 Class | 11.1% |
| Columbia Overseas Core Fund, Institutional 3 Class | 10.3% |
| Columbia Select Corporate Income Fund, Institutional 3 Class | 5.2% |
| Columbia High Yield Bond Fund, Institutional 3 Class | 3.5% |
| Columbia Quality Income Fund, Institutional 3 Class | 3.4% |
| Columbia Research Enhanced Emerging Economies ETF | 2.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Equity Funds | 62.3% |
| Fixed Income Funds | 31.3% |
| Exchange-Traded Equity Funds | 2.8% |
| Money Market Funds | 2.0% |
| Alternative Strategies Funds | 1.0% |

---

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

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.© 2026 Columbia Threadneedle. All rights reserved.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g117810ic2ef25a2415571abe88a.jpg)

Columbia Capital Allocation Moderate Aggressive Portfolio \| Institutional Class **\|** ASR126_08_(03/26) \|

# Columbia Capital Allocation Moderate Conservative Portfolio
Class A \| NLGAX

![Image](g117810i7bce3e2e78dce229144f.jpg)

## Annual Shareholder Report \| January 31, 2026
This annual shareholder report contains important information about Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $46 | 0.43% |

---

## Management's Discussion of Fund Performance
The performance of Class A shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| An overweight to equities versus the Fund's blended benchmark supported results, driven primarily through an overweight to international equity. Within fixed income, an underweight to core fixed income contributed positively. Cash was used to fund the overweight to equities, which also contributed positively to relative results.

**Style decisions** \| Within equities, exposure to developed international markets supported results. Within fixed income, the Fund's underlying high-yield holdings outperformed the benchmark's credit selection, which contributed positively to relative performance.

**Selection** \| Within equities, strong results from Columbia Small Cap Growth Fund and Columbia Overseas Core Fund contributed to the Fund's relative performance. Within fixed income, performance from Columbia Quality Income Fund and Columbia Bond Fund added to relative performance.

### Top Performance Detractors
**Asset allocation** \| The Fund's overweight to high yield detracted from relative performance during the period, despite the positive impact of the Fund's style decisions within high yield.

**Selection** \| Within equities, weaker performance from Columbia Cornerstone Equity Fund and Columbia Select Small Cap Value Fund detracted from the Fund's relative performance.

Columbia Capital Allocation Moderate Conservative Portfolio \| Class A **\|** ASR127_01_(03/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class A shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g117810i971ba9588ef3d259de80.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Capital Allocation Moderate Conservative Portfolio Class A (including sales charges) ($16699)** | **Bloomberg U.S. Aggregate Bond Index ($12047)** | **60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net) ($19188)** | **Russell 3000<sup>®</sup> Index ($40910)** | **55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index ($18532)** |
| **01/16** | $9424 | $10000 | $10000 | $10000 | $10000 |
| **02/16** | $9424 | $10071 | $10027 | $9997 | $10025 |
| **03/16** | $9775 | $10163 | $10374 | $10701 | $10338 |
| **04/16** | $9858 | $10202 | $10442 | $10767 | $10422 |
| **05/16** | $9905 | $10205 | $10483 | $10960 | $10467 |
| **06/16** | $9942 | $10388 | $10585 | $10982 | $10549 |
| **07/16** | $10133 | $10454 | $10805 | $11418 | $10756 |
| **08/16** | $10152 | $10442 | $10813 | $11447 | $10768 |
| **09/16** | $10170 | $10436 | $10827 | $11465 | $10784 |
| **10/16** | $10046 | $10356 | $10692 | $11217 | $10659 |
| **11/16** | $10027 | $10111 | $10655 | $11719 | $10622 |
| **12/16** | $10116 | $10125 | $10754 | $11948 | $10726 |
| **01/17** | $10222 | $10145 | $10866 | $12173 | $10826 |
| **02/17** | $10376 | $10213 | $11051 | $12625 | $10992 |
| **03/17** | $10423 | $10208 | $11079 | $12634 | $11017 |
| **04/17** | $10539 | $10287 | $11193 | $12768 | $11126 |
| **05/17** | $10665 | $10366 | $11318 | $12898 | $11244 |
| **06/17** | $10686 | $10356 | $11343 | $13015 | $11264 |
| **07/17** | $10823 | $10400 | $11478 | $13260 | $11381 |
| **08/17** | $10891 | $10493 | $11553 | $13286 | $11443 |
| **09/17** | $10966 | $10444 | $11624 | $13610 | $11516 |
| **10/17** | $11044 | $10450 | $11728 | $13907 | $11604 |
| **11/17** | $11142 | $10436 | $11836 | $14329 | $11697 |
| **12/17** | $11226 | $10484 | $11929 | $14472 | $11777 |
| **01/18** | $11427 | $10363 | $12105 | $15235 | $11920 |
| **02/18** | $11156 | $10265 | $11848 | $14674 | $11691 |
| **03/18** | $11118 | $10331 | $11800 | $14379 | $11650 |
| **04/18** | $11098 | $10254 | $11779 | $14434 | $11641 |
| **05/18** | $11188 | $10327 | $11899 | $14841 | $11750 |
| **06/18** | $11154 | $10315 | $11890 | $14938 | $11752 |
| **07/18** | $11299 | $10317 | $12038 | $15434 | $11888 |
| **08/18** | $11392 | $10383 | $12186 | $15976 | $12023 |
| **09/18** | $11387 | $10317 | $12151 | $16002 | $11999 |
| **10/18** | $10980 | $10235 | $11725 | $14824 | $11623 |
| **11/18** | $11032 | $10296 | $11850 | $15121 | $11717 |
| **12/18** | $10708 | $10485 | $11599 | $13714 | $11492 |
| **01/19** | $11128 | $10597 | $12055 | $14891 | $11908 |
| **02/19** | $11267 | $10590 | $12201 | $15414 | $12051 |
| **03/19** | $11407 | $10794 | $12403 | $15640 | $12238 |
| **04/19** | $11580 | $10797 | $12586 | $16264 | $12407 |
| **05/19** | $11364 | $10988 | $12407 | $15212 | $12262 |
| **06/19** | $11726 | $11126 | $12836 | $16280 | $12650 |
| **07/19** | $11758 | $11151 | $12895 | $16522 | $12705 |
| **08/19** | $11769 | $11440 | $12975 | $16185 | $12794 |
| **09/19** | $11824 | $11379 | $13035 | $16469 | $12851 |
| **10/19** | $11945 | $11413 | $13192 | $16824 | $12988 |
| **11/19** | $12077 | $11407 | $13348 | $17463 | $13129 |
| **12/19** | $12209 | $11399 | $13518 | $17968 | $13274 |
| **01/20** | $12298 | $11619 | $13631 | $17948 | $13388 |
| **02/20** | $12007 | $11828 | $13335 | $16478 | $13120 |
| **03/20** | $11093 | $11758 | $12552 | $14212 | $12383 |
| **04/20** | $11712 | $11967 | $13275 | $16095 | $13030 |
| **05/20** | $12027 | $12023 | $13569 | $16955 | $13322 |
| **06/20** | $12229 | $12099 | $13776 | $17343 | $13494 |
| **07/20** | $12553 | $12279 | $14194 | $18328 | $13862 |
| **08/20** | $12796 | $12180 | $14493 | $19656 | $14131 |
| **09/20** | $12602 | $12173 | $14297 | $18940 | $13954 |
| **10/20** | $12439 | $12119 | $14136 | $18531 | $13794 |
| **11/20** | $13112 | $12238 | $14925 | $20785 | $14522 |
| **12/20** | $13402 | $12255 | $15222 | $21721 | $14777 |
| **01/21** | $13343 | $12167 | $15141 | $21624 | $14689 |
| **02/21** | $13450 | $11991 | $15178 | $22300 | $14722 |
| **03/21** | $13608 | $11842 | $15243 | $23099 | $14789 |
| **04/21** | $13881 | $11935 | $15594 | $24290 | $15100 |
| **05/21** | $13976 | $11974 | $15692 | $24401 | $15191 |
| **06/21** | $14075 | $12058 | $15863 | $25002 | $15342 |
| **07/21** | $14211 | $12193 | $16022 | $25425 | $15517 |
| **08/21** | $14372 | $12170 | $16173 | $26150 | $15644 |
| **09/21** | $14048 | $12065 | $15819 | $24977 | $15346 |
| **10/21** | $14246 | $12061 | $16169 | $26666 | $15646 |
| **11/21** | $14110 | $12097 | $16052 | $26260 | $15537 |
| **12/21** | $14368 | $12066 | $16282 | $27294 | $15759 |
| **01/22** | $13941 | $11806 | $15721 | $25688 | $15242 |
| **02/22** | $13695 | $11674 | $15463 | $25041 | $15016 |
| **03/22** | $13531 | $11350 | $15351 | $25854 | $14912 |
| **04/22** | $12817 | $10919 | $14493 | $23533 | $14140 |
| **05/22** | $12882 | $10990 | $14553 | $23502 | $14197 |
| **06/22** | $12255 | $10817 | $13928 | $21536 | $13603 |
| **07/22** | $12797 | $11082 | $14570 | $23556 | $14218 |
| **08/22** | $12431 | $10768 | $14114 | $22677 | $13782 |
| **09/22** | $11622 | $10303 | $13213 | $20574 | $12980 |
| **10/22** | $11839 | $10170 | $13470 | $22261 | $13243 |
| **11/22** | $12396 | $10544 | $14145 | $23423 | $13842 |
| **12/22** | $12110 | $10496 | $13852 | $22052 | $13596 |
| **01/23** | $12701 | $10819 | $14506 | $23571 | $14197 |
| **02/23** | $12344 | $10539 | $14129 | $23020 | $13875 |
| **03/23** | $12676 | $10807 | $14495 | $23635 | $14207 |
| **04/23** | $12800 | $10873 | $14618 | $23887 | $14339 |
| **05/23** | $12662 | $10754 | $14488 | $23980 | $14210 |
| **06/23** | $12915 | $10716 | $14817 | $25618 | $14506 |
| **07/23** | $13084 | $10708 | $15031 | $26536 | $14690 |
| **08/23** | $12957 | $10640 | $14818 | $26024 | $14519 |
| **09/23** | $12548 | $10370 | $14334 | $24784 | $14085 |
| **10/23** | $12294 | $10206 | $14027 | $24127 | $13809 |
| **11/23** | $13044 | $10668 | $14925 | $26377 | $14638 |
| **12/23** | $13563 | $11076 | $15578 | $27776 | $15249 |
| **01/24** | $13620 | $11046 | $15588 | $28084 | $15281 |
| **02/24** | $13734 | $10890 | $15751 | $29604 | $15406 |
| **03/24** | $13970 | $10991 | $16039 | $30559 | $15672 |
| **04/24** | $13581 | $10713 | $15557 | $29214 | $15234 |
| **05/24** | $13984 | $10895 | $15981 | $30594 | $15628 |
| **06/24** | $14184 | $10998 | $16221 | $31542 | $15824 |
| **07/24** | $14459 | $11255 | $16573 | $32128 | $16165 |
| **08/24** | $14735 | $11416 | $16870 | $32827 | $16448 |
| **09/24** | $14956 | $11569 | $17155 | $33506 | $16688 |
| **10/24** | $14591 | $11282 | $16774 | $33260 | $16344 |
| **11/24** | $14927 | $11402 | $17190 | $35473 | $16726 |
| **12/24** | $14627 | $11215 | $16836 | $34389 | $16407 |
| **01/25** | $14863 | $11274 | $17118 | $35474 | $16681 |
| **02/25** | $14981 | $11522 | $17271 | $34794 | $16839 |
| **03/25** | $14712 | $11527 | $16972 | $32765 | $16576 |
| **04/25** | $14786 | $11572 | $17038 | $32545 | $16654 |
| **05/25** | $15038 | $11489 | $17365 | $34608 | $16947 |
| **06/25** | $15487 | $11666 | $17849 | $36366 | $17366 |
| **07/25** | $15577 | $11635 | $17932 | $37167 | $17425 |
| **08/25** | $15893 | $11774 | $18244 | $38027 | $17725 |
| **09/25** | $16209 | $11903 | $18618 | $39339 | $18032 |
| **10/25** | $16405 | $11977 | $18848 | $40183 | $18219 |
| **11/25** | $16481 | $12052 | $18926 | $40293 | $18312 |
| **12/25** | $16500 | $12034 | $18965 | $40285 | $18353 |
| **01/26** | $16699 | $12047 | $19188 | $40910 | $18532 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class A (excluding sales charges)<sup>Footnote Reference(a)</sup> | 12.35 | 4.59 | 5.89 |
| Class A (including sales charges)<sup>Footnote Reference(a)</sup> | 5.94 | 3.35 | 5.26 |
| Bloomberg U.S. Aggregate Bond Index | 6.85 | (0.20) | 1.88 |
| 60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net) | 12.09 | 4.85 | 6.73 |
| Russell 3000<sup>®</sup> Index | 15.32 | 13.60 | 15.13 |
| 55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index | 11.09 | 4.76 | 6.36 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark (60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net)) is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark (55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index). The returns of the Former Blended Benchmark will be shown for a one-year transition period. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $334050047 |
| **Total number of portfolio holdings** | 40 |
| **Management services fees (represents 0.05% of Fund average net assets)** | $157049 |
| **Portfolio turnover for the reporting period** | 25% |

---

Columbia Capital Allocation Moderate Conservative Portfolio \| Class A **\|** ASR127_01_(03/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| Columbia Bond Fund, Institutional 3 Class | 23.5% |
| Columbia Select Corporate Income Fund, Institutional 3 Class | 10.4% |
| Columbia Cornerstone Equity Fund, Institutional 3 Class | 7.5% |
| Columbia Contrarian Core Fund, Institutional 3 Class | 7.4% |
| Columbia Disciplined Core Fund, Institutional 3 Class | 7.3% |
| Columbia Quality Income Fund, Institutional 3 Class | 7.0% |
| Columbia Overseas Core Fund, Institutional 3 Class | 6.7% |
| Columbia U.S. Treasury Index Fund, Institutional 3 Class | 6.0% |
| Columbia High Yield Bond Fund, Institutional 3 Class | 6.0% |
| Columbia Cornerstone Growth Fund, Institutional 3 Class | 3.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 55.9% |
| Equity Funds | 37.9% |
| Money Market Funds | 3.8% |
| Exchange-Traded Equity Funds | 1.9% |

---

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

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.© 2026 Columbia Threadneedle. All rights reserved.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g117810ic2ef25a2415571abe88a.jpg)

Columbia Capital Allocation Moderate Conservative Portfolio \| Class A **\|** ASR127_01_(03/26) \|

# Columbia Capital Allocation Moderate Conservative Portfolio
Class C \| NIICX

![Image](g117810i7bce3e2e78dce229144f.jpg)

## Annual Shareholder Report \| January 31, 2026
This annual shareholder report contains important information about Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $125 | 1.18% |

---

## Management's Discussion of Fund Performance
The performance of Class C shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| An overweight to equities versus the Fund's blended benchmark supported results, driven primarily through an overweight to international equity. Within fixed income, an underweight to core fixed income contributed positively. Cash was used to fund the overweight to equities, which also contributed positively to relative results.

**Style decisions** \| Within equities, exposure to developed international markets supported results. Within fixed income, the Fund's underlying high-yield holdings outperformed the benchmark's credit selection, which contributed positively to relative performance.

**Selection** \| Within equities, strong results from Columbia Small Cap Growth Fund and Columbia Overseas Core Fund contributed to the Fund's relative performance. Within fixed income, performance from Columbia Quality Income Fund and Columbia Bond Fund added to relative performance.

### Top Performance Detractors
**Asset allocation** \| The Fund's overweight to high yield detracted from relative performance during the period, despite the positive impact of the Fund's style decisions within high yield.

**Selection** \| Within equities, weaker performance from Columbia Cornerstone Equity Fund and Columbia Select Small Cap Value Fund detracted from the Fund's relative performance.

Columbia Capital Allocation Moderate Conservative Portfolio \| Class C **\|** ASR127_04_(03/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class C shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g117810i4132543f62b3d29ee427.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Capital Allocation Moderate Conservative Portfolio Class C (including sales charges) ($16448)** | **Bloomberg U.S. Aggregate Bond Index ($12047)** | **60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net) ($19188)** | **Russell 3000<sup>®</sup> Index ($40910)** | **55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index ($18532)** |
| **01/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **02/16** | $10000 | $10071 | $10027 | $9997 | $10025 |
| **03/16** | $10368 | $10163 | $10374 | $10701 | $10338 |
| **04/16** | $10448 | $10202 | $10442 | $10767 | $10422 |
| **05/16** | $10488 | $10205 | $10483 | $10960 | $10467 |
| **06/16** | $10528 | $10388 | $10585 | $10982 | $10549 |
| **07/16** | $10723 | $10454 | $10805 | $11418 | $10756 |
| **08/16** | $10733 | $10442 | $10813 | $11447 | $10768 |
| **09/16** | $10742 | $10436 | $10827 | $11465 | $10784 |
| **10/16** | $10609 | $10356 | $10692 | $11217 | $10659 |
| **11/16** | $10579 | $10111 | $10655 | $11719 | $10622 |
| **12/16** | $10664 | $10125 | $10754 | $11948 | $10726 |
| **01/17** | $10767 | $10145 | $10866 | $12173 | $10826 |
| **02/17** | $10932 | $10213 | $11051 | $12625 | $10992 |
| **03/17** | $10971 | $10208 | $11079 | $12634 | $11017 |
| **04/17** | $11085 | $10287 | $11193 | $12768 | $11126 |
| **05/17** | $11209 | $10366 | $11318 | $12898 | $11244 |
| **06/17** | $11220 | $10356 | $11343 | $13015 | $11264 |
| **07/17** | $11366 | $10400 | $11478 | $13260 | $11381 |
| **08/17** | $11428 | $10493 | $11553 | $13286 | $11443 |
| **09/17** | $11496 | $10444 | $11624 | $13610 | $11516 |
| **10/17** | $11569 | $10450 | $11728 | $13907 | $11604 |
| **11/17** | $11673 | $10436 | $11836 | $14329 | $11697 |
| **12/17** | $11751 | $10484 | $11929 | $14472 | $11777 |
| **01/18** | $11943 | $10363 | $12105 | $15235 | $11920 |
| **02/18** | $11666 | $10265 | $11848 | $14674 | $11691 |
| **03/18** | $11614 | $10331 | $11800 | $14379 | $11650 |
| **04/18** | $11582 | $10254 | $11779 | $14434 | $11641 |
| **05/18** | $11667 | $10327 | $11899 | $14841 | $11750 |
| **06/18** | $11630 | $10315 | $11890 | $14938 | $11752 |
| **07/18** | $11773 | $10317 | $12038 | $15434 | $11888 |
| **08/18** | $11861 | $10383 | $12186 | $15976 | $12023 |
| **09/18** | $11843 | $10317 | $12151 | $16002 | $11999 |
| **10/18** | $11414 | $10235 | $11725 | $14824 | $11623 |
| **11/18** | $11469 | $10296 | $11850 | $15121 | $11717 |
| **12/18** | $11127 | $10485 | $11599 | $13714 | $11492 |
| **01/19** | $11557 | $10597 | $12055 | $14891 | $11908 |
| **02/19** | $11682 | $10590 | $12201 | $15414 | $12051 |
| **03/19** | $11830 | $10794 | $12403 | $15640 | $12238 |
| **04/19** | $11989 | $10797 | $12586 | $16264 | $12407 |
| **05/19** | $11762 | $10988 | $12407 | $15212 | $12262 |
| **06/19** | $12142 | $11126 | $12836 | $16280 | $12650 |
| **07/19** | $12154 | $11151 | $12895 | $16522 | $12705 |
| **08/19** | $12165 | $11440 | $12975 | $16185 | $12794 |
| **09/19** | $12211 | $11379 | $13035 | $16469 | $12851 |
| **10/19** | $12326 | $11413 | $13192 | $16824 | $12988 |
| **11/19** | $12453 | $11407 | $13348 | $17463 | $13129 |
| **12/19** | $12591 | $11399 | $13518 | $17968 | $13274 |
| **01/20** | $12673 | $11619 | $13631 | $17948 | $13388 |
| **02/20** | $12356 | $11828 | $13335 | $16478 | $13120 |
| **03/20** | $11423 | $11758 | $12552 | $14212 | $12383 |
| **04/20** | $12045 | $11967 | $13275 | $16095 | $13030 |
| **05/20** | $12363 | $12023 | $13569 | $16955 | $13322 |
| **06/20** | $12563 | $12099 | $13776 | $17343 | $13494 |
| **07/20** | $12876 | $12279 | $14194 | $18328 | $13862 |
| **08/20** | $13118 | $12180 | $14493 | $19656 | $14131 |
| **09/20** | $12915 | $12173 | $14297 | $18940 | $13954 |
| **10/20** | $12746 | $12119 | $14136 | $18531 | $13794 |
| **11/20** | $13434 | $12238 | $14925 | $20785 | $14522 |
| **12/20** | $13711 | $12255 | $15222 | $21721 | $14777 |
| **01/21** | $13649 | $12167 | $15141 | $21624 | $14689 |
| **02/21** | $13735 | $11991 | $15178 | $22300 | $14722 |
| **03/21** | $13898 | $11842 | $15243 | $23099 | $14789 |
| **04/21** | $14169 | $11935 | $15594 | $24290 | $15100 |
| **05/21** | $14255 | $11974 | $15692 | $24401 | $15191 |
| **06/21** | $14343 | $12058 | $15863 | $25002 | $15342 |
| **07/21** | $14484 | $12193 | $16022 | $25425 | $15517 |
| **08/21** | $14625 | $12170 | $16173 | $26150 | $15644 |
| **09/21** | $14287 | $12065 | $15819 | $24977 | $15346 |
| **10/21** | $14492 | $12061 | $16169 | $26666 | $15646 |
| **11/21** | $14338 | $12097 | $16052 | $26260 | $15537 |
| **12/21** | $14590 | $12066 | $16282 | $27294 | $15759 |
| **01/22** | $14149 | $11806 | $15721 | $25688 | $15242 |
| **02/22** | $13895 | $11674 | $15463 | $25041 | $15016 |
| **03/22** | $13712 | $11350 | $15351 | $25854 | $14912 |
| **04/22** | $12976 | $10919 | $14493 | $23533 | $14140 |
| **05/22** | $13043 | $10990 | $14553 | $23502 | $14197 |
| **06/22** | $12398 | $10817 | $13928 | $21536 | $13603 |
| **07/22** | $12942 | $11082 | $14570 | $23556 | $14218 |
| **08/22** | $12552 | $10768 | $14114 | $22677 | $13782 |
| **09/22** | $11736 | $10303 | $13213 | $20574 | $12980 |
| **10/22** | $11945 | $10170 | $13470 | $22261 | $13243 |
| **11/22** | $12504 | $10544 | $14145 | $23423 | $13842 |
| **12/22** | $12200 | $10496 | $13852 | $22052 | $13596 |
| **01/23** | $12794 | $10819 | $14506 | $23571 | $14197 |
| **02/23** | $12426 | $10539 | $14129 | $23020 | $13875 |
| **03/23** | $12758 | $10807 | $14495 | $23635 | $14207 |
| **04/23** | $12871 | $10873 | $14618 | $23887 | $14339 |
| **05/23** | $12730 | $10754 | $14488 | $23980 | $14210 |
| **06/23** | $12978 | $10716 | $14817 | $25618 | $14506 |
| **07/23** | $13137 | $10708 | $15031 | $26536 | $14690 |
| **08/23** | $12993 | $10640 | $14818 | $26024 | $14519 |
| **09/23** | $12579 | $10370 | $14334 | $24784 | $14085 |
| **10/23** | $12319 | $10206 | $14027 | $24127 | $13809 |
| **11/23** | $13055 | $10668 | $14925 | $26377 | $14638 |
| **12/23** | $13575 | $11076 | $15578 | $27776 | $15249 |
| **01/24** | $13619 | $11046 | $15588 | $28084 | $15281 |
| **02/24** | $13721 | $10890 | $15751 | $29604 | $15406 |
| **03/24** | $13949 | $10991 | $16039 | $30559 | $15672 |
| **04/24** | $13554 | $10713 | $15557 | $29214 | $15234 |
| **05/24** | $13949 | $10895 | $15981 | $30594 | $15628 |
| **06/24** | $14141 | $10998 | $16221 | $31542 | $15824 |
| **07/24** | $14406 | $11255 | $16573 | $32128 | $16165 |
| **08/24** | $14671 | $11416 | $16870 | $32827 | $16448 |
| **09/24** | $14882 | $11569 | $17155 | $33506 | $16688 |
| **10/24** | $14513 | $11282 | $16774 | $33260 | $16344 |
| **11/24** | $14838 | $11402 | $17190 | $35473 | $16726 |
| **12/24** | $14521 | $11215 | $16836 | $34389 | $16407 |
| **01/25** | $14744 | $11274 | $17118 | $35474 | $16681 |
| **02/25** | $14864 | $11522 | $17271 | $34794 | $16839 |
| **03/25** | $14579 | $11527 | $16972 | $32765 | $16576 |
| **04/25** | $14654 | $11572 | $17038 | $32545 | $16654 |
| **05/25** | $14879 | $11489 | $17365 | $34608 | $16947 |
| **06/25** | $15319 | $11666 | $17849 | $36366 | $17366 |
| **07/25** | $15395 | $11635 | $17932 | $37167 | $17425 |
| **08/25** | $15698 | $11774 | $18244 | $38027 | $17725 |
| **09/25** | $16001 | $11903 | $18618 | $39339 | $18032 |
| **10/25** | $16184 | $11977 | $18848 | $40183 | $18219 |
| **11/25** | $16245 | $12052 | $18926 | $40293 | $18312 |
| **12/25** | $16263 | $12034 | $18965 | $40285 | $18353 |
| **01/26** | $16448 | $12047 | $19188 | $40910 | $18532 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class C (excluding sales charges)<sup>Footnote Reference(a)</sup> | 11.55 | 3.80 | 5.10 |
| Class C (including sales charges)<sup>Footnote Reference(a)</sup> | 10.55 | 3.80 | 5.10 |
| Bloomberg U.S. Aggregate Bond Index | 6.85 | (0.20) | 1.88 |
| 60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net) | 12.09 | 4.85 | 6.73 |
| Russell 3000<sup>®</sup> Index | 15.32 | 13.60 | 15.13 |
| 55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index | 11.09 | 4.76 | 6.36 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark (60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net)) is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark (55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index). The returns of the Former Blended Benchmark will be shown for a one-year transition period. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $334050047 |
| **Total number of portfolio holdings** | 40 |
| **Management services fees (represents 0.05% of Fund average net assets)** | $157049 |
| **Portfolio turnover for the reporting period** | 25% |

---

Columbia Capital Allocation Moderate Conservative Portfolio \| Class C **\|** ASR127_04_(03/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| Columbia Bond Fund, Institutional 3 Class | 23.5% |
| Columbia Select Corporate Income Fund, Institutional 3 Class | 10.4% |
| Columbia Cornerstone Equity Fund, Institutional 3 Class | 7.5% |
| Columbia Contrarian Core Fund, Institutional 3 Class | 7.4% |
| Columbia Disciplined Core Fund, Institutional 3 Class | 7.3% |
| Columbia Quality Income Fund, Institutional 3 Class | 7.0% |
| Columbia Overseas Core Fund, Institutional 3 Class | 6.7% |
| Columbia U.S. Treasury Index Fund, Institutional 3 Class | 6.0% |
| Columbia High Yield Bond Fund, Institutional 3 Class | 6.0% |
| Columbia Cornerstone Growth Fund, Institutional 3 Class | 3.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 55.9% |
| Equity Funds | 37.9% |
| Money Market Funds | 3.8% |
| Exchange-Traded Equity Funds | 1.9% |

---

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

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.© 2026 Columbia Threadneedle. All rights reserved.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g117810ic2ef25a2415571abe88a.jpg)

Columbia Capital Allocation Moderate Conservative Portfolio \| Class C **\|** ASR127_04_(03/26) \|

# Columbia Capital Allocation Moderate Conservative Portfolio
Class R \| CLIRX

![Image](g117810i7bce3e2e78dce229144f.jpg)

## Annual Shareholder Report \| January 31, 2026
This annual shareholder report contains important information about Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class R | $73 | 0.69% |

---

## Management's Discussion of Fund Performance
The performance of Class R shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| An overweight to equities versus the Fund's blended benchmark supported results, driven primarily through an overweight to international equity. Within fixed income, an underweight to core fixed income contributed positively. Cash was used to fund the overweight to equities, which also contributed positively to relative results.

**Style decisions** \| Within equities, exposure to developed international markets supported results. Within fixed income, the Fund's underlying high-yield holdings outperformed the benchmark's credit selection, which contributed positively to relative performance.

**Selection** \| Within equities, strong results from Columbia Small Cap Growth Fund and Columbia Overseas Core Fund contributed to the Fund's relative performance. Within fixed income, performance from Columbia Quality Income Fund and Columbia Bond Fund added to relative performance.

### Top Performance Detractors
**Asset allocation** \| The Fund's overweight to high yield detracted from relative performance during the period, despite the positive impact of the Fund's style decisions within high yield.

**Selection** \| Within equities, weaker performance from Columbia Cornerstone Equity Fund and Columbia Select Small Cap Value Fund detracted from the Fund's relative performance.

Columbia Capital Allocation Moderate Conservative Portfolio \| Class R **\|** ASR127_12_(03/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Class R shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g117810i03f421267a236c8c1c82.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Capital Allocation Moderate Conservative Portfolio Class R ($17263)** | **Bloomberg U.S. Aggregate Bond Index ($12047)** | **60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net) ($19188)** | **Russell 3000<sup>®</sup> Index ($40910)** | **55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index ($18532)** |
| **01/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **02/16** | $10000 | $10071 | $10027 | $9997 | $10025 |
| **03/16** | $10365 | $10163 | $10374 | $10701 | $10338 |
| **04/16** | $10454 | $10202 | $10442 | $10767 | $10422 |
| **05/16** | $10493 | $10205 | $10483 | $10960 | $10467 |
| **06/16** | $10536 | $10388 | $10585 | $10982 | $10549 |
| **07/16** | $10738 | $10454 | $10805 | $11418 | $10756 |
| **08/16** | $10748 | $10442 | $10813 | $11447 | $10768 |
| **09/16** | $10771 | $10436 | $10827 | $11465 | $10784 |
| **10/16** | $10639 | $10356 | $10692 | $11217 | $10659 |
| **11/16** | $10609 | $10111 | $10655 | $11719 | $10622 |
| **12/16** | $10697 | $10125 | $10754 | $11948 | $10726 |
| **01/17** | $10809 | $10145 | $10866 | $12173 | $10826 |
| **02/17** | $10981 | $10213 | $11051 | $12625 | $10992 |
| **03/17** | $11024 | $10208 | $11079 | $12634 | $11017 |
| **04/17** | $11146 | $10287 | $11193 | $12768 | $11126 |
| **05/17** | $11269 | $10366 | $11318 | $12898 | $11244 |
| **06/17** | $11295 | $10356 | $11343 | $13015 | $11264 |
| **07/17** | $11439 | $10400 | $11478 | $13260 | $11381 |
| **08/17** | $11511 | $10493 | $11553 | $13286 | $11443 |
| **09/17** | $11583 | $10444 | $11624 | $13610 | $11516 |
| **10/17** | $11655 | $10450 | $11728 | $13907 | $11604 |
| **11/17** | $11769 | $10436 | $11836 | $14329 | $11697 |
| **12/17** | $11850 | $10484 | $11929 | $14472 | $11777 |
| **01/18** | $12051 | $10363 | $12105 | $15235 | $11920 |
| **02/18** | $11776 | $10265 | $11848 | $14674 | $11691 |
| **03/18** | $11718 | $10331 | $11800 | $14379 | $11650 |
| **04/18** | $11697 | $10254 | $11779 | $14434 | $11641 |
| **05/18** | $11792 | $10327 | $11899 | $14841 | $11750 |
| **06/18** | $11759 | $10315 | $11890 | $14938 | $11752 |
| **07/18** | $11912 | $10317 | $12038 | $15434 | $11888 |
| **08/18** | $11999 | $10383 | $12186 | $15976 | $12023 |
| **09/18** | $11997 | $10317 | $12151 | $16002 | $11999 |
| **10/18** | $11569 | $10235 | $11725 | $14824 | $11623 |
| **11/18** | $11624 | $10296 | $11850 | $15121 | $11717 |
| **12/18** | $11276 | $10485 | $11599 | $13714 | $11492 |
| **01/19** | $11717 | $10597 | $12055 | $14891 | $11908 |
| **02/19** | $11852 | $10590 | $12201 | $15414 | $12051 |
| **03/19** | $12003 | $10794 | $12403 | $15640 | $12238 |
| **04/19** | $12173 | $10797 | $12586 | $16264 | $12407 |
| **05/19** | $11947 | $10988 | $12407 | $15212 | $12262 |
| **06/19** | $12330 | $11126 | $12836 | $16280 | $12650 |
| **07/19** | $12365 | $11151 | $12895 | $16522 | $12705 |
| **08/19** | $12376 | $11440 | $12975 | $16185 | $12794 |
| **09/19** | $12426 | $11379 | $13035 | $16469 | $12851 |
| **10/19** | $12553 | $11413 | $13192 | $16824 | $12988 |
| **11/19** | $12680 | $11407 | $13348 | $17463 | $13129 |
| **12/19** | $12822 | $11399 | $13518 | $17968 | $13274 |
| **01/20** | $12916 | $11619 | $13631 | $17948 | $13388 |
| **02/20** | $12598 | $11828 | $13335 | $16478 | $13120 |
| **03/20** | $11644 | $11758 | $12552 | $14212 | $12383 |
| **04/20** | $12292 | $11967 | $13275 | $16095 | $13030 |
| **05/20** | $12622 | $12023 | $13569 | $16955 | $13322 |
| **06/20** | $12826 | $12099 | $13776 | $17343 | $13494 |
| **07/20** | $13165 | $12279 | $14194 | $18328 | $13862 |
| **08/20** | $13408 | $12180 | $14493 | $19656 | $14131 |
| **09/20** | $13208 | $12173 | $14297 | $18940 | $13954 |
| **10/20** | $13038 | $12119 | $14136 | $18531 | $13794 |
| **11/20** | $13743 | $12238 | $14925 | $20785 | $14522 |
| **12/20** | $14037 | $12255 | $15222 | $21721 | $14777 |
| **01/21** | $13976 | $12167 | $15141 | $21624 | $14689 |
| **02/21** | $14087 | $11991 | $15178 | $22300 | $14722 |
| **03/21** | $14244 | $11842 | $15243 | $23099 | $14789 |
| **04/21** | $14529 | $11935 | $15594 | $24290 | $15100 |
| **05/21** | $14628 | $11974 | $15692 | $24401 | $15191 |
| **06/21** | $14722 | $12058 | $15863 | $25002 | $15342 |
| **07/21** | $14864 | $12193 | $16022 | $25425 | $15517 |
| **08/21** | $15032 | $12170 | $16173 | $26150 | $15644 |
| **09/21** | $14684 | $12065 | $15819 | $24977 | $15346 |
| **10/21** | $14904 | $12061 | $16169 | $26666 | $15646 |
| **11/21** | $14749 | $12097 | $16052 | $26260 | $15537 |
| **12/21** | $15009 | $12066 | $16282 | $27294 | $15759 |
| **01/22** | $14563 | $11806 | $15721 | $25688 | $15242 |
| **02/22** | $14307 | $11674 | $15463 | $25041 | $15016 |
| **03/22** | $14127 | $11350 | $15351 | $25854 | $14912 |
| **04/22** | $13383 | $10919 | $14493 | $23533 | $14140 |
| **05/22** | $13451 | $10990 | $14553 | $23502 | $14197 |
| **06/22** | $12788 | $10817 | $13928 | $21536 | $13603 |
| **07/22** | $13352 | $11082 | $14570 | $23556 | $14218 |
| **08/22** | $12958 | $10768 | $14114 | $22677 | $13782 |
| **09/22** | $12121 | $10303 | $13213 | $20574 | $12980 |
| **10/22** | $12347 | $10170 | $13470 | $22261 | $13243 |
| **11/22** | $12927 | $10544 | $14145 | $23423 | $13842 |
| **12/22** | $12621 | $10496 | $13852 | $22052 | $13596 |
| **01/23** | $13236 | $10819 | $14506 | $23571 | $14197 |
| **02/23** | $12864 | $10539 | $14129 | $23020 | $13875 |
| **03/23** | $13216 | $10807 | $14495 | $23635 | $14207 |
| **04/23** | $13331 | $10873 | $14618 | $23887 | $14339 |
| **05/23** | $13187 | $10754 | $14488 | $23980 | $14210 |
| **06/23** | $13456 | $10716 | $14817 | $25618 | $14506 |
| **07/23** | $13617 | $10708 | $15031 | $26536 | $14690 |
| **08/23** | $13486 | $10640 | $14818 | $26024 | $14519 |
| **09/23** | $13053 | $10370 | $14334 | $24784 | $14085 |
| **10/23** | $12788 | $10206 | $14027 | $24127 | $13809 |
| **11/23** | $13567 | $10668 | $14925 | $26377 | $14638 |
| **12/23** | $14112 | $11076 | $15578 | $27776 | $15249 |
| **01/24** | $14156 | $11046 | $15588 | $28084 | $15281 |
| **02/24** | $14275 | $10890 | $15751 | $29604 | $15406 |
| **03/24** | $14510 | $10991 | $16039 | $30559 | $15672 |
| **04/24** | $14107 | $10713 | $15557 | $29214 | $15234 |
| **05/24** | $14525 | $10895 | $15981 | $30594 | $15628 |
| **06/24** | $14738 | $10998 | $16221 | $31542 | $15824 |
| **07/24** | $15009 | $11255 | $16573 | $32128 | $16165 |
| **08/24** | $15294 | $11416 | $16870 | $32827 | $16448 |
| **09/24** | $15514 | $11569 | $17155 | $33506 | $16688 |
| **10/24** | $15136 | $11282 | $16774 | $33260 | $16344 |
| **11/24** | $15498 | $11402 | $17190 | $35473 | $16726 |
| **12/24** | $15178 | $11215 | $16836 | $34389 | $16407 |
| **01/25** | $15407 | $11274 | $17118 | $35474 | $16681 |
| **02/25** | $15529 | $11522 | $17271 | $34794 | $16839 |
| **03/25** | $15257 | $11527 | $16972 | $32765 | $16576 |
| **04/25** | $15334 | $11572 | $17038 | $32545 | $16654 |
| **05/25** | $15579 | $11489 | $17365 | $34608 | $16947 |
| **06/25** | $16049 | $11666 | $17849 | $36366 | $17366 |
| **07/25** | $16126 | $11635 | $17932 | $37167 | $17425 |
| **08/25** | $16453 | $11774 | $18244 | $38027 | $17725 |
| **09/25** | $16784 | $11903 | $18618 | $39339 | $18032 |
| **10/25** | $16987 | $11977 | $18848 | $40183 | $18219 |
| **11/25** | $17050 | $12052 | $18926 | $40293 | $18312 |
| **12/25** | $17074 | $12034 | $18965 | $40285 | $18353 |
| **01/26** | $17263 | $12047 | $19188 | $40910 | $18532 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class R<sup>Footnote Reference(a)</sup> | 12.05 | 4.32 | 5.61 |
| Bloomberg U.S. Aggregate Bond Index | 6.85 | (0.20) | 1.88 |
| 60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net) | 12.09 | 4.85 | 6.73 |
| Russell 3000<sup>®</sup> Index | 15.32 | 13.60 | 15.13 |
| 55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index | 11.09 | 4.76 | 6.36 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark (60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net)) is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark (55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index). The returns of the Former Blended Benchmark will be shown for a one-year transition period. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $334050047 |
| **Total number of portfolio holdings** | 40 |
| **Management services fees (represents 0.05% of Fund average net assets)** | $157049 |
| **Portfolio turnover for the reporting period** | 25% |

---

Columbia Capital Allocation Moderate Conservative Portfolio \| Class R **\|** ASR127_12_(03/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| Columbia Bond Fund, Institutional 3 Class | 23.5% |
| Columbia Select Corporate Income Fund, Institutional 3 Class | 10.4% |
| Columbia Cornerstone Equity Fund, Institutional 3 Class | 7.5% |
| Columbia Contrarian Core Fund, Institutional 3 Class | 7.4% |
| Columbia Disciplined Core Fund, Institutional 3 Class | 7.3% |
| Columbia Quality Income Fund, Institutional 3 Class | 7.0% |
| Columbia Overseas Core Fund, Institutional 3 Class | 6.7% |
| Columbia U.S. Treasury Index Fund, Institutional 3 Class | 6.0% |
| Columbia High Yield Bond Fund, Institutional 3 Class | 6.0% |
| Columbia Cornerstone Growth Fund, Institutional 3 Class | 3.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 55.9% |
| Equity Funds | 37.9% |
| Money Market Funds | 3.8% |
| Exchange-Traded Equity Funds | 1.9% |

---

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

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.© 2026 Columbia Threadneedle. All rights reserved.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g117810ic2ef25a2415571abe88a.jpg)

Columbia Capital Allocation Moderate Conservative Portfolio \| Class R **\|** ASR127_12_(03/26) \|

# Columbia Capital Allocation Moderate Conservative Portfolio
Institutional Class \| NIPAX

![Image](g117810i7bce3e2e78dce229144f.jpg)

## Annual Shareholder Report \| January 31, 2026
This annual shareholder report contains important information about Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) for the period of February 1, 2025 to January 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $19 | 0.18% |

---

## Management's Discussion of Fund Performance
The performance of Institutional Class shares for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Asset allocation** \| An overweight to equities versus the Fund's blended benchmark supported results, driven primarily through an overweight to international equity. Within fixed income, an underweight to core fixed income contributed positively. Cash was used to fund the overweight to equities, which also contributed positively to relative results.

**Style decisions** \| Within equities, exposure to developed international markets supported results. Within fixed income, the Fund's underlying high-yield holdings outperformed the benchmark's credit selection, which contributed positively to relative performance.

**Selection** \| Within equities, strong results from Columbia Small Cap Growth Fund and Columbia Overseas Core Fund contributed to the Fund's relative performance. Within fixed income, performance from Columbia Quality Income Fund and Columbia Bond Fund added to relative performance.

### Top Performance Detractors
**Asset allocation** \| The Fund's overweight to high yield detracted from relative performance during the period, despite the positive impact of the Fund's style decisions within high yield.

**Selection** \| Within equities, weaker performance from Columbia Cornerstone Equity Fund and Columbia Select Small Cap Value Fund detracted from the Fund's relative performance.

Columbia Capital Allocation Moderate Conservative Portfolio \| Institutional Class **\|** ASR127_08_(03/26) \|

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional Class shares of the Fund during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](g117810ifabc2a122882260ee4af.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Columbia Capital Allocation Moderate Conservative Portfolio Institutional Class ($18160)** | **Bloomberg U.S. Aggregate Bond Index ($12047)** | **60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net) ($19188)** | **Russell 3000<sup>®</sup> Index ($40910)** | **55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index ($18532)** |
| **01/16** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **02/16** | $10010 | $10071 | $10027 | $9997 | $10025 |
| **03/16** | $10383 | $10163 | $10374 | $10701 | $10338 |
| **04/16** | $10474 | $10202 | $10442 | $10767 | $10422 |
| **05/16** | $10524 | $10205 | $10483 | $10960 | $10467 |
| **06/16** | $10571 | $10388 | $10585 | $10982 | $10549 |
| **07/16** | $10776 | $10454 | $10805 | $11418 | $10756 |
| **08/16** | $10786 | $10442 | $10813 | $11447 | $10768 |
| **09/16** | $10813 | $10436 | $10827 | $11465 | $10784 |
| **10/16** | $10689 | $10356 | $10692 | $11217 | $10659 |
| **11/16** | $10668 | $10111 | $10655 | $11719 | $10622 |
| **12/16** | $10761 | $10125 | $10754 | $11948 | $10726 |
| **01/17** | $10875 | $10145 | $10866 | $12173 | $10826 |
| **02/17** | $11041 | $10213 | $11051 | $12625 | $10992 |
| **03/17** | $11088 | $10208 | $11079 | $12634 | $11017 |
| **04/17** | $11224 | $10287 | $11193 | $12768 | $11126 |
| **05/17** | $11349 | $10366 | $11318 | $12898 | $11244 |
| **06/17** | $11379 | $10356 | $11343 | $13015 | $11264 |
| **07/17** | $11527 | $10400 | $11478 | $13260 | $11381 |
| **08/17** | $11611 | $10493 | $11553 | $13286 | $11443 |
| **09/17** | $11688 | $10444 | $11624 | $13610 | $11516 |
| **10/17** | $11773 | $10450 | $11728 | $13907 | $11604 |
| **11/17** | $11879 | $10436 | $11836 | $14329 | $11697 |
| **12/17** | $11967 | $10484 | $11929 | $14472 | $11777 |
| **01/18** | $12184 | $10363 | $12105 | $15235 | $11920 |
| **02/18** | $11902 | $10265 | $11848 | $14674 | $11691 |
| **03/18** | $11857 | $10331 | $11800 | $14379 | $11650 |
| **04/18** | $11846 | $10254 | $11779 | $14434 | $11641 |
| **05/18** | $11944 | $10327 | $11899 | $14841 | $11750 |
| **06/18** | $11914 | $10315 | $11890 | $14938 | $11752 |
| **07/18** | $12072 | $10317 | $12038 | $15434 | $11888 |
| **08/18** | $12173 | $10383 | $12186 | $15976 | $12023 |
| **09/18** | $12163 | $10317 | $12151 | $16002 | $11999 |
| **10/18** | $11734 | $10235 | $11725 | $14824 | $11623 |
| **11/18** | $11790 | $10296 | $11850 | $15121 | $11717 |
| **12/18** | $11447 | $10485 | $11599 | $13714 | $11492 |
| **01/19** | $11902 | $10597 | $12055 | $14891 | $11908 |
| **02/19** | $12053 | $10590 | $12201 | $15414 | $12051 |
| **03/19** | $12201 | $10794 | $12403 | $15640 | $12238 |
| **04/19** | $12388 | $10797 | $12586 | $16264 | $12407 |
| **05/19** | $12154 | $10988 | $12407 | $15212 | $12262 |
| **06/19** | $12554 | $11126 | $12836 | $16280 | $12650 |
| **07/19** | $12590 | $11151 | $12895 | $16522 | $12705 |
| **08/19** | $12614 | $11440 | $12975 | $16185 | $12794 |
| **09/19** | $12670 | $11379 | $13035 | $16469 | $12851 |
| **10/19** | $12801 | $11413 | $13192 | $16824 | $12988 |
| **11/19** | $12932 | $11407 | $13348 | $17463 | $13129 |
| **12/19** | $13084 | $11399 | $13518 | $17968 | $13274 |
| **01/20** | $13182 | $11619 | $13631 | $17948 | $13388 |
| **02/20** | $12864 | $11828 | $13335 | $16478 | $13120 |
| **03/20** | $11902 | $11758 | $12552 | $14212 | $12383 |
| **04/20** | $12564 | $11967 | $13275 | $16095 | $13030 |
| **05/20** | $12907 | $12023 | $13569 | $16955 | $13322 |
| **06/20** | $13123 | $12099 | $13776 | $17343 | $13494 |
| **07/20** | $13477 | $12279 | $14194 | $18328 | $13862 |
| **08/20** | $13742 | $12180 | $14493 | $19656 | $14131 |
| **09/20** | $13526 | $12173 | $14297 | $18940 | $13954 |
| **10/20** | $13361 | $12119 | $14136 | $18531 | $13794 |
| **11/20** | $14083 | $12238 | $14925 | $20785 | $14522 |
| **12/20** | $14396 | $12255 | $15222 | $21721 | $14777 |
| **01/21** | $14344 | $12167 | $15141 | $21624 | $14689 |
| **02/21** | $14448 | $11991 | $15178 | $22300 | $14722 |
| **03/21** | $14617 | $11842 | $15243 | $23099 | $14789 |
| **04/21** | $14928 | $11935 | $15594 | $24290 | $15100 |
| **05/21** | $15032 | $11974 | $15692 | $24401 | $15191 |
| **06/21** | $15136 | $12058 | $15863 | $25002 | $15342 |
| **07/21** | $15286 | $12193 | $16022 | $25425 | $15517 |
| **08/21** | $15462 | $12170 | $16173 | $26150 | $15644 |
| **09/21** | $15117 | $12065 | $15819 | $24977 | $15346 |
| **10/21** | $15334 | $12061 | $16169 | $26666 | $15646 |
| **11/21** | $15198 | $12097 | $16052 | $26260 | $15537 |
| **12/21** | $15464 | $12066 | $16282 | $27294 | $15759 |
| **01/22** | $15023 | $11806 | $15721 | $25688 | $15242 |
| **02/22** | $14754 | $11674 | $15463 | $25041 | $15016 |
| **03/22** | $14582 | $11350 | $15351 | $25854 | $14912 |
| **04/22** | $13813 | $10919 | $14493 | $23533 | $14140 |
| **05/22** | $13885 | $10990 | $14553 | $23502 | $14197 |
| **06/22** | $13219 | $10817 | $13928 | $21536 | $13603 |
| **07/22** | $13800 | $11082 | $14570 | $23556 | $14218 |
| **08/22** | $13398 | $10768 | $14114 | $22677 | $13782 |
| **09/22** | $12531 | $10303 | $13213 | $20574 | $12980 |
| **10/22** | $12786 | $10170 | $13470 | $22261 | $13243 |
| **11/22** | $13369 | $10544 | $14145 | $23423 | $13842 |
| **12/22** | $13077 | $10496 | $13852 | $22052 | $13596 |
| **01/23** | $13713 | $10819 | $14506 | $23571 | $14197 |
| **02/23** | $13334 | $10539 | $14129 | $23020 | $13875 |
| **03/23** | $13694 | $10807 | $14495 | $23635 | $14207 |
| **04/23** | $13831 | $10873 | $14618 | $23887 | $14339 |
| **05/23** | $13694 | $10754 | $14488 | $23980 | $14210 |
| **06/23** | $13966 | $10716 | $14817 | $25618 | $14506 |
| **07/23** | $14152 | $10708 | $15031 | $26536 | $14690 |
| **08/23** | $14013 | $10640 | $14818 | $26024 | $14519 |
| **09/23** | $13571 | $10370 | $14334 | $24784 | $14085 |
| **10/23** | $13305 | $10206 | $14027 | $24127 | $13809 |
| **11/23** | $14117 | $10668 | $14925 | $26377 | $14638 |
| **12/23** | $14684 | $11076 | $15578 | $27776 | $15249 |
| **01/24** | $14747 | $11046 | $15588 | $28084 | $15281 |
| **02/24** | $14858 | $10890 | $15751 | $29604 | $15406 |
| **03/24** | $15127 | $10991 | $16039 | $30559 | $15672 |
| **04/24** | $14697 | $10713 | $15557 | $29214 | $15234 |
| **05/24** | $15143 | $10895 | $15981 | $30594 | $15628 |
| **06/24** | $15373 | $10998 | $16221 | $31542 | $15824 |
| **07/24** | $15678 | $11255 | $16573 | $32128 | $16165 |
| **08/24** | $15967 | $11416 | $16870 | $32827 | $16448 |
| **09/24** | $16206 | $11569 | $17155 | $33506 | $16688 |
| **10/24** | $15818 | $11282 | $16774 | $33260 | $16344 |
| **11/24** | $16206 | $11402 | $17190 | $35473 | $16726 |
| **12/24** | $15868 | $11215 | $16836 | $34389 | $16407 |
| **01/25** | $16129 | $11274 | $17118 | $35474 | $16681 |
| **02/25** | $16260 | $11522 | $17271 | $34794 | $16839 |
| **03/25** | $15972 | $11527 | $16972 | $32765 | $16576 |
| **04/25** | $16054 | $11572 | $17038 | $32545 | $16654 |
| **05/25** | $16334 | $11489 | $17365 | $34608 | $16947 |
| **06/25** | $16826 | $11666 | $17849 | $36366 | $17366 |
| **07/25** | $16926 | $11635 | $17932 | $37167 | $17425 |
| **08/25** | $17260 | $11774 | $18244 | $38027 | $17725 |
| **09/25** | $17621 | $11903 | $18618 | $39339 | $18032 |
| **10/25** | $17840 | $11977 | $18848 | $40183 | $18219 |
| **11/25** | $17907 | $12052 | $18926 | $40293 | $18312 |
| **12/25** | $17956 | $12034 | $18965 | $40285 | $18353 |
| **01/26** | $18160 | $12047 | $19188 | $40910 | $18532 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional Class<sup>Footnote Reference(a)</sup> | 12.59 | 4.83 | 6.15 |
| Bloomberg U.S. Aggregate Bond Index | 6.85 | (0.20) | 1.88 |
| 60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net) | 12.09 | 4.85 | 6.73 |
| Russell 3000<sup>®</sup> Index | 15.32 | 13.60 | 15.13 |
| 55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index | 11.09 | 4.76 | 6.36 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;On August 1, 2025, the Fund altered the composition of its Blended Benchmark. The New Blended Benchmark (60% Bloomberg U.S. Aggregate Bond Index, 30% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE + Emerging Markets Index (Net)) is designed to simplify the Blended Benchmark and provide a more appropriate Fund performance comparison than the Former Blended Benchmark (55.5% Bloomberg U.S. Aggregate Bond Index, 26% Russell 3000<sup>®</sup> Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg U.S. Corporate High-Yield Index). The returns of the Former Blended Benchmark will be shown for a one-year transition period. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/mutual-funds for more recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $334050047 |
| **Total number of portfolio holdings** | 40 |
| **Management services fees (represents 0.05% of Fund average net assets)** | $157049 |
| **Portfolio turnover for the reporting period** | 25% |

---

Columbia Capital Allocation Moderate Conservative Portfolio \| Institutional Class **\|** ASR127_08_(03/26) \|

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

### Top Holdings

---

| | |
|:---|:---|
| Columbia Bond Fund, Institutional 3 Class | 23.5% |
| Columbia Select Corporate Income Fund, Institutional 3 Class | 10.4% |
| Columbia Cornerstone Equity Fund, Institutional 3 Class | 7.5% |
| Columbia Contrarian Core Fund, Institutional 3 Class | 7.4% |
| Columbia Disciplined Core Fund, Institutional 3 Class | 7.3% |
| Columbia Quality Income Fund, Institutional 3 Class | 7.0% |
| Columbia Overseas Core Fund, Institutional 3 Class | 6.7% |
| Columbia U.S. Treasury Index Fund, Institutional 3 Class | 6.0% |
| Columbia High Yield Bond Fund, Institutional 3 Class | 6.0% |
| Columbia Cornerstone Growth Fund, Institutional 3 Class | 3.2% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Fixed Income Funds | 55.9% |
| Equity Funds | 37.9% |
| Money Market Funds | 3.8% |
| Exchange-Traded Equity Funds | 1.9% |

---

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

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.© 2026 Columbia Threadneedle. All rights reserved.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g117810ic2ef25a2415571abe88a.jpg)

Columbia Capital Allocation Moderate Conservative Portfolio \| Institutional Class **\|** ASR127_08_(03/26) \|

------

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the "Code") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett, Mr. Amrit Kanwal and Sandra L. Yeager qualify as "audit committee financial experts," as such term is defined in Form N-CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett, Mr. Kanwal and Ms. Yeager, are also each "independent" members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amount billed to the registrant ($)** | **Amount billed to the registrant ($)** | **Amount billed to the registrant's<br>investment advisor ($)** | **Amount billed to the registrant's<br>investment advisor ($)** |
|  | **January 31, 2026** | **January 31, 2025** | **January 31, 2026** | **January 31, 2025** |
|  Audit fees <sup>(a)</sup> | 57314 | 56606 | 0 | 0 |
|  Audit-related fees <sup>(b)</sup> | 0 | 0 | 0 | 0 |
|  Tax fees <sup>(c)</sup> | 23574 | 32840 | 0 | 0 |
|  All other fees <sup>(d)</sup> | 0 | 0 | 0 | 0 |
|  Non-audit fees <sup>(g)</sup> | 0 | 0 | 392000 | 474000 |

---

(a) Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.

(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.

------

(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant's Audit Committee is required to pre-approve the engagement of the registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

------

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The registrant's Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](g117810img11f348e71.jpg)

Columbia Capital Allocation Portfolios

**Annual Financial Statements and Additional Information**

January 31, 2026

Columbia Capital Allocation Conservative Portfolio

Columbia Capital Allocation Moderate Conservative Portfolio

Columbia Capital Allocation Moderate Portfolio

Columbia Capital Allocation Moderate Aggressive Portfolio

Columbia Capital Allocation Aggressive Portfolio

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_db12a08c-49a9-483f-84e7-8f03ccb76a73_POI-CommonContent-Date-45_1) | 3 |
| [Statement of Assets and Liabilities](#xx_db12a08c-49a9-483f-84e7-8f03ccb76a73_FS-CommonContent-Date-44_1) | 28 |
| [Statement of Operations](#xx_db12a08c-49a9-483f-84e7-8f03ccb76a73_FS-CommonContent-Date-44_5) | 32 |
| [Statement of Changes in Net Assets](#xx_db12a08c-49a9-483f-84e7-8f03ccb76a73_FS-CommonContent-Date-44_7) | 34 |
| [Financial Highlights](#xx_db12a08c-49a9-483f-84e7-8f03ccb76a73_FIHI-CommonContent-Date-45_1) | 40 |
| [Notes to Financial Statements](#xx_db12a08c-49a9-483f-84e7-8f03ccb76a73_NTF-CommonContent-Date-44_1) | 50 |
| [Report of Independent Registered Public Accounting Firm](#xx_db12a08c-49a9-483f-84e7-8f03ccb76a73_AUD-CommonContent-Date-44_1) | 74 |
| [Federal Income Tax Information](#xx_db12a08c-49a9-483f-84e7-8f03ccb76a73_FITF-CommonContent-Date_1) | 75 |

---

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments

Columbia Capital Allocation Conservative Portfolio, January 31, 2026

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Equity Funds 23.8%** | **Equity Funds 23.8%** | **Equity Funds 23.8%** |
|  | **Shares** | **Value ($)** |
| **International 4.0%** | **International 4.0%** | **International 4.0%** |
| Columbia Emerging Markets Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 63338 | &nbsp;&nbsp; 1158454 |
| Columbia Overseas Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 368788 | &nbsp;&nbsp; 4897497 |
| **Total** | **Total** | &nbsp;&nbsp; **6055951** |
| **U.S. Large Cap 19.0%** | **U.S. Large Cap 19.0%** | **U.S. Large Cap 19.0%** |
| Columbia Contrarian Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 169478 | &nbsp;&nbsp; 6809643 |
| Columbia Cornerstone Equity Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 288530 | &nbsp;&nbsp; 6826618 |
| Columbia Cornerstone Growth Fund, Institutional 3 <br> Class<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 52899 | &nbsp;&nbsp; 4331420 |
| Columbia Disciplined Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 438182 | &nbsp;&nbsp; 6726088 |
| Columbia Intrinsic Value Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 216821 | &nbsp;&nbsp; 4141276 |
| **Total** | **Total** | &nbsp;&nbsp; **28835045** |
| **U.S. Small Cap 0.8%** | **U.S. Small Cap 0.8%** | **U.S. Small Cap 0.8%** |
| Columbia Select Small Cap Value Fund, Institutional <br> 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 25981 | &nbsp;&nbsp; 633922 |
| Columbia Small Cap Growth Fund, Institutional 3 <br> Class<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 16811 | &nbsp;&nbsp; 611761 |
| **Total** | **Total** | &nbsp;&nbsp; **1245683** |
| Total Equity Funds <br>(Cost $31,077,814) | Total Equity Funds <br>(Cost $31,077,814) | &nbsp;&nbsp; **36136679** |
| **Exchange-Traded Equity Funds 0.9%** | **Exchange-Traded Equity Funds 0.9%** | **Exchange-Traded Equity Funds 0.9%** |
| **Emerging Markets 0.9%** | **Emerging Markets 0.9%** | **Emerging Markets 0.9%** |
| Columbia Research Enhanced Emerging Economies <br> ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 48785 | &nbsp;&nbsp; 1449402 |
| Total Exchange-Traded Equity Funds <br>(Cost $1,223,528) | Total Exchange-Traded Equity Funds <br>(Cost $1,223,528) | &nbsp;&nbsp; **1449402** |

---

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds 71.3%** | **Fixed Income Funds 71.3%** | **Fixed Income Funds 71.3%** |
|  | **Shares** | **Value ($)** |
| **Emerging Markets 3.2%** | **Emerging Markets 3.2%** | **Emerging Markets 3.2%** |
| Columbia Emerging Markets Bond Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 484002 | &nbsp;&nbsp; 4931983 |
| **High Yield 7.5%** | **High Yield 7.5%** | **High Yield 7.5%** |
| Columbia High Yield Bond Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1023551 | &nbsp;&nbsp; 11443297 |
| **Investment Grade 60.6%** | **Investment Grade 60.6%** | **Investment Grade 60.6%** |
| Columbia Bond Fund, Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1641719 | &nbsp;&nbsp; 49579927 |
| Columbia Quality Income Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 752501 | &nbsp;&nbsp; 13718089 |
| Columbia Select Corporate Income Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1898620 | &nbsp;&nbsp; 17581218 |
| Columbia U.S. Treasury Index Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1118839 | &nbsp;&nbsp; 11199584 |
| **Total** | **Total** | &nbsp;&nbsp; **92078818** |
| Total Fixed Income Funds <br>(Cost $112,797,475) | Total Fixed Income Funds <br>(Cost $112,797,475) | &nbsp;&nbsp; **108454098** |
| **Money Market Funds 3.6%** | **Money Market Funds 3.6%** | **Money Market Funds 3.6%** |
| Columbia Short-Term Cash Fund, 3.776%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 5461186 | &nbsp;&nbsp; 5459547 |
| Total Money Market Funds <br>(Cost $5,459,577) | Total Money Market Funds <br>(Cost $5,459,577) | &nbsp;&nbsp; **5459547** |
| **Total Investments in Securities** <br>**(Cost: $150,558,394)** | **Total Investments in Securities** <br>**(Cost: $150,558,394)** | &nbsp;&nbsp; **151499726** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **580513** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **152080239** |

---

At January 31, 2026, securities and/or cash totaling $832,161 were pledged as collateral.

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio, January 31, 2026

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 1,281,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1,525,430 USD | Barclays | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4486 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 23,930,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 2,686,434 USD | Citi | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4823)<br>|
| 3,453,217 USD | &nbsp;&nbsp;&nbsp;&nbsp; 529,064,000 JPY | Citi | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24581)<br>|
| 705,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 915,050 USD | Goldman Sachs International | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (354)<br>|
| 1,081,993 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,806,000 NZD | HSBC | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6816 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,448,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 3,355,008 USD | JPMorgan | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5425 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 894,197 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,221,000 CAD | JPMorgan | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3812 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,677,846 USD | &nbsp;&nbsp;&nbsp;&nbsp; 26,126,000 NOK | Morgan Stanley | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34568 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 367,502 USD | &nbsp;&nbsp;&nbsp;&nbsp; 530,000 AUD | UBS | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1537 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56644 | &nbsp;&nbsp;&nbsp;&nbsp; (29758)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Bloomberg IG Credit | 29 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3102855 | &nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CAC40 Index | 21 | 02/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1708665 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (56298)<br>|
| MSCI Emerging Markets Index | 33 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2509320 | &nbsp;&nbsp;&nbsp;&nbsp; 180695 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 7 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 918610 | &nbsp;&nbsp;&nbsp;&nbsp; 8862 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 5 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1741438 | &nbsp;&nbsp;&nbsp;&nbsp; 4887 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 9 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 3334860 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10495)<br>|
| U.S. Treasury 10-Year Note | 20 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2236563 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24201)<br>|
| U.S. Treasury Ultra Bond | 8 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 939500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (22764)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 194535 | &nbsp;&nbsp;&nbsp;&nbsp; (113758)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Euro STOXX 50 Index | (24) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1428240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (48352)<br>|
| FTSE/MIB Index | (8) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1826240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (66486)<br>|
| MSCI EAFE Index | (9) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1366560)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62753)<br>|
| SPI 200 Index | (12) | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (2648100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10319 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10319 | &nbsp;&nbsp;&nbsp;&nbsp; (177591)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** |
| **Fund receives** | **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| SOFR plus 0.590% | Total return on <br> Russell 1000 <br> Growth Total <br> Return<br>| Monthly | Goldman Sachs <br> International<br>| 01/29/2027 | USD | 1525966 | 11867 |  |  |  | 11867 |  |
| Total return on <br> Russell 1000 <br> Value Index<br>| SOFR plus 0.670% | Monthly | Goldman Sachs <br> International<br>| 01/29/2027 | USD | 1529534 | (3849)<br>|  |  |  |  | (3849)<br>|
| Total |  |  |  |  |  |  | 8018 |  |  |  | 11867 | (3849)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** |
| **Reference index**  |  | **Reference rate** |
| SOFR | Secured Overnight Financing Rate | 3.650% |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio, January 31, 2026

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended January 31, 2026 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  |
|  | 30336055 | 22685250 | (5458620)<br>| 2017242 | 49579927 |  | (915383)<br>| 1706571 | 1641719 |
| Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  |
|  | 7103458 | 1076445 | (1578758)<br>| 208498 | 6809643 | 438955 | 279770 | 28685 | 169478 |
| Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  |
|  | 6006193 | 1617703 | (1134728)<br>| 337450 | 6826618 | 175733 | 199400 | 35305 | 288530 |
| Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  |
|  | 1618000 | 3380609 | (519919)<br>| (147270)<br>| 4331420 | 356052 | 174462 |  | 52899 |
| Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  |
|  | 5972565 | 1976436 | (1155628)<br>| (67285)<br>| 6726088 | 663006 | 129129 | 53140 | 438182 |
| Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  |
|  | 2985423 | 2368766 | (778955)<br>| 356749 | 4931983 |  | (96978)<br>| 209348 | 484002 |
| Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  |
|  |  | 1408897 | (406714)<br>| 156271 | 1158454 | 53231 | 45300 | 5884 | 63338 |
| Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  |
|  | 11351611 | 1249690 | (1436409)<br>| 278405 | 11443297 |  | (120099)<br>| 697678 | 1023551 |
| Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  |
|  | 1269576 | 3215741 | (610616)<br>| 266575 | 4141276 | 251284 | 41310 | 32291 | 216821 |
| Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  |
|  | 7556514 | 795071 | (4549643)<br>| 1095555 | 4897497 | 203032 | 687769 | 262377 | 368788 |
| Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  |
|  | 21580422 | 1335170 | (12186177)<br>| 2988674 | 13718089 |  | (2156285)<br>| 790484 | 752501 |
| Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  |
|  |  | 1223527 |  | 225875 | 1449402 |  |  | 23621 | 48785 |
| Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  |
|  | 17822544 | 1263903 | (2264620)<br>| 759391 | 17581218 |  | (359358)<br>| 831961 | 1898620 |
| Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  |
|  | 477435 | 335535 | (193391)<br>| 14343 | 633922 | 44152 | 9969 | 5646 | 25981 |
| Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  |
|  | 16168270 | 8552360 | (19257821)<br>| (3262)<br>| 5459547 |  | 16 | 462093 | 5461186 |
| Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  |
|  | 501090 | 254869 | (261507)<br>| 117309 | 611761 | 29598 | (3160)<br>|  | 16811 |
| Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  |
|  | 21979226 | 1135708 | (14780348)<br>| 2864998 | 11199584 |  | (2526367)<br>| 606039 | 1118839 |
| Total | 152728382 |  |  | 11469518 | 151499726 | 2215043 | (4610505)<br>| 5751123 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at January 31, 2026.

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio, January 31, 2026

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| USD | US Dollar |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

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

■

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Equity Funds | 36136679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36136679 |
| Exchange-Traded Equity Funds | 1449402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1449402 |
| Fixed Income Funds | 108454098 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108454098 |
| Money Market Funds | 5459547 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5459547 |
| Total Investments in Securities | 151499726 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151499726 |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio, January 31, 2026

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 56644 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56644 |
| Futures Contracts | 204854 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204854 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 11867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11867 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (29758)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29758)<br>|
| Futures Contracts | (291349)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (291349)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (3849)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3849)<br>|
| Total | 151413231 | &nbsp;&nbsp;&nbsp;&nbsp; 34904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151448135 |

---

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.

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments

Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2026

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Equity Funds 37.9%** | **Equity Funds 37.9%** | **Equity Funds 37.9%** |
|  | **Shares** | **Value ($)** |
| **International 8.3%** | **International 8.3%** | **International 8.3%** |
| Columbia Emerging Markets Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 292695 | &nbsp;&nbsp; 5353383 |
| Columbia Overseas Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1676815 | &nbsp;&nbsp; 22268102 |
| **Total** | **Total** | &nbsp;&nbsp; **27621485** |
| **U.S. Large Cap 28.4%** | **U.S. Large Cap 28.4%** | **U.S. Large Cap 28.4%** |
| Columbia Contrarian Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 618185 | &nbsp;&nbsp; 24838667 |
| Columbia Cornerstone Equity Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1054017 | &nbsp;&nbsp; 24938042 |
| Columbia Cornerstone Growth Fund, Institutional 3 <br> Class<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 128628 | &nbsp;&nbsp; 10532066 |
| Columbia Disciplined Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1599497 | &nbsp;&nbsp; 24552289 |
| Columbia Intrinsic Value Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 523628 | &nbsp;&nbsp; 10001290 |
| **Total** | **Total** | &nbsp;&nbsp; **94862354** |
| **U.S. Small Cap 1.2%** | **U.S. Small Cap 1.2%** | **U.S. Small Cap 1.2%** |
| Columbia Select Small Cap Value Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 85379 | &nbsp;&nbsp; 2083257 |
| Columbia Small Cap Growth Fund, Institutional 3 <br> Class<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 55648 | &nbsp;&nbsp; 2025020 |
| **Total** | **Total** | &nbsp;&nbsp; **4108277** |
| Total Equity Funds <br>(Cost $105,437,115) | Total Equity Funds <br>(Cost $105,437,115) | &nbsp;&nbsp; **126592116** |
| **Exchange-Traded Equity Funds 1.9%** | **Exchange-Traded Equity Funds 1.9%** | **Exchange-Traded Equity Funds 1.9%** |
| **Emerging Markets 1.9%** | **Emerging Markets 1.9%** | **Emerging Markets 1.9%** |
| Columbia Research Enhanced Emerging <br> Economies ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 221114 | &nbsp;&nbsp; 6569297 |
| Total Exchange-Traded Equity Funds <br>(Cost $5,545,539) | Total Exchange-Traded Equity Funds <br>(Cost $5,545,539) | &nbsp;&nbsp; **6569297** |

---

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds 55.9%** | **Fixed Income Funds 55.9%** | **Fixed Income Funds 55.9%** |
|  | **Shares** | **Value ($)** |
| **Emerging Markets 3.0%** | **Emerging Markets 3.0%** | **Emerging Markets 3.0%** |
| Columbia Emerging Markets Bond Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 980405 | &nbsp;&nbsp; 9990328 |
| **High Yield 6.0%** | **High Yield 6.0%** | **High Yield 6.0%** |
| Columbia High Yield Bond Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1782885 | &nbsp;&nbsp; 19932655 |
| **Investment Grade 46.9%** | **Investment Grade 46.9%** | **Investment Grade 46.9%** |
| Columbia Bond Fund, Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 2605466 | &nbsp;&nbsp; 78685060 |
| Columbia Quality Income Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1278701 | &nbsp;&nbsp; 23310725 |
| Columbia Select Corporate Income Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 3758185 | &nbsp;&nbsp; 34800792 |
| Columbia U.S. Treasury Index Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1994040 | &nbsp;&nbsp; 19960338 |
| **Total** | **Total** | &nbsp;&nbsp; **156756915** |
| Total Fixed Income Funds <br>(Cost $199,392,216) | Total Fixed Income Funds <br>(Cost $199,392,216) | &nbsp;&nbsp; **186679898** |
| **Money Market Funds 3.8%** | **Money Market Funds 3.8%** | **Money Market Funds 3.8%** |
| Columbia Short-Term Cash Fund, 3.776%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 12593346 | &nbsp;&nbsp; 12589568 |
| Total Money Market Funds <br>(Cost $12,589,686) | Total Money Market Funds <br>(Cost $12,589,686) | &nbsp;&nbsp; **12589568** |
| **Total Investments in Securities** <br>**(Cost: $322,964,556)** | **Total Investments in Securities** <br>**(Cost: $322,964,556)** | &nbsp;&nbsp; **332430879** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **1619168** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **334050047** |

---

At January 31, 2026, securities and/or cash totaling $2,021,765 were pledged as collateral.

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2026

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 2,803,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3,337,846 USD | Barclays | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9817 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 52,356,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 5,877,598 USD | Citi | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10553)<br>|
| 7,555,385 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,157,553,000 JPY | Citi | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (53782)<br>|
| 1,543,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 2,002,726 USD | Goldman Sachs International | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (774)<br>|
| 2,367,084 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,951,000 NZD | HSBC | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14911 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,357,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 7,341,822 USD | JPMorgan | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11871 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,956,103 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,671,000 CAD | JPMorgan | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8339 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,858,953 USD | &nbsp;&nbsp;&nbsp;&nbsp; 57,162,000 NOK | Morgan Stanley | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75632 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 803,651 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,159,000 AUD | UBS | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3361 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 123931 | &nbsp;&nbsp;&nbsp;&nbsp; (65109)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Bloomberg IG Credit | 39 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4172805 | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CAC40 Index | 49 | 02/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3986885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (131364)<br>|
| MSCI Emerging Markets Index | 76 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5779040 | &nbsp;&nbsp;&nbsp;&nbsp; 469790 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 18 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2362140 | &nbsp;&nbsp;&nbsp;&nbsp; 22263 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 14 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4876025 | &nbsp;&nbsp;&nbsp;&nbsp; 6138 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 23 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 8522420 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42632)<br>|
| U.S. Treasury 10-Year Note | 82 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9169906 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (99224)<br>|
| U.S. Treasury Ultra Bond | 7 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 822063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19918)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 498313 | &nbsp;&nbsp;&nbsp;&nbsp; (293138)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Euro STOXX 50 Index | (61) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (3630110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (122895)<br>|
| FTSE/MIB Index | (17) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (3880760)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (141282)<br>|
| MSCI EAFE Index | (19) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2884960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (132479)<br>|
| SPI 200 Index | (29) | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (6399575)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25323 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25323 | &nbsp;&nbsp;&nbsp;&nbsp; (396656)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** |
| **Fund receives** | **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| SOFR plus 0.590% | Total return on <br> Russell 1000 <br> Growth Total <br> Return<br>| Monthly | Goldman Sachs <br> International<br>| 01/29/2027 | USD | 4200088 | 32663 |  |  |  | 32663 |  |
| Total return on <br> Russell 1000 <br> Value Index<br>| SOFR plus 0.670% | Monthly | Goldman Sachs <br> International<br>| 01/29/2027 | USD | 4200413 | (10570)<br>|  |  |  |  | (10570)<br>|
| Total |  |  |  |  |  |  | 22093 |  |  |  | 32663 | (10570)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** |
| **Reference index**  |  | **Reference rate** |
| SOFR | Secured Overnight Financing Rate | 3.650% |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2026

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended January 31, 2026 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  |
|  | 50023730 | 33263016 | (7704331)<br>| 3102645 | 78685060 |  | (1275242)<br>| 2764449 | 2605466 |
| Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  |
|  | 25304797 | 2372545 | (3429351)<br>| 590676 | 24838667 | 1609847 | 1122043 | 105198 | 618185 |
| Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  |
|  | 24785503 | 1549218 | (2423868)<br>| 1027189 | 24938042 | 702653 | 1019206 | 134270 | 1054017 |
| Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  |
|  | 5034889 | 7364572 | (1499213)<br>| (368182)<br>| 10532066 | 865924 | 469704 |  | 128628 |
| Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  | Columbia Disciplined Core Fund, Institutional 3 Class  |
|  | 24688293 | 3218623 | (2959559)<br>| (395068)<br>| 24552289 | 2434909 | 764080 | 195159 | 1599497 |
| Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  |
|  | 4935428 | 5531378 | (1064178)<br>| 587700 | 9990328 |  | (95761)<br>| 398190 | 980405 |
| Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  |
|  |  | 5741907 | (1174416)<br>| 785892 | 5353383 | 237547 | 114980 | 26256 | 292695 |
| Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  |
|  | 26631427 | 1544293 | (9301406)<br>| 1058341 | 19932655 |  | (696915)<br>| 1439276 | 1782885 |
| Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  |
|  | 3500632 | 7091699 | (1285046)<br>| 694005 | 10001290 | 601542 | 88382 | 80788 | 523628 |
| Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  |
|  | 30013316 | 2161934 | (14271943)<br>| 4364795 | 22268102 | 890091 | 2826484 | 1146729 | 1676815 |
| Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  |
|  | 42060505 | 1585833 | (26389166)<br>| 6053553 | 23310725 |  | (4429947)<br>| 1475037 | 1278701 |
| Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  |
|  |  | 5545539 |  | 1023758 | 6569297 |  |  | 107062 | 221114 |
| Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  |
|  | 35511187 | 1773203 | (3946626)<br>| 1463028 | 34800792 |  | (655564)<br>| 1661021 | 3758185 |
| Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  |
|  | 2202333 | 284281 | (471993)<br>| 68636 | 2083257 | 144387 | (7221)<br>| 18465 | 85379 |
| Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  |
|  | 17094487 | 19001784 | (23504369)<br>| (2334)<br>| 12589568 |  | (1081)<br>| 594481 | 12593346 |
| Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  |
|  | 2286101 | 207965 | (979152)<br>| 510106 | 2025020 | 97507 | (123571)<br>|  | 55648 |
| Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  |
|  | 40692100 | 1260292 | (26009542)<br>| 4017488 | 19960338 |  | (3376290)<br>| 1118515 | 1994040 |
| Total | 334764728 |  |  | 24582228 | 332430879 | 7584407 | (4256713)<br>| 11264896 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at January 31, 2026.

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2026

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| USD | US Dollar |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

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

■

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Equity Funds | 126592116 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126592116 |
| Exchange-Traded Equity Funds | 6569297 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6569297 |
| Fixed Income Funds | 186679898 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186679898 |
| Money Market Funds | 12589568 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12589568 |
| Total Investments in Securities | 332430879 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 332430879 |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2026

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 123931 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123931 |
| Futures Contracts | 523636 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 523636 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 32663 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32663 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (65109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (65109)<br>|
| Futures Contracts | (689794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (689794)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (10570)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10570)<br>|
| Total | 332264721 | &nbsp;&nbsp;&nbsp;&nbsp; 80915 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 332345636 |

---

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.

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments

Columbia Capital Allocation Moderate Portfolio, January 31, 2026

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Alternative Strategies Funds 0.5%** | **Alternative Strategies Funds 0.5%** | **Alternative Strategies Funds 0.5%** |
|  | **Shares** | **Value ($)** |
| Columbia Commodity Strategy Fund, Institutional <br> 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 456632 | &nbsp;&nbsp; 5328892 |
| Total Alternative Strategies Funds <br>(Cost $4,520,809) | Total Alternative Strategies Funds <br>(Cost $4,520,809) | &nbsp;&nbsp; **5328892** |
| **Equity Funds 52.4%** | **Equity Funds 52.4%** | **Equity Funds 52.4%** |
| **International 12.6%** | **International 12.6%** | **International 12.6%** |
| Columbia Emerging Markets Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1412699 | &nbsp;&nbsp; 25838267 |
| Columbia Overseas Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 8100071 | &nbsp;&nbsp; 107568940 |
| **Total** | **Total** | &nbsp;&nbsp; **133407207** |
| **U.S. Large Cap 38.1%** | **U.S. Large Cap 38.1%** | **U.S. Large Cap 38.1%** |
| Columbia Contrarian Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 2613699 | &nbsp;&nbsp; 105018423 |
| Columbia Cornerstone Equity Fund, Institutional <br> 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 4433700 | &nbsp;&nbsp; 104901348 |
| Columbia Cornerstone Growth Fund, Institutional <br> 3 Class<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 1191282 | &nbsp;&nbsp; 97542139 |
| Columbia Intrinsic Value Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 4999536 | &nbsp;&nbsp; 95491143 |
| **Total** | **Total** | &nbsp;&nbsp; **402953053** |
| **U.S. Small Cap 1.7%** | **U.S. Small Cap 1.7%** | **U.S. Small Cap 1.7%** |
| Columbia Select Small Cap Value Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 368792 | &nbsp;&nbsp; 8998526 |
| Columbia Small Cap Growth Fund, Institutional 3 <br> Class<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 237908 | &nbsp;&nbsp; 8657459 |
| **Total** | **Total** | &nbsp;&nbsp; **17655985** |
| Total Equity Funds <br>(Cost $449,039,363) | Total Equity Funds <br>(Cost $449,039,363) | &nbsp;&nbsp; **554016245** |
| **Exchange-Traded Equity Funds 2.9%** | **Exchange-Traded Equity Funds 2.9%** | **Exchange-Traded Equity Funds 2.9%** |
| **Emerging Markets 2.9%** | **Emerging Markets 2.9%** | **Emerging Markets 2.9%** |
| Columbia Research Enhanced Emerging <br> Economies ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 1019992 | &nbsp;&nbsp; 30303962 |
| Total Exchange-Traded Equity Funds <br>(Cost $25,581,399) | Total Exchange-Traded Equity Funds <br>(Cost $25,581,399) | &nbsp;&nbsp; **30303962** |

---

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds 41.6%** | **Fixed Income Funds 41.6%** | **Fixed Income Funds 41.6%** |
|  | **Shares** | **Value ($)** |
| **Emerging Markets 2.2%** | **Emerging Markets 2.2%** | **Emerging Markets 2.2%** |
| Columbia Emerging Markets Bond Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 2333484 | &nbsp;&nbsp; 23778208 |
| **High Yield 4.5%** | **High Yield 4.5%** | **High Yield 4.5%** |
| Columbia High Yield Bond Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 4253061 | &nbsp;&nbsp; 47549218 |
| **Investment Grade 34.9%** | **Investment Grade 34.9%** | **Investment Grade 34.9%** |
| Columbia Bond Fund, Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 7271420 | &nbsp;&nbsp; 219596887 |
| Columbia Quality Income Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 2286703 | &nbsp;&nbsp; 41686602 |
| Columbia Select Corporate Income Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 8769972 | &nbsp;&nbsp; 81209940 |
| Columbia U.S. Treasury Index Fund, Institutional <br> 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 2608281 | &nbsp;&nbsp; 26108887 |
| **Total** | **Total** | &nbsp;&nbsp; **368602316** |
| Total Fixed Income Funds <br>(Cost $467,889,192) | Total Fixed Income Funds <br>(Cost $467,889,192) | &nbsp;&nbsp; **439929742** |
| **Money Market Funds 2.1%** | **Money Market Funds 2.1%** | **Money Market Funds 2.1%** |
| Columbia Short-Term Cash Fund, 3.776%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 22207699 | &nbsp;&nbsp; 22201037 |
| Total Money Market Funds <br>(Cost $22,201,222) | Total Money Market Funds <br>(Cost $22,201,222) | &nbsp;&nbsp; **22201037** |
| **Total Investments in Securities** <br>**(Cost: $969,231,985)** | **Total Investments in Securities** <br>**(Cost: $969,231,985)** | &nbsp;&nbsp; **1051779878** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **5640255** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1057420133** |

---

At January 31, 2026, securities and/or cash totaling $6,869,009 were pledged as collateral.

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio, January 31, 2026

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 8,869,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10,561,312 USD | Barclays | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31059 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 165,688,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 18,600,495 USD | Citi | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33396)<br>|
| 23,909,868 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,663,207,000 JPY | Citi | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170199)<br>|
| 4,882,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 6,336,556 USD | Goldman Sachs International | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2449)<br>|
| 7,490,672 USD | &nbsp;&nbsp;&nbsp;&nbsp; 12,503,000 NZD | HSBC | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 47186 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 16,951,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 23,231,515 USD | JPMorgan | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37564 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,191,275 USD | &nbsp;&nbsp;&nbsp;&nbsp; 8,454,000 CAD | JPMorgan | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 26394 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 18,541,258 USD | &nbsp;&nbsp;&nbsp;&nbsp; 180,895,000 NOK | Morgan Stanley | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 239346 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,542,698 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,667,000 AUD | UBS | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10634 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 392183 | &nbsp;&nbsp;&nbsp;&nbsp; (206044)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Bloomberg IG Credit | 45 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4814775 | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CAC40 Index | 180 | 02/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 14645700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (482558)<br>|
| MSCI Emerging Markets Index | 270 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 20530800 | &nbsp;&nbsp;&nbsp;&nbsp; 1678019 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 62 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8136260 | &nbsp;&nbsp;&nbsp;&nbsp; 86155 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 54 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 18807525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11365)<br>|
| S&P/TSX 60 Index | 85 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 31495900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (176872)<br>|
| U.S. Treasury 10-Year Note | 255 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 28516172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (308564)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1764315 | &nbsp;&nbsp;&nbsp;&nbsp; (979359)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Euro STOXX 50 Index | (212) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (12616120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (427110)<br>|
| FTSE/MIB Index | (66) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (15066480)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (548505)<br>|
| MSCI EAFE Index | (98) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (14880320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (717476)<br>|
| SPI 200 Index | (98) | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (21626150)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 84275 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 84275 | &nbsp;&nbsp;&nbsp;&nbsp; (1693091)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** |
| **Fund receives** | **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| SOFR plus 0.590% | Total return on <br> Russell 1000 <br> Growth Total <br> Return<br>| Monthly | Goldman Sachs <br> International<br>| 01/29/2027 | USD | 15990754 | 124355 |  |  |  | 124355 |  |
| Total return on <br> Russell 1000 <br> Value Index<br>| SOFR plus 0.670% | Monthly | Goldman Sachs <br> International<br>| 01/29/2027 | USD | 15995410 | (40252)<br>|  |  |  |  | (40252)<br>|
| Total |  |  |  |  |  |  | 84103 |  |  |  | 124355 | (40252)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** |
| **Reference index**  |  | **Reference rate** |
| SOFR | Secured Overnight Financing Rate | 3.650% |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio, January 31, 2026

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended January 31, 2026 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  |
|  | 125875350 | 102829812 | (16610345)<br>| 7502070 | 219596887 |  | (2791138)<br>| 7338985 | 7271420 |
| Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  |
|  |  | 5352238 | (831429)<br>| 808083 | 5328892 |  | 78843 | 150506 | 456632 |
| Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  |
|  | 91531177 | 17834474 | (7736716)<br>| 3389488 | 105018423 | 6736914 | 2506227 | 440234 | 2613699 |
| Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  |
|  | 91315939 | 13762551 | (5699998)<br>| 5522856 | 104901348 | 2675081 | 2463763 | 539963 | 4433700 |
| Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  |
|  | 103619082 | 9636435 | (12990559)<br>| (2722819)<br>| 97542139 | 7982529 | 6587868 |  | 1191282 |
| Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  |
|  | 15708126 | 8897561 | (2380374)<br>| 1552895 | 23778208 |  | (273796)<br>| 1028554 | 2333484 |
| Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  |
|  | 20847276 | 5661299 | (4585577)<br>| 3915269 | 25838267 | 1107256 | 3224361 | 122387 | 1412699 |
| Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  |
|  | 110381470 | 4871123 | (74589583)<br>| 6886208 | 47549218 |  | (5500917)<br>| 4818001 | 4253061 |
| Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  |
|  | 78564400 | 27781432 | (16133093)<br>| 5278404 | 95491143 | 5692424 | 3430925 | 1063029 | 4999536 |
| Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  |
|  | 115351048 | 9626713 | (39868896)<br>| 22460075 | 107568940 | 4219760 | 5999094 | 5405366 | 8100071 |
| Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  |
|  | 102260734 | 3343076 | (84268286)<br>| 20351078 | 41686602 |  | (16550535)<br>| 3226142 | 2286703 |
| Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  |
|  |  | 25581399 |  | 4722563 | 30303962 |  |  | 493870 | 1019992 |
| Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  |
|  | 82335032 | 3917156 | (8393792)<br>| 3351544 | 81209940 |  | (1506281)<br>| 3817725 | 8769972 |
| Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  |
|  | 10348642 | 713571 | (2316177)<br>| 252490 | 8998526 | 602846 | (46225)<br>| 77095 | 368792 |
| Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  |
|  | 17113821 | 65516371 | (60427505)<br>| (1650)<br>| 22201037 |  | (1680)<br>| 679576 | 22207699 |
| Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  |
|  | 10416354 | 432278 | (3971371)<br>| 1780198 | 8657459 | 408164 | (170730)<br>|  | 237908 |
| Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  |
|  | 67081737 | 1743852 | (52048079)<br>| 9331377 | 26108887 |  | (8300998)<br>| 1707083 | 2608281 |
| Total | 1042750188 |  |  | 94380129 | 1051779878 | 29424974 | (10851219)<br>| 30908516 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at January 31, 2026.

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio, January 31, 2026

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| USD | US Dollar |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

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

■

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Alternative Strategies Funds | 5328892 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5328892 |
| Equity Funds | 554016245 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 554016245 |
| Exchange-Traded Equity Funds | 30303962 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30303962 |
| Fixed Income Funds | 439929742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 439929742 |
| Money Market Funds | 22201037 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22201037 |
| Total Investments in Securities | 1051779878 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1051779878 |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio, January 31, 2026

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 392183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 392183 |
| Futures Contracts | 1848590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1848590 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 124355 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124355 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (206044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (206044)<br>|
| Futures Contracts | (2672450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2672450)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (40252)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40252)<br>|
| Total | 1050956018 | &nbsp;&nbsp;&nbsp;&nbsp; 270242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1051226260 |

---

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.

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments

Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2026

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Alternative Strategies Funds 1.0%** | **Alternative Strategies Funds 1.0%** | **Alternative Strategies Funds 1.0%** |
|  | **Shares** | **Value ($)** |
| Columbia Commodity Strategy Fund, Institutional <br> 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1571894 | &nbsp;&nbsp; 18344006 |
| Total Alternative Strategies Funds <br>(Cost $15,558,329) | Total Alternative Strategies Funds <br>(Cost $15,558,329) | &nbsp;&nbsp; **18344006** |
| **Equity Funds 62.3%** | **Equity Funds 62.3%** | **Equity Funds 62.3%** |
| **International 12.8%** | **International 12.8%** | **International 12.8%** |
| Columbia Emerging Markets Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 2403871 | &nbsp;&nbsp; 43966810 |
| Columbia Overseas Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 13781140 | &nbsp;&nbsp; 183013538 |
| **Total** | **Total** | &nbsp;&nbsp; **226980348** |
| **U.S. Large Cap 47.4%** | **U.S. Large Cap 47.4%** | **U.S. Large Cap 47.4%** |
| Columbia Contrarian Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 5504388 | &nbsp;&nbsp; 221166304 |
| Columbia Cornerstone Equity Fund, Institutional <br> 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 9248238 | &nbsp;&nbsp; 218813303 |
| Columbia Cornerstone Growth Fund, Institutional <br> 3 Class<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2536665 | &nbsp;&nbsp; 207702154 |
| Columbia Intrinsic Value Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 10319923 | &nbsp;&nbsp; 197110524 |
| **Total** | **Total** | &nbsp;&nbsp; **844792285** |
| **U.S. Small Cap 2.1%** | **U.S. Small Cap 2.1%** | **U.S. Small Cap 2.1%** |
| Columbia Select Small Cap Value Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 786963 | &nbsp;&nbsp; 19201899 |
| Columbia Small Cap Growth Fund, Institutional 3 <br> Class<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 507978 | &nbsp;&nbsp; 18485329 |
| **Total** | **Total** | &nbsp;&nbsp; **37687228** |
| Total Equity Funds <br>(Cost $894,796,314) | Total Equity Funds <br>(Cost $894,796,314) | &nbsp;&nbsp; **1109459861** |
| **Exchange-Traded Equity Funds 2.8%** | **Exchange-Traded Equity Funds 2.8%** | **Exchange-Traded Equity Funds 2.8%** |
| **Emerging Markets 2.8%** | **Emerging Markets 2.8%** | **Emerging Markets 2.8%** |
| Columbia Research Enhanced Emerging <br> Economies ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 1699055 | &nbsp;&nbsp; 50478924 |
| Total Exchange-Traded Equity Funds <br>(Cost $42,612,299) | Total Exchange-Traded Equity Funds <br>(Cost $42,612,299) | &nbsp;&nbsp; **50478924** |

---

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds 31.3%** | **Fixed Income Funds 31.3%** | **Fixed Income Funds 31.3%** |
|  | **Shares** | **Value ($)** |
| **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** |
| Columbia Emerging Markets Bond Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 3039641 | &nbsp;&nbsp; 30973944 |
| **High Yield 3.5%** | **High Yield 3.5%** | **High Yield 3.5%** |
| Columbia High Yield Bond Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 5558532 | &nbsp;&nbsp; 62144389 |
| **Investment Grade 26.1%** | **Investment Grade 26.1%** | **Investment Grade 26.1%** |
| Columbia Bond Fund, Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 9118091 | &nbsp;&nbsp; 275366344 |
| Columbia Quality Income Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 3362685 | &nbsp;&nbsp; 61301749 |
| Columbia Select Corporate Income Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 9975113 | &nbsp;&nbsp; 92369541 |
| Columbia U.S. Treasury Index Fund, Institutional <br> 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 3493272 | &nbsp;&nbsp; 34967655 |
| **Total** | **Total** | &nbsp;&nbsp; **464005289** |
| Total Fixed Income Funds <br>(Cost $588,780,393) | Total Fixed Income Funds <br>(Cost $588,780,393) | &nbsp;&nbsp; **557123622** |
| **Money Market Funds 2.0%** | **Money Market Funds 2.0%** | **Money Market Funds 2.0%** |
| Columbia Short-Term Cash Fund, 3.776%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 34809472 | &nbsp;&nbsp; 34799029 |
| Total Money Market Funds <br>(Cost $34,799,145) | Total Money Market Funds <br>(Cost $34,799,145) | &nbsp;&nbsp; **34799029** |
| **Total Investments in Securities** <br>**(Cost: $1,576,546,480)** | **Total Investments in Securities** <br>**(Cost: $1,576,546,480)** | &nbsp;&nbsp; **1770205442** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **10355578** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1780561020** |

---

At January 31, 2026, securities and/or cash totaling $12,738,545 were pledged as collateral.

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2026

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 14,920,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 17,766,915 USD | Barclays | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 52250 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 278,728,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 31,290,611 USD | Citi | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (56180)<br>|
| 40,222,337 USD | &nbsp;&nbsp;&nbsp;&nbsp; 6,162,424,000 JPY | Citi | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (286317)<br>|
| 8,212,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 10,658,706 USD | Goldman Sachs International | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4120)<br>|
| 12,600,481 USD | &nbsp;&nbsp;&nbsp;&nbsp; 21,032,000 NZD | HSBC | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 79375 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 28,516,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 39,081,463 USD | JPMorgan | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 63191 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 10,415,461 USD | &nbsp;&nbsp;&nbsp;&nbsp; 14,222,000 CAD | JPMorgan | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44402 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 31,190,968 USD | &nbsp;&nbsp;&nbsp;&nbsp; 304,310,000 NOK | Morgan Stanley | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 402639 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,277,585 USD | &nbsp;&nbsp;&nbsp;&nbsp; 6,169,000 AUD | UBS | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17890 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 659747 | &nbsp;&nbsp;&nbsp;&nbsp; (346617)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Bloomberg IG Credit | 210 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 22468950 | &nbsp;&nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CAC40 Index | 320 | 02/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 26036800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (857882)<br>|
| MSCI Emerging Markets Index | 520 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 39540800 | &nbsp;&nbsp;&nbsp;&nbsp; 2668077 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 125 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 16403750 | &nbsp;&nbsp;&nbsp;&nbsp; 197191 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 106 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 36918475 | &nbsp;&nbsp;&nbsp;&nbsp; 16823 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 160 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 59286400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (381832)<br>|
| U.S. Treasury 10-Year Note | 275 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 30752734 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (332765)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2882748 | &nbsp;&nbsp;&nbsp;&nbsp; (1572479)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Euro STOXX 50 Index | (385) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (22911350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (775647)<br>|
| FTSE/MIB Index | (116) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (26480480)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (964039)<br>|
| MSCI EAFE Index | (176) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (26723840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1285062)<br>|
| SPI 200 Index | (177) | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (39059475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151826 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 151826 | &nbsp;&nbsp;&nbsp;&nbsp; (3024748)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** |
| **Fund receives** | **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| SOFR plus 0.590% | Total return on <br> Russell 1000 <br> Growth Total <br> Return<br>| Monthly | Goldman Sachs <br> International<br>| 01/29/2027 | USD | 31451591 | 244590 |  |  |  | 244590 |  |
| Total return on <br> Russell 1000 <br> Value Index<br>| SOFR plus 0.670% | Monthly | Goldman Sachs <br> International<br>| 01/29/2027 | USD | 31469915 | (79194)<br>|  |  |  |  | (79194)<br>|
| Total |  |  |  |  |  |  | 165396 |  |  |  | 244590 | (79194)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** |
| **Reference index**  |  | **Reference rate** |
| SOFR | Secured Overnight Financing Rate | 3.650% |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2026

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended January 31, 2026 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  |
|  | 135738655 | 147127908 | (15468939)<br>| 7968720 | 275366344 |  | (2575180)<br>| 8746776 | 9118091 |
| Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  |
|  |  | 17805418 | (2247089)<br>| 2785677 | 18344006 |  | 234443 | 511192 | 1571894 |
| Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  |
|  | 204521577 | 20251288 | (12848396)<br>| 9241835 | 221166304 | 14208585 | 4141501 | 928482 | 5504388 |
| Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  |
|  | 189044773 | 25469324 | (8521395)<br>| 12820601 | 218813303 | 5540744 | 3778519 | 1121983 | 9248238 |
| Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  |
|  | 229085942 | 21497769 | (34162076)<br>| (8719481)<br>| 207702154 | 17067687 | 17339110 |  | 2536665 |
| Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  |
|  | 17128107 | 14537362 | (2106488)<br>| 1414963 | 30973944 |  | 145461 | 1254407 | 3039641 |
| Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  |
|  | 68057909 | 2086473 | (25458625)<br>| (718947)<br>| 43966810 | 1878263 | 17420525 | 207608 | 2403871 |
| Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  |
|  | 154583286 | 7223387 | (109609095)<br>| 9946811 | 62144389 |  | (7993096)<br>| 6633495 | 5558532 |
| Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  |
|  | 174089932 | 42181172 | (31095144)<br>| 11934564 | 197110524 | 11729732 | 6439705 | 2267546 | 10319923 |
| Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  |
|  | 205515840 | 16254035 | (74896987)<br>| 36140650 | 183013538 | 7116727 | 14802324 | 9137286 | 13781140 |
| Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  |
|  | 107282920 | 4482493 | (66704799)<br>| 16241135 | 61301749 |  | (12065306)<br>| 3830031 | 3362685 |
| Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  |
|  |  | 42612299 |  | 7866625 | 50478924 |  |  | 822665 | 1699055 |
| Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  |
|  | 91946087 | 4853687 | (7926647)<br>| 3496414 | 92369541 |  | (1409327)<br>| 4320260 | 9975113 |
| Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  |
|  | 22530555 | 1771747 | (5358702)<br>| 258299 | 19201899 | 1279085 | 167866 | 163576 | 786963 |
| Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  |
|  | 26040971 | 117370377 | (108609821)<br>| (2498)<br>| 34799029 |  | (2710)<br>| 1024145 | 34809472 |
| Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  |
|  | 22829165 | 902693 | (8441068)<br>| 3194539 | 18485329 | 867585 | 240498 |  | 507978 |
| Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  |
|  | 53964168 | 2107582 | (26528451)<br>| 5424356 | 34967655 |  | (4547552)<br>| 1629218 | 3493272 |
| Total | 1702359887 |  |  | 119294263 | 1770205442 | 59688408 | 36116781 | 42598670 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at January 31, 2026.

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2026

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| USD | US Dollar |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

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

■

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Alternative Strategies Funds | 18344006 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18344006 |
| Equity Funds | 1109459861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1109459861 |
| Exchange-Traded Equity Funds | 50478924 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50478924 |
| Fixed Income Funds | 557123622 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 557123622 |
| Money Market Funds | 34799029 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34799029 |
| Total Investments in Securities | 1770205442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1770205442 |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2026

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 659747 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 659747 |
| Futures Contracts | 3034574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3034574 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 244590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 244590 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (346617)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (346617)<br>|
| Futures Contracts | (4597227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4597227)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (79194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79194)<br>|
| Total | 1768642789 | &nbsp;&nbsp;&nbsp;&nbsp; 478526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1769121315 |

---

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.

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments

Columbia Capital Allocation Aggressive Portfolio, January 31, 2026

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Alternative Strategies Funds 1.6%** | **Alternative Strategies Funds 1.6%** | **Alternative Strategies Funds 1.6%** |
|  | **Shares** | **Value ($)** |
| Columbia Commodity Strategy Fund, Institutional <br> 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1902126 | &nbsp;&nbsp; 22197805 |
| Total Alternative Strategies Funds <br>(Cost $18,826,690) | Total Alternative Strategies Funds <br>(Cost $18,826,690) | &nbsp;&nbsp; **22197805** |
| **Equity Funds 76.4%** | **Equity Funds 76.4%** | **Equity Funds 76.4%** |
| **International 17.2%** | **International 17.2%** | **International 17.2%** |
| Columbia Emerging Markets Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 2605519 | &nbsp;&nbsp; 47654948 |
| Columbia Overseas Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 14736974 | &nbsp;&nbsp; 195707010 |
| **Total** | **Total** | &nbsp;&nbsp; **243361958** |
| **U.S. Large Cap 56.6%** | **U.S. Large Cap 56.6%** | **U.S. Large Cap 56.6%** |
| Columbia Contrarian Core Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 5340043 | &nbsp;&nbsp; 214562927 |
| Columbia Cornerstone Equity Fund, Institutional <br> 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 8784086 | &nbsp;&nbsp; 207831468 |
| Columbia Cornerstone Growth Fund, Institutional <br> 3 Class<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 2372688 | &nbsp;&nbsp; 194275660 |
| Columbia Intrinsic Value Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 9749866 | &nbsp;&nbsp; 186222451 |
| **Total** | **Total** | &nbsp;&nbsp; **802892506** |
| **U.S. Small Cap 2.6%** | **U.S. Small Cap 2.6%** | **U.S. Small Cap 2.6%** |
| Columbia Select Small Cap Value Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 767598 | &nbsp;&nbsp; 18729402 |
| Columbia Small Cap Growth Fund, Institutional 3 <br> Class<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 496619 | &nbsp;&nbsp; 18071959 |
| **Total** | **Total** | &nbsp;&nbsp; **36801361** |
| Total Equity Funds <br>(Cost $847,809,391) | Total Equity Funds <br>(Cost $847,809,391) | &nbsp;&nbsp; **1083055825** |
| **Exchange-Traded Equity Funds 3.7%** | **Exchange-Traded Equity Funds 3.7%** | **Exchange-Traded Equity Funds 3.7%** |
| **Emerging Markets 3.7%** | **Emerging Markets 3.7%** | **Emerging Markets 3.7%** |
| Columbia Research Enhanced Emerging <br> Economies ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 1778635 | &nbsp;&nbsp; 52843246 |
| Total Exchange-Traded Equity Funds <br>(Cost $44,608,166) | Total Exchange-Traded Equity Funds <br>(Cost $44,608,166) | &nbsp;&nbsp; **52843246** |

---

---

| | | |
|:---|:---|:---|
| **Fixed Income Funds 15.7%** | **Fixed Income Funds 15.7%** | **Fixed Income Funds 15.7%** |
|  | **Shares** | **Value ($)** |
| **Emerging Markets 1.0%** | **Emerging Markets 1.0%** | **Emerging Markets 1.0%** |
| Columbia Emerging Markets Bond Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 1366381 | &nbsp;&nbsp; 13923426 |
| **High Yield 2.0%** | **High Yield 2.0%** | **High Yield 2.0%** |
| Columbia High Yield Bond Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 2490579 | &nbsp;&nbsp; 27844668 |
| **Investment Grade 12.7%** | **Investment Grade 12.7%** | **Investment Grade 12.7%** |
| Columbia Bond Fund, Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 2061047 | &nbsp;&nbsp; 62243617 |
| Columbia Quality Income Fund, Institutional 3 <br> Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 2635951 | &nbsp;&nbsp; 48053391 |
| Columbia Select Corporate Income Fund, <br> Institutional 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 5402368 | &nbsp;&nbsp; 50025926 |
| Columbia U.S. Treasury Index Fund, Institutional <br> 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 2053461 | &nbsp;&nbsp; 20555147 |
| **Total** | **Total** | &nbsp;&nbsp; **180878081** |
| Total Fixed Income Funds <br>(Cost $217,806,821) | Total Fixed Income Funds <br>(Cost $217,806,821) | &nbsp;&nbsp; **222646175** |
| **Money Market Funds 2.0%** | **Money Market Funds 2.0%** | **Money Market Funds 2.0%** |
| Columbia Short-Term Cash Fund, 3.776%<sup>(a),(c)</sup> <br>| &nbsp;&nbsp; 28146521 | &nbsp;&nbsp; 28138077 |
| Total Money Market Funds <br>(Cost $28,138,248) | Total Money Market Funds <br>(Cost $28,138,248) | &nbsp;&nbsp; **28138077** |
| **Total Investments in Securities** <br>**(Cost: $1,157,189,316)** | **Total Investments in Securities** <br>**(Cost: $1,157,189,316)** | &nbsp;&nbsp; **1408881128** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **9168108** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1418049236** |

---

At January 31, 2026, securities and/or cash totaling $11,173,279 were pledged as collateral.

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio, January 31, 2026

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 11,879,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 14,145,656 USD | Barclays | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 41600 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 221,913,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 24,912,435 USD | Citi | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (44729)<br>|
| 32,023,432 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,906,278,000 JPY | Citi | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (227954)<br>|
| 6,538,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 8,485,950 USD | Goldman Sachs International | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3280)<br>|
| 10,032,097 USD | &nbsp;&nbsp;&nbsp;&nbsp; 16,745,000 NZD | HSBC | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 63196 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 22,704,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 31,116,059 USD | JPMorgan | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50312 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 8,292,383 USD | &nbsp;&nbsp;&nbsp;&nbsp; 11,323,000 CAD | JPMorgan | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35351 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 24,833,058 USD | &nbsp;&nbsp;&nbsp;&nbsp; 242,280,000 NOK | Morgan Stanley | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 320566 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,405,287 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,911,000 AUD | UBS | 03/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14242 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 525267 | &nbsp;&nbsp;&nbsp;&nbsp; (275963)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Bloomberg IG Credit | 201 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 21505995 | &nbsp;&nbsp;&nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CAC40 Index | 270 | 02/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 21968550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (723839)<br>|
| MSCI Emerging Markets Index | 452 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 34370080 | &nbsp;&nbsp;&nbsp;&nbsp; 1858676 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Russell 2000 Index E-mini | 109 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 14304070 | &nbsp;&nbsp;&nbsp;&nbsp; 183316 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 93 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 32390738 | &nbsp;&nbsp;&nbsp;&nbsp; 66378 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 12 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4179450 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (22674)<br>|
| S&P/TSX 60 Index | 140 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 51875600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (331707)<br>|
| U.S. Treasury 10-Year Note | 198 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 22141969 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (239591)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2108999 | &nbsp;&nbsp;&nbsp;&nbsp; (1317811)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Euro STOXX 50 Index | (326) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (19400260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (656782)<br>|
| FTSE/MIB Index | (93) | 03/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (21230040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (772893)<br>|
| MSCI EAFE Index | (171) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (25964640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1054642)<br>|
| SPI 200 Index | (151) | 03/2026 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (33321925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130237 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 130237 | &nbsp;&nbsp;&nbsp;&nbsp; (2484317)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** |
| **Fund receives** | **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| SOFR plus 0.590% | Total return on <br> Russell 1000 <br> Growth Total <br> Return<br>| Monthly | Goldman Sachs <br> International<br>| 01/29/2027 | USD | 28674430 | 222992 |  |  |  | 222993 |  |
| Total return on <br> Russell 1000 <br> Value Index<br>| SOFR plus 0.670% | Monthly | Goldman Sachs <br> International<br>| 01/29/2027 | USD | 28682912 | (72180)<br>|  |  |  |  | (72181)<br>|
| Total |  |  |  |  |  |  | 150812 |  |  |  | 222993 | (72181)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** |
| **Reference index**  |  | **Reference rate** |
| SOFR | Secured Overnight Financing Rate | 3.650% |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio, January 31, 2026

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended January 31, 2026 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  | Columbia Bond Fund, Institutional 3 Class  |
|  |  | 61782037 |  | 461580 | 62243617 |  |  | 1274037 | 2061047 |
| Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  |
|  |  | 20877003 | (2050313)<br>| 3371115 | 22197805 |  | 196897 | 600433 | 1902126 |
| Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  | Columbia Contrarian Core Fund, Institutional 3 Class  |
|  | 197164113 | 16682556 | (8451776)<br>| 9168034 | 214562927 | 13681553 | 3748381 | 894042 | 5340043 |
| Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  | Columbia Cornerstone Equity Fund, Institutional 3 Class  |
|  | 193792953 | 7107508 | (5476621)<br>| 12407628 | 207831468 | 5514797 | 3719387 | 1086019 | 8784086 |
| Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  | Columbia Cornerstone Growth Fund, Institutional 3 Class  |
|  | 205271465 | 21486314 | (26065305)<br>| (6416814)<br>| 194275660 | 15950552 | 13916516 |  | 2372688 |
| Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  | Columbia Emerging Markets Bond Fund, Institutional 3 Class  |
|  | 6566077 | 7536465 | (785865)<br>| 606749 | 13923426 |  | 54569 | 536635 | 1366381 |
| Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  | Columbia Emerging Markets Fund, Institutional 3 Class  |
|  | 78033027 | 2246129 | (37908959)<br>| 5284751 | 47654948 | 1968885 | 13328751 | 217624 | 2605519 |
| Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  | Columbia High Yield Bond Fund, Institutional 3 Class  |
|  | 92507411 | 4264438 | (73622519)<br>| 4695338 | 27844668 |  | (3545297)<br>| 3697555 | 2490579 |
| Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  | Columbia Intrinsic Value Fund, Institutional 3 Class  |
|  | 156348589 | 41327404 | (23225681)<br>| 11772139 | 186222451 | 10918110 | 5172725 | 2070586 | 9749866 |
| Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  | Columbia Overseas Core Fund, Institutional 3 Class  |
|  | 182595695 | 17036604 | (38134100)<br>| 34208811 | 195707010 | 7467209 | 13076203 | 9552244 | 14736974 |
| Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  | Columbia Quality Income Fund, Institutional 3 Class  |
|  | 60854080 | 3257066 | (17832356)<br>| 1774601 | 48053391 |  | 714804 | 2480983 | 2635951 |
| Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  | Columbia Research Enhanced Emerging Economies ETF  |
|  |  | 44608166 |  | 8235080 | 52843246 |  |  | 861197 | 1778635 |
| Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  | Columbia Select Corporate Income Fund, Institutional 3 Class  |
|  | 48950438 | 2915272 | (2926047)<br>| 1086263 | 50025926 |  | 35895 | 2329841 | 5402368 |
| Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  | Columbia Select Small Cap Value Fund, Institutional 3 Class  |
|  | 21620825 | 1775255 | (3890959)<br>| (775719)<br>| 18729402 | 1221741 | 1187951 | 156243 | 767598 |
| Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  | Columbia Short-Term Cash Fund, 3.776%  |
|  | 18004803 | 92664812 | (82529717)<br>| (1821)<br>| 28138077 |  | (1876)<br>| 764394 | 28146521 |
| Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  | Columbia Small Cap Growth Fund, Institutional 3 Class  |
|  | 22122119 | 918749 | (6190344)<br>| 1221435 | 18071959 | 821071 | 2064615 |  | 496619 |
| Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  | Columbia U.S. Treasury Index Fund, Institutional 3 Class  |
|  | 24052706 | 1215235 | (5088014)<br>| 375220 | 20555147 |  | 31217 | 817047 | 2053461 |
| Total | 1307884301 |  |  | 87474390 | 1408881128 | 57543918 | 53700738 | 27338880 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the seven-day current annualized yield at January 31, 2026.

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio, January 31, 2026

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| USD | US Dollar |

---

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

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

■

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Alternative Strategies Funds | 22197805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22197805 |
| Equity Funds | 1083055825 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1083055825 |
| Exchange-Traded Equity Funds | 52843246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52843246 |
| Fixed Income Funds | 222646175 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 222646175 |
| Money Market Funds | 28138077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28138077 |
| Total Investments in Securities | 1408881128 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1408881128 |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio, January 31, 2026

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 525267 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 525267 |
| Futures Contracts | 2239236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2239236 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 222993 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 222993 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (275963)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (275963)<br>|
| Futures Contracts | (3802128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3802128)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (72181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (72181)<br>|
| Total | 1407318236 | &nbsp;&nbsp;&nbsp;&nbsp; 400116 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1407718352 |

---

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.

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Assets and Liabilities

January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Columbia** <br>**Capital** <br>**Allocation** <br>**Conservative** <br>**Portfolio**<br>| **Columbia** <br>**Capital** <br>**Allocation** <br>**Moderate** <br>**Conservative** <br>**Portfolio**<br>| **Columbia** <br>**Capital** <br>**Allocation** <br>**Moderate** <br>**Portfolio**<br>|
| **Assets** |  |  |  |
| Investments in securities, at value |  |  |  |
| Affiliated issuers (cost $150,558,394, $322,964,556, $969,231,985, respectively) | $151499726 | &nbsp;&nbsp; $332430879 | &nbsp;&nbsp; $1051779878 |
| Cash | 353 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 573 |
| Margin deposits on: |  |  |  |
| Futures contracts | 832161 | &nbsp;&nbsp; 2021765 | &nbsp;&nbsp; 6869009 |
| Unrealized appreciation on forward foreign currency exchange contracts | 56644 | &nbsp;&nbsp; 123931 | &nbsp;&nbsp; 392183 |
| Unrealized appreciation on swap contracts | 11867 | &nbsp;&nbsp; 32663 | &nbsp;&nbsp; 124355 |
| Receivable for: |  |  |  |
| Investments sold | 94658 | &nbsp;&nbsp; 89297 | &nbsp;&nbsp; 392275 |
| Capital shares sold | 20272 | &nbsp;&nbsp; 82756 | &nbsp;&nbsp; 120826 |
| Dividends | 414390 | &nbsp;&nbsp; 719284 | &nbsp;&nbsp; 1679338 |
| Foreign tax reclaims | 3907 | &nbsp;&nbsp; 6172 | &nbsp;&nbsp; 5229 |
| Variation margin for futures contracts | 40468 | &nbsp;&nbsp; 92406 | &nbsp;&nbsp; 373959 |
| Prepaid expenses | 2664 | &nbsp;&nbsp; 3166 | &nbsp;&nbsp; 4993 |
| Total assets | 152977110 | &nbsp;&nbsp; 335602948 | &nbsp;&nbsp; 1061742618 |
| **Liabilities** |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 29758 | &nbsp;&nbsp; 65109 | &nbsp;&nbsp; 206044 |
| Unrealized depreciation on swap contracts | 3849 | &nbsp;&nbsp; 10570 | &nbsp;&nbsp; 40252 |
| Payable for: |  |  |  |
| Investments purchased | 397856 | &nbsp;&nbsp; 681032 | &nbsp;&nbsp; 1611973 |
| Capital shares redeemed | 114930 | &nbsp;&nbsp; 172053 | &nbsp;&nbsp; 513101 |
| Variation margin for futures contracts | 192541 | &nbsp;&nbsp; 463920 | &nbsp;&nbsp; 1673532 |
| Management services fees | 182 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 1041 |
| Distribution and/or service fees | 1118 | &nbsp;&nbsp; 2557 | &nbsp;&nbsp; 8122 |
| Transfer agent fees | 12648 | &nbsp;&nbsp; 18344 | &nbsp;&nbsp; 61250 |
| Compensation of chief compliance officer | 25 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 169 |
| Compensation of board members | 1186 | &nbsp;&nbsp; 1363 | &nbsp;&nbsp; 2041 |
| Other expenses | 28681 | &nbsp;&nbsp; 31664 | &nbsp;&nbsp; 44995 |
| Deferred compensation of board members | 114097 | &nbsp;&nbsp; 105823 | &nbsp;&nbsp; 159965 |
| Total liabilities | 896871 | &nbsp;&nbsp; 1552901 | &nbsp;&nbsp; 4322485 |
| **Net assets applicable to outstanding capital stock** | **$152080239** | &nbsp;&nbsp; **$334050047** | &nbsp;&nbsp; **$1057420133** |
| **Represented by** |  |  |  |
| Paid in capital | 161836095 | &nbsp;&nbsp; 326083911 | &nbsp;&nbsp; 960751364 |
| Total distributable earnings (loss) | (9755856)<br>| &nbsp;&nbsp; 7966136 | &nbsp;&nbsp; 96668769 |
| **Total - representing net assets applicable to outstanding capital stock** | **$152080239** | &nbsp;&nbsp; **$334050047** | &nbsp;&nbsp; **$1057420133** |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Assets and Liabilities (continued)

January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Columbia**<br> **Capital**<br> **Allocation**<br> **Conservative**<br> **Portfolio**<br>| **Columbia**<br> **Capital**<br> **Allocation**<br> **Moderate**<br> **Conservative**<br> **Portfolio**<br>| **Columbia**<br> **Capital**<br> **Allocation**<br> **Moderate**<br> **Portfolio**<br>|
| **Class A** |  |  |  |
| Net assets | $128258960 | &nbsp;&nbsp; $305486576 | &nbsp;&nbsp; $968511925 |
| Shares outstanding | 13025692 | &nbsp;&nbsp; 28031870 | &nbsp;&nbsp; 83113350 |
| Net asset value per share | $9.85 | &nbsp;&nbsp; $10.90 | &nbsp;&nbsp; $11.65 |
| Maximum sales charge  | 4.75% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.75% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the <br> maximum sales charge for Class A shares)<br>| $10.34 | &nbsp;&nbsp; $11.56 | &nbsp;&nbsp; $12.36 |
| **Class C** |  |  |  |
| Net assets | $8562602 | &nbsp;&nbsp; $16291498 | &nbsp;&nbsp; $52268420 |
| Shares outstanding | 876031 | &nbsp;&nbsp; 1525660 | &nbsp;&nbsp; 4543745 |
| Net asset value per share | $9.77 | &nbsp;&nbsp; $10.68 | &nbsp;&nbsp; $11.50 |
| **Institutional Class** |  |  |  |
| Net assets | $15258677 | &nbsp;&nbsp; $12049494 | &nbsp;&nbsp; $27271099 |
| Shares outstanding | 1550633 | &nbsp;&nbsp; 1130156 | &nbsp;&nbsp; 2345337 |
| Net asset value per share | $9.84 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $11.63 |
| **Institutional 3 Class** |  |  |  |
| Net assets | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9368689 |
| Shares outstanding |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 820890 |
| Net asset value per share | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11.41 |
| **Class R** |  |  |  |
| Net assets | $— | &nbsp;&nbsp; $222479 | &nbsp;&nbsp; $— |
| Shares outstanding |  | &nbsp;&nbsp; 20367 | &nbsp;&nbsp; — |
| Net asset value per share | $— | &nbsp;&nbsp; $10.92 | &nbsp;&nbsp; $— |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Assets and Liabilities (continued)

January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Columbia** <br>**Capital** <br>**Allocation** <br>**Moderate** <br>**Aggressive** <br>**Portfolio**<br>| **Columbia** <br>**Capital** <br>**Allocation** <br>**Aggressive** <br>**Portfolio**<br>|
| **Assets** |  |  |
| Investments in securities, at value |  |  |
| Affiliated issuers (cost $1,576,546,480, $1,157,189,316, respectively) | $1770205442 | &nbsp;&nbsp; $1408881128 |
| Foreign currency (cost $899, $—, respectively) | 892 | &nbsp;&nbsp; — |
| Margin deposits on: |  |  |
| Futures contracts | 12738545 | &nbsp;&nbsp; 11173279 |
| Unrealized appreciation on forward foreign currency exchange contracts | 659747 | &nbsp;&nbsp; 525267 |
| Unrealized appreciation on swap contracts | 244590 | &nbsp;&nbsp; 222993 |
| Receivable for: |  |  |
| Investments sold | 425514 | &nbsp;&nbsp; 72508 |
| Capital shares sold | 675988 | &nbsp;&nbsp; 282845 |
| Dividends | 2143050 | &nbsp;&nbsp; 902793 |
| Foreign tax reclaims | 3541 | &nbsp;&nbsp; 8431 |
| Variation margin for futures contracts | 670569 | &nbsp;&nbsp; 602455 |
| Prepaid expenses | 6404 | &nbsp;&nbsp; 5286 |
| Total assets | 1787774282 | &nbsp;&nbsp; 1422676985 |
| **Liabilities** |  |  |
| Due to custodian | 334 | &nbsp;&nbsp; 148 |
| Unrealized depreciation on forward foreign currency exchange contracts | 346617 | &nbsp;&nbsp; 275963 |
| Unrealized depreciation on swap contracts | 79194 | &nbsp;&nbsp; 72181 |
| Payable for: |  |  |
| Investments purchased | 2037448 | &nbsp;&nbsp; 816331 |
| Capital shares redeemed | 1101503 | &nbsp;&nbsp; 355353 |
| Variation margin for futures contracts | 3163987 | &nbsp;&nbsp; 2749397 |
| Management services fees | 1723 | &nbsp;&nbsp; 1384 |
| Distribution and/or service fees | 12628 | &nbsp;&nbsp; 10323 |
| Transfer agent fees | 130426 | &nbsp;&nbsp; 106870 |
| Compensation of chief compliance officer | 286 | &nbsp;&nbsp; 225 |
| Compensation of board members | 2731 | &nbsp;&nbsp; 2372 |
| Other expenses | 57046 | &nbsp;&nbsp; 46858 |
| Deferred compensation of board members | 279339 | &nbsp;&nbsp; 190344 |
| Total liabilities | 7213262 | &nbsp;&nbsp; 4627749 |
| **Net assets applicable to outstanding capital stock** | **$1780561020** | &nbsp;&nbsp; **$1418049236** |
| **Represented by** |  |  |
| Paid in capital | 1535902468 | &nbsp;&nbsp; 1105001108 |
| Total distributable earnings (loss) | 244658552 | &nbsp;&nbsp; 313048128 |
| **Total - representing net assets applicable to outstanding capital stock** | **$1780561020** | &nbsp;&nbsp; **$1418049236** |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Assets and Liabilities (continued)

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Columbia**<br> **Capital**<br> **Allocation**<br> **Moderate**<br> **Aggressive**<br> **Portfolio**<br>| **Columbia**<br> **Capital**<br> **Allocation**<br> **Aggressive**<br> **Portfolio**<br>|
| **Class A** |  |  |
| Net assets | $1568875194 | &nbsp;&nbsp; $1222369561 |
| Shares outstanding | 122188771 | &nbsp;&nbsp; 85265384 |
| Net asset value per share | $12.84 | &nbsp;&nbsp; $14.34 |
| Maximum sales charge  | 5.75% | &nbsp;&nbsp; 5.75% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge <br> for Class A shares)<br>| $13.62 | &nbsp;&nbsp; $15.21 |
| **Class C** |  |  |
| Net assets | $62476144 | &nbsp;&nbsp; $66010899 |
| Shares outstanding | 4851055 | &nbsp;&nbsp; 4820374 |
| Net asset value per share | $12.88 | &nbsp;&nbsp; $13.69 |
| **Institutional Class** |  |  |
| Net assets | $116762409 | &nbsp;&nbsp; $87893842 |
| Shares outstanding | 9125014 | &nbsp;&nbsp; 6174943 |
| Net asset value per share | $12.80 | &nbsp;&nbsp; $14.23 |
| **Institutional 3 Class** |  |  |
| Net assets | $18131448 | &nbsp;&nbsp; $38306130 |
| Shares outstanding | 1453449 | &nbsp;&nbsp; 2777466 |
| Net asset value per share | $12.47 | &nbsp;&nbsp; $13.79 |
| **Class R** |  |  |
| Net assets | $5227655 | &nbsp;&nbsp; $3468804 |
| Shares outstanding | 407624 | &nbsp;&nbsp; 245727 |
| Net asset value per share | $12.82 | &nbsp;&nbsp; $14.12 |
| **Class S** |  |  |
| Net assets | $9088170 | &nbsp;&nbsp; $— |
| Shares outstanding | 710339 | &nbsp;&nbsp; — |
| Net asset value per share | $12.79 | &nbsp;&nbsp; $— |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Operations

Year Ended January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Columbia** <br>**Capital** <br>**Allocation** <br>**Conservative** <br>**Portfolio**<br>| **Columbia** <br>**Capital** <br>**Allocation** <br>**Moderate** <br>**Conservative** <br>**Portfolio**<br>| **Columbia** <br>**Capital** <br>**Allocation** <br>**Moderate** <br>**Portfolio**<br>|
| **Net investment income** |  |  |  |
| Income: |  |  |  |
| Dividends — affiliated issuers | $5751123 | &nbsp;&nbsp; $11264896 | &nbsp;&nbsp; $30908516 |
| Other Income | 22476 | &nbsp;&nbsp; 52214 | &nbsp;&nbsp; 187595 |
| Foreign taxes withheld | (1791)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total income | 5771808 | &nbsp;&nbsp; 11317110 | &nbsp;&nbsp; 31096111 |
| Expenses: |  |  |  |
| Management services fees | 95105 | &nbsp;&nbsp; 157049 | &nbsp;&nbsp; 341986 |
| Distribution and/or service fees |  |  |  |
| Class A | 325172 | &nbsp;&nbsp; 755712 | &nbsp;&nbsp; 2353142 |
| Class C | 78230 | &nbsp;&nbsp; 175368 | &nbsp;&nbsp; 523090 |
| Class R |  | &nbsp;&nbsp; 6658 | &nbsp;&nbsp; — |
| Transfer agent fees |  |  |  |
| Class A | 111694 | &nbsp;&nbsp; 208761 | &nbsp;&nbsp; 613838 |
| Class C | 6720 | &nbsp;&nbsp; 12140 | &nbsp;&nbsp; 34145 |
| Institutional Class | 11563 | &nbsp;&nbsp; 8449 | &nbsp;&nbsp; 18168 |
| Institutional 3 Class |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 740 |
| Class R |  | &nbsp;&nbsp; 935 | &nbsp;&nbsp; — |
| Custodian fees | 24832 | &nbsp;&nbsp; 23551 | &nbsp;&nbsp; 26795 |
| Printing and postage fees | 22868 | &nbsp;&nbsp; 30139 | &nbsp;&nbsp; 61454 |
| Registration fees | 51948 | &nbsp;&nbsp; 64220 | &nbsp;&nbsp; 74058 |
| Accounting services fees | 28303 | &nbsp;&nbsp; 28303 | &nbsp;&nbsp; 28303 |
| Legal fees | 18121 | &nbsp;&nbsp; 20863 | &nbsp;&nbsp; 31292 |
| Interest on collateral | 2288 | &nbsp;&nbsp; 5514 | &nbsp;&nbsp; 19128 |
| Compensation of chief compliance officer | 22 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 154 |
| Compensation of board members | 12594 | &nbsp;&nbsp; 14511 | &nbsp;&nbsp; 21850 |
| Deferred compensation of board members | 17204 | &nbsp;&nbsp; 19115 | &nbsp;&nbsp; 28924 |
| Other | 10587 | &nbsp;&nbsp; 13240 | &nbsp;&nbsp; 21890 |
| Total expenses | 817251 | &nbsp;&nbsp; 1544577 | &nbsp;&nbsp; 4198957 |
| Expense reduction | (50)<br>| &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; (20)<br>|
| Total net expenses | 817201 | &nbsp;&nbsp; 1544557 | &nbsp;&nbsp; 4198937 |
| **Net investment income** | 4954607 | &nbsp;&nbsp; 9772553 | &nbsp;&nbsp; 26897174 |
| **Realized and unrealized gain (loss) — net** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments — unaffiliated issuers | 1496 | &nbsp;&nbsp; 2334 | &nbsp;&nbsp; 3016 |
| Investments — affiliated issuers | (4610505)<br>| &nbsp;&nbsp; (4256713)<br>| &nbsp;&nbsp; (10851219)<br>|
| Capital gain distributions from underlying affiliated funds | 2215043 | &nbsp;&nbsp; 7584407 | &nbsp;&nbsp; 29424974 |
| Foreign currency translations | 52664 | &nbsp;&nbsp; 132764 | &nbsp;&nbsp; 496556 |
| Forward foreign currency exchange contracts | (47953)<br>| &nbsp;&nbsp; (183123)<br>| &nbsp;&nbsp; (776966)<br>|
| Futures contracts | 521672 | &nbsp;&nbsp; 1268117 | &nbsp;&nbsp; 5590981 |
| Swap contracts | (104620)<br>| &nbsp;&nbsp; (285767)<br>| &nbsp;&nbsp; (1041083)<br>|
| Net realized gain (loss) | (1972203)<br>| &nbsp;&nbsp; 4262019 | &nbsp;&nbsp; 22846259 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments — affiliated issuers | 11469518 | &nbsp;&nbsp; 24582228 | &nbsp;&nbsp; 94380129 |
| Foreign currency translations | 592 | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 772 |
| Forward foreign currency exchange contracts | 27571 | &nbsp;&nbsp; 60067 | &nbsp;&nbsp; 190509 |
| Futures contracts | 59050 | &nbsp;&nbsp; 145900 | &nbsp;&nbsp; 457850 |
| Swap contracts | 8018 | &nbsp;&nbsp; 22093 | &nbsp;&nbsp; 84103 |
| Net change in unrealized appreciation (depreciation) | 11564749 | &nbsp;&nbsp; 24811144 | &nbsp;&nbsp; 95113363 |
| Net realized and unrealized gain | 9592546 | &nbsp;&nbsp; 29073163 | &nbsp;&nbsp; 117959622 |
| **Net increase in net assets resulting from operations** | **$14547153** | &nbsp;&nbsp; **$38845716** | &nbsp;&nbsp; **$144856796** |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Operations (continued)

Year Ended January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Columbia** <br>**Capital** <br>**Allocation** <br>**Moderate** <br>**Aggressive** <br>**Portfolio**<br>| **Columbia** <br>**Capital** <br>**Allocation** <br>**Aggressive** <br>**Portfolio**<br>|
| **Net investment income** |  |  |
| Income: |  |  |
| Dividends — affiliated issuers | $42598670 | &nbsp;&nbsp; $27338880 |
| Other Income | 324503 | &nbsp;&nbsp; 268986 |
| Foreign taxes withheld |  | &nbsp;&nbsp; (1379)<br>|
| Total income | 42923173 | &nbsp;&nbsp; 27606487 |
| Expenses: |  |  |
| Management services fees | 554367 | &nbsp;&nbsp; 429186 |
| Distribution and/or service fees |  |  |
| Class A | 3773214 | &nbsp;&nbsp; 2866019 |
| Class C | 622516 | &nbsp;&nbsp; 624844 |
| Class R | 25591 | &nbsp;&nbsp; 12560 |
| Transfer agent fees |  |  |
| Class A | 1238570 | &nbsp;&nbsp; 862605 |
| Class C | 51135 | &nbsp;&nbsp; 47039 |
| Institutional Class | 88678 | &nbsp;&nbsp; 63871 |
| Institutional 3 Class | 696 | &nbsp;&nbsp; 1734 |
| Class R | 4199 | &nbsp;&nbsp; 1873 |
| Class S | 7228 | &nbsp;&nbsp; — |
| Custodian fees | 28538 | &nbsp;&nbsp; 24957 |
| Printing and postage fees | 78915 | &nbsp;&nbsp; 60366 |
| Registration fees | 106365 | &nbsp;&nbsp; 99885 |
| Accounting services fees | 28303 | &nbsp;&nbsp; 28303 |
| Legal fees | 41437 | &nbsp;&nbsp; 35740 |
| Interest on collateral | 35362 | &nbsp;&nbsp; 29303 |
| Compensation of chief compliance officer | 261 | &nbsp;&nbsp; 206 |
| Compensation of board members | 29023 | &nbsp;&nbsp; 25047 |
| Deferred compensation of board members | 40939 | &nbsp;&nbsp; 34355 |
| Other | 41582 | &nbsp;&nbsp; 25824 |
| Total expenses | 6796919 | &nbsp;&nbsp; 5273717 |
| Expense reduction | (3610)<br>| &nbsp;&nbsp; (200)<br>|
| Total net expenses | 6793309 | &nbsp;&nbsp; 5273517 |
| **Net investment income** | 36129864 | &nbsp;&nbsp; 22332970 |
| **Realized and unrealized gain (loss) — net** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments — unaffiliated issuers | 3155 | &nbsp;&nbsp; 1952 |
| Investments — affiliated issuers | 36116781 | &nbsp;&nbsp; 53700738 |
| Capital gain distributions from underlying affiliated funds | 59688408 | &nbsp;&nbsp; 57543918 |
| Foreign currency translations | 892792 | &nbsp;&nbsp; 767663 |
| Forward foreign currency exchange contracts | (1674574)<br>| &nbsp;&nbsp; (1585449)<br>|
| Futures contracts | 9154403 | &nbsp;&nbsp; 8783040 |
| Swap contracts | (1956583)<br>| &nbsp;&nbsp; (1700166)<br>|
| Net realized gain | 102224382 | &nbsp;&nbsp; 117511696 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — affiliated issuers | 119294263 | &nbsp;&nbsp; 87474390 |
| Foreign currency translations | 523 | &nbsp;&nbsp; 1104 |
| Forward foreign currency exchange contracts | 319154 | &nbsp;&nbsp; 252778 |
| Futures contracts | 474916 | &nbsp;&nbsp; 7982 |
| Swap contracts | 165396 | &nbsp;&nbsp; 150812 |
| Net change in unrealized appreciation (depreciation) | 120254252 | &nbsp;&nbsp; 87887066 |
| Net realized and unrealized gain | 222478634 | &nbsp;&nbsp; 205398762 |
| **Net increase in net assets resulting from operations** | **$258608498** | &nbsp;&nbsp; **$227731732** |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Columbia Capital Allocation** <br>**Conservative Portfolio** | **Columbia Capital Allocation** <br>**Conservative Portfolio** | **Columbia Capital Allocation** <br>**Moderate Conservative Portfolio** | **Columbia Capital Allocation** <br>**Moderate Conservative Portfolio** |
|  | **Year Ended** <br>**January 31, 2026**<br>| **Year Ended** <br>**January 31, 2025**<br>| **Year Ended** <br>**January 31, 2026**<br>| **Year Ended** <br>**January 31, 2025**<br>|
| **Operations** |  |  |  |  |
| Net investment income | $4954607 | &nbsp;&nbsp; $5383184 | &nbsp;&nbsp; $9772553 | &nbsp;&nbsp; $10340712 |
| Net realized gain (loss) | (1972203)<br>| &nbsp;&nbsp; (317819)<br>| &nbsp;&nbsp; 4262019 | &nbsp;&nbsp; 8612400 |
| Net change in unrealized appreciation (depreciation) | 11564749 | &nbsp;&nbsp; 4782454 | &nbsp;&nbsp; 24811144 | &nbsp;&nbsp; 11290413 |
| Net increase in net assets resulting from operations | 14547153 | &nbsp;&nbsp; 9847819 | &nbsp;&nbsp; 38845716 | &nbsp;&nbsp; 30243525 |
| **Distributions to shareholders** |  |  |  |  |
| Net investment income and net realized gains  |  |  |  |  |
| Class A | (4320247)<br>| &nbsp;&nbsp; (4554649)<br>| &nbsp;&nbsp; (11562998)<br>| &nbsp;&nbsp; (8998926)<br>|
| Advisor Class |  | &nbsp;&nbsp; (175761)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (74748)<br>|
| Class C | (204223)<br>| &nbsp;&nbsp; (227573)<br>| &nbsp;&nbsp; (545866)<br>| &nbsp;&nbsp; (437294)<br>|
| Institutional Class | (491921)<br>| &nbsp;&nbsp; (297431)<br>| &nbsp;&nbsp; (507412)<br>| &nbsp;&nbsp; (379951)<br>|
| Institutional 2 Class |  | &nbsp;&nbsp; (3320)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5390)<br>|
| Institutional 3 Class |  | &nbsp;&nbsp; (20737)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5797)<br>|
| Class R |  | &nbsp;&nbsp; (453)<br>| &nbsp;&nbsp; (40920)<br>| &nbsp;&nbsp; (40263)<br>|
| Total distributions to shareholders | (5016391)<br>| &nbsp;&nbsp; (5279924)<br>| &nbsp;&nbsp; (12657196)<br>| &nbsp;&nbsp; (9942369)<br>|
| Decrease in net assets from capital stock activity | (10636897)<br>| &nbsp;&nbsp; (22173163)<br>| &nbsp;&nbsp; (28143966)<br>| &nbsp;&nbsp; (38595175)<br>|
| Total decrease in net assets | (1106135)<br>| &nbsp;&nbsp; (17605268)<br>| &nbsp;&nbsp; (1955446)<br>| &nbsp;&nbsp; (18294019)<br>|
| Net assets at beginning of year | 153186374 | &nbsp;&nbsp; 170791642 | &nbsp;&nbsp; 336005493 | &nbsp;&nbsp; 354299512 |
| **Net assets at end of year** | **$152080239** | &nbsp;&nbsp; **$153186374** | &nbsp;&nbsp; **$334050047** | &nbsp;&nbsp; **$336005493** |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Columbia Capital Allocation** <br>**Moderate Portfolio** | **Columbia Capital Allocation** <br>**Moderate Portfolio** | **Columbia Capital Allocation** <br>**Moderate Aggressive Portfolio** | **Columbia Capital Allocation** <br>**Moderate Aggressive Portfolio** |
|  | **Year Ended** <br>**January 31, 2026**<br>| **Year Ended** <br>**January 31, 2025**<br>| **Year Ended** <br>**January 31, 2026**<br>| **Year Ended** <br>**January 31, 2025**<br>|
| **Operations** |  |  |  |  |
| Net investment income | $26897174 | &nbsp;&nbsp; $28475458 | &nbsp;&nbsp; $36129864 | &nbsp;&nbsp; $36531384 |
| Net realized gain | 22846259 | &nbsp;&nbsp; 45188004 | &nbsp;&nbsp; 102224382 | &nbsp;&nbsp; 100368791 |
| Net change in unrealized appreciation (depreciation) | 95113363 | &nbsp;&nbsp; 49107254 | &nbsp;&nbsp; 120254252 | &nbsp;&nbsp; 102643616 |
| Net increase in net assets resulting from operations | 144856796 | &nbsp;&nbsp; 122770716 | &nbsp;&nbsp; 258608498 | &nbsp;&nbsp; 239543791 |
| **Distributions to shareholders** |  |  |  |  |
| Net investment income and net realized gains  |  |  |  |  |
| Class A | (45514208)<br>| &nbsp;&nbsp; (49012581)<br>| &nbsp;&nbsp; (119468172)<br>| &nbsp;&nbsp; (95272421)<br>|
| Advisor Class |  | &nbsp;&nbsp; (336350)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (774013)<br>|
| Class C | (2152820)<br>| &nbsp;&nbsp; (2555983)<br>| &nbsp;&nbsp; (4387160)<br>| &nbsp;&nbsp; (3717642)<br>|
| Institutional Class | (1408721)<br>| &nbsp;&nbsp; (1391980)<br>| &nbsp;&nbsp; (8909090)<br>| &nbsp;&nbsp; (6466698)<br>|
| Institutional 2 Class |  | &nbsp;&nbsp; (15926)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (23481)<br>|
| Institutional 3 Class | (482576)<br>| &nbsp;&nbsp; (557016)<br>| &nbsp;&nbsp; (1252360)<br>| &nbsp;&nbsp; (897786)<br>|
| Class R |  | &nbsp;&nbsp; (4226)<br>| &nbsp;&nbsp; (390523)<br>| &nbsp;&nbsp; (302894)<br>|
| Class S |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (720134)<br>| &nbsp;&nbsp; (344553)<br>|
| Total distributions to shareholders | (49558325)<br>| &nbsp;&nbsp; (53874062)<br>| &nbsp;&nbsp; (135127439)<br>| &nbsp;&nbsp; (107799488)<br>|
| Decrease in net assets from capital stock activity | (85419825)<br>| &nbsp;&nbsp; (115162725)<br>| &nbsp;&nbsp; (53247417)<br>| &nbsp;&nbsp; (108341557)<br>|
| Total increase (decrease) in net assets | 9878646 | &nbsp;&nbsp; (46266071)<br>| &nbsp;&nbsp; 70233642 | &nbsp;&nbsp; 23402746 |
| Net assets at beginning of year | 1047541487 | &nbsp;&nbsp; 1093807558 | &nbsp;&nbsp; 1710327378 | &nbsp;&nbsp; 1686924632 |
| **Net assets at end of year** | **$1057420133** | &nbsp;&nbsp; **$1047541487** | &nbsp;&nbsp; **$1780561020** | &nbsp;&nbsp; **$1710327378** |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Columbia Capital Allocation** <br>**Aggressive Portfolio** | **Columbia Capital Allocation** <br>**Aggressive Portfolio** |
|  | **Year Ended** <br>**January 31, 2026**<br>| **Year Ended** <br>**January 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $22332970 | &nbsp;&nbsp; $20973251 |
| Net realized gain | 117511696 | &nbsp;&nbsp; 100542851 |
| Net change in unrealized appreciation (depreciation) | 87887066 | &nbsp;&nbsp; 89894863 |
| Net increase in net assets resulting from operations | 227731732 | &nbsp;&nbsp; 211410965 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (112352134)<br>| &nbsp;&nbsp; (55676149)<br>|
| Advisor Class |  | &nbsp;&nbsp; (74401)<br>|
| Class C | (5932170)<br>| &nbsp;&nbsp; (2809992)<br>|
| Institutional Class | (8475766)<br>| &nbsp;&nbsp; (4146616)<br>|
| Institutional 3 Class | (3536483)<br>| &nbsp;&nbsp; (1650460)<br>|
| Class R | (261071)<br>| &nbsp;&nbsp; (113994)<br>|
| Total distributions to shareholders | (130557624)<br>| &nbsp;&nbsp; (64471612)<br>|
| Increase (decrease) in net assets from capital stock activity | 6545996 | &nbsp;&nbsp; (75627599)<br>|
| Total increase in net assets | 103720104 | &nbsp;&nbsp; 71311754 |
| Net assets at beginning of year | 1314329132 | &nbsp;&nbsp; 1243017378 |
| **Net assets at end of year** | **$1418049236** | &nbsp;&nbsp; **$1314329132** |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Columbia Capital Allocation** <br>**Conservative Portfolio** | **Columbia Capital Allocation** <br>**Conservative Portfolio** | **Columbia Capital Allocation** <br>**Conservative Portfolio** | **Columbia Capital Allocation** <br>**Conservative Portfolio** | **Columbia Capital Allocation** <br>**Moderate Conservative Portfolio** | **Columbia Capital Allocation** <br>**Moderate Conservative Portfolio** | **Columbia Capital Allocation** <br>**Moderate Conservative Portfolio** | **Columbia Capital Allocation** <br>**Moderate Conservative Portfolio** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **January 31, 2026**  | **January 31, 2026**  | **January 31, 2025**  | **January 31, 2025**  | **January 31, 2026**  | **January 31, 2026**  | **January 31, 2025**  | **January 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |  |  |  |  |
| Shares sold | 1063075 | &nbsp;&nbsp; 10142174 | &nbsp;&nbsp; 881055 | &nbsp;&nbsp; 8093669 | &nbsp;&nbsp; 1639149 | &nbsp;&nbsp; 16886046 | &nbsp;&nbsp; 1639848 | &nbsp;&nbsp; 16329601 |
| Distributions reinvested | 438324 | &nbsp;&nbsp; 4170343 | &nbsp;&nbsp; 478732 | &nbsp;&nbsp; 4386735 | &nbsp;&nbsp; 1049982 | &nbsp;&nbsp; 10929780 | &nbsp;&nbsp; 853445 | &nbsp;&nbsp; 8460718 |
| Shares redeemed | (2925593)<br>| &nbsp;&nbsp; (27857739)<br>| &nbsp;&nbsp; (2774632)<br>| &nbsp;&nbsp; (25424987)<br>| &nbsp;&nbsp; (4669927)<br>| &nbsp;&nbsp; (48595978)<br>| &nbsp;&nbsp; (5490256)<br>| &nbsp;&nbsp; (54398020)<br>|
| Net decrease | (1424194)<br>| &nbsp;&nbsp; (13545222)<br>| &nbsp;&nbsp; (1414845)<br>| &nbsp;&nbsp; (12944583)<br>| &nbsp;&nbsp; (1980796)<br>| &nbsp;&nbsp; (20780152)<br>| &nbsp;&nbsp; (2996963)<br>| &nbsp;&nbsp; (29607701)<br>|
| Advisor Class |  |  |  |  |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 271169 | &nbsp;&nbsp; 2455420 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52602 | &nbsp;&nbsp; 505535 |
| Distributions reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 14190 | &nbsp;&nbsp; 128777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7667 | &nbsp;&nbsp; 74715 |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (957320)<br>| &nbsp;&nbsp; (8792705)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (440034)<br>| &nbsp;&nbsp; (4371738)<br>|
| Net decrease |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (671961)<br>| &nbsp;&nbsp; (6208508)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (379765)<br>| &nbsp;&nbsp; (3791488)<br>|
| Class C |  |  |  |  |  |  |  |  |
| Shares sold | 269610 | &nbsp;&nbsp; 2566581 | &nbsp;&nbsp; 141239 | &nbsp;&nbsp; 1289430 | &nbsp;&nbsp; 283921 | &nbsp;&nbsp; 2881339 | &nbsp;&nbsp; 248028 | &nbsp;&nbsp; 2416800 |
| Distributions reinvested | 21580 | &nbsp;&nbsp; 204222 | &nbsp;&nbsp; 25010 | &nbsp;&nbsp; 227572 | &nbsp;&nbsp; 53206 | &nbsp;&nbsp; 543001 | &nbsp;&nbsp; 44621 | &nbsp;&nbsp; 434056 |
| Shares redeemed | (282083)<br>| &nbsp;&nbsp; (2660629)<br>| &nbsp;&nbsp; (390026)<br>| &nbsp;&nbsp; (3545728)<br>| &nbsp;&nbsp; (684506)<br>| &nbsp;&nbsp; (6989926)<br>| &nbsp;&nbsp; (694413)<br>| &nbsp;&nbsp; (6734160)<br>|
| Net increase (decrease) | 9107 | &nbsp;&nbsp; 110174 | &nbsp;&nbsp; (223777)<br>| &nbsp;&nbsp; (2028726)<br>| &nbsp;&nbsp; (347379)<br>| &nbsp;&nbsp; (3565586)<br>| &nbsp;&nbsp; (401764)<br>| &nbsp;&nbsp; (3883304)<br>|
| Institutional Class |  |  |  |  |  |  |  |  |
| Shares sold | 768606 | &nbsp;&nbsp; 7319020 | &nbsp;&nbsp; 722162 | &nbsp;&nbsp; 6678467 | &nbsp;&nbsp; 406556 | &nbsp;&nbsp; 4102081 | &nbsp;&nbsp; 800949 | &nbsp;&nbsp; 7871230 |
| Distributions reinvested | 36807 | &nbsp;&nbsp; 350871 | &nbsp;&nbsp; 23930 | &nbsp;&nbsp; 219079 | &nbsp;&nbsp; 44988 | &nbsp;&nbsp; 457866 | &nbsp;&nbsp; 35337 | &nbsp;&nbsp; 343052 |
| Shares redeemed | (511572)<br>| &nbsp;&nbsp; (4871740)<br>| &nbsp;&nbsp; (401060)<br>| &nbsp;&nbsp; (3665764)<br>| &nbsp;&nbsp; (677153)<br>| &nbsp;&nbsp; (6809064)<br>| &nbsp;&nbsp; (788741)<br>| &nbsp;&nbsp; (7652031)<br>|
| Net increase (decrease) | 293841 | &nbsp;&nbsp; 2798151 | &nbsp;&nbsp; 345032 | &nbsp;&nbsp; 3231782 | &nbsp;&nbsp; (225609)<br>| &nbsp;&nbsp; (2249117)<br>| &nbsp;&nbsp; 47545 | &nbsp;&nbsp; 562251 |
| Institutional 2 Class |  |  |  |  |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 2002 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 9586 |
| Distributions reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 3301 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 5235 |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (58283)<br>| &nbsp;&nbsp; (514310)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (107968)<br>| &nbsp;&nbsp; (1005035)<br>|
| Net decrease |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (57688)<br>| &nbsp;&nbsp; (509007)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (106396)<br>| &nbsp;&nbsp; (990214)<br>|
| Institutional 3 Class |  |  |  |  |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 6871 | &nbsp;&nbsp; 61343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 9682 |
| Distributions reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1857 | &nbsp;&nbsp; 16566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 4848 |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (365519)<br>| &nbsp;&nbsp; (3212794)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (131295)<br>| &nbsp;&nbsp; (1216436)<br>|
| Net decrease |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (356791)<br>| &nbsp;&nbsp; (3134885)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (129729)<br>| &nbsp;&nbsp; (1201906)<br>|
| Class R |  |  |  |  |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 3560 | &nbsp;&nbsp; 8254 | &nbsp;&nbsp; 85430 | &nbsp;&nbsp; 33293 | &nbsp;&nbsp; 325510 |
| Distributions reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 3967 | &nbsp;&nbsp; 40920 | &nbsp;&nbsp; 4045 | &nbsp;&nbsp; 40263 |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (64611)<br>| &nbsp;&nbsp; (583190)<br>| &nbsp;&nbsp; (157591)<br>| &nbsp;&nbsp; (1675461)<br>| &nbsp;&nbsp; (4978)<br>| &nbsp;&nbsp; (48586)<br>|
| Net increase (decrease) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (64171)<br>| &nbsp;&nbsp; (579236)<br>| &nbsp;&nbsp; (145370)<br>| &nbsp;&nbsp; (1549111)<br>| &nbsp;&nbsp; 32360 | &nbsp;&nbsp; 317187 |
| **Total net decrease** | **(1121246)**<br>| &nbsp;&nbsp; **(10636897)**<br>| &nbsp;&nbsp; **(2444201)**<br>| &nbsp;&nbsp; **(22173163)**<br>| &nbsp;&nbsp; **(2699154)**<br>| &nbsp;&nbsp; **(28143966)**<br>| &nbsp;&nbsp; **(3934712)**<br>| &nbsp;&nbsp; **(38595175)**<br>|

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Columbia Capital Allocation** <br>**Moderate Portfolio** | **Columbia Capital Allocation** <br>**Moderate Portfolio** | **Columbia Capital Allocation** <br>**Moderate Portfolio** | **Columbia Capital Allocation** <br>**Moderate Portfolio** | **Columbia Capital Allocation** <br>**Moderate Aggressive Portfolio** | **Columbia Capital Allocation** <br>**Moderate Aggressive Portfolio** | **Columbia Capital Allocation** <br>**Moderate Aggressive Portfolio** | **Columbia Capital Allocation** <br>**Moderate Aggressive Portfolio** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **January 31, 2026**  | **January 31, 2026**  | **January 31, 2025**  | **January 31, 2025**  | **January 31, 2026**  | **January 31, 2026**  | **January 31, 2025**  | **January 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |  |  |  |  |
| Shares sold | 3215569 | &nbsp;&nbsp; 35250804 | &nbsp;&nbsp; 3757584 | &nbsp;&nbsp; 39614519 | &nbsp;&nbsp; 4304921 | &nbsp;&nbsp; 52657163 | &nbsp;&nbsp; 4641712 | &nbsp;&nbsp; 54793006 |
| Distributions reinvested | 4152375 | &nbsp;&nbsp; 45188538 | &nbsp;&nbsp; 4643239 | &nbsp;&nbsp; 48609399 | &nbsp;&nbsp; 8639480 | &nbsp;&nbsp; 105882250 | &nbsp;&nbsp; 7159662 | &nbsp;&nbsp; 84039748 |
| Shares redeemed | (13794104)<br>| &nbsp;&nbsp; (150961763)<br>| &nbsp;&nbsp; (16934507)<br>| &nbsp;&nbsp; (178068133)<br>| &nbsp;&nbsp; (17136627)<br>| &nbsp;&nbsp; (210398595)<br>| &nbsp;&nbsp; (18050628)<br>| &nbsp;&nbsp; (213172599)<br>|
| Net decrease | (6426160)<br>| &nbsp;&nbsp; (70522421)<br>| &nbsp;&nbsp; (8533684)<br>| &nbsp;&nbsp; (89844215)<br>| &nbsp;&nbsp; (4192226)<br>| &nbsp;&nbsp; (51859182)<br>| &nbsp;&nbsp; (6249254)<br>| &nbsp;&nbsp; (74339845)<br>|
| Advisor Class |  |  |  |  |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 471452 | &nbsp;&nbsp; 4813874 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1011521 | &nbsp;&nbsp; 11832717 |
| Distributions reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 32242 | &nbsp;&nbsp; 333162 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52841 | &nbsp;&nbsp; 630336 |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1838304)<br>| &nbsp;&nbsp; (19554258)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2698542)<br>| &nbsp;&nbsp; (33405426)<br>|
| Net decrease |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1334610)<br>| &nbsp;&nbsp; (14407222)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1634180)<br>| &nbsp;&nbsp; (20942373)<br>|
| Class C |  |  |  |  |  |  |  |  |
| Shares sold | 732131 | &nbsp;&nbsp; 7932526 | &nbsp;&nbsp; 885924 | &nbsp;&nbsp; 9170930 | &nbsp;&nbsp; 747653 | &nbsp;&nbsp; 9210319 | &nbsp;&nbsp; 817565 | &nbsp;&nbsp; 9672934 |
| Distributions reinvested | 197988 | &nbsp;&nbsp; 2125564 | &nbsp;&nbsp; 244380 | &nbsp;&nbsp; 2528725 | &nbsp;&nbsp; 354194 | &nbsp;&nbsp; 4358550 | &nbsp;&nbsp; 313976 | &nbsp;&nbsp; 3696014 |
| Shares redeemed | (1650280)<br>| &nbsp;&nbsp; (17788619)<br>| &nbsp;&nbsp; (2026322)<br>| &nbsp;&nbsp; (21076704)<br>| &nbsp;&nbsp; (1718484)<br>| &nbsp;&nbsp; (21093677)<br>| &nbsp;&nbsp; (1937463)<br>| &nbsp;&nbsp; (22848440)<br>|
| Net decrease | (720161)<br>| &nbsp;&nbsp; (7730529)<br>| &nbsp;&nbsp; (896018)<br>| &nbsp;&nbsp; (9377049)<br>| &nbsp;&nbsp; (616637)<br>| &nbsp;&nbsp; (7524808)<br>| &nbsp;&nbsp; (805922)<br>| &nbsp;&nbsp; (9479492)<br>|
| Institutional Class |  |  |  |  |  |  |  |  |
| Shares sold | 1213783 | &nbsp;&nbsp; 13328213 | &nbsp;&nbsp; 2630751 | &nbsp;&nbsp; 27915672 | &nbsp;&nbsp; 1857313 | &nbsp;&nbsp; 22595645 | &nbsp;&nbsp; 3921969 | &nbsp;&nbsp; 47168034 |
| Distributions reinvested | 126984 | &nbsp;&nbsp; 1378517 | &nbsp;&nbsp; 129541 | &nbsp;&nbsp; 1352956 | &nbsp;&nbsp; 593714 | &nbsp;&nbsp; 7252798 | &nbsp;&nbsp; 458269 | &nbsp;&nbsp; 5361776 |
| Shares redeemed | (1874121)<br>| &nbsp;&nbsp; (20502025)<br>| &nbsp;&nbsp; (1889945)<br>| &nbsp;&nbsp; (19831876)<br>| &nbsp;&nbsp; (2240706)<br>| &nbsp;&nbsp; (27281028)<br>| &nbsp;&nbsp; (3198946)<br>| &nbsp;&nbsp; (38008130)<br>|
| Net increase (decrease) | (533354)<br>| &nbsp;&nbsp; (5795295)<br>| &nbsp;&nbsp; 870347 | &nbsp;&nbsp; 9436752 | &nbsp;&nbsp; 210321 | &nbsp;&nbsp; 2567415 | &nbsp;&nbsp; 1181292 | &nbsp;&nbsp; 14521680 |
| Institutional 2 Class |  |  |  |  |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3414 | &nbsp;&nbsp; 33801 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7689 | &nbsp;&nbsp; 88089 |
| Distributions reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1583 | &nbsp;&nbsp; 15911 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2009 | &nbsp;&nbsp; 23470 |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (252402)<br>| &nbsp;&nbsp; (2467330)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (517015)<br>| &nbsp;&nbsp; (5904088)<br>|
| Net decrease |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (247405)<br>| &nbsp;&nbsp; (2417618)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (507317)<br>| &nbsp;&nbsp; (5792529)<br>|
| Institutional 3 Class |  |  |  |  |  |  |  |  |
| Shares sold | 179044 | &nbsp;&nbsp; 1857392 | &nbsp;&nbsp; 298033 | &nbsp;&nbsp; 3050777 | &nbsp;&nbsp; 922345 | &nbsp;&nbsp; 11099873 | &nbsp;&nbsp; 160277 | &nbsp;&nbsp; 1831114 |
| Distributions reinvested | 45191 | &nbsp;&nbsp; 481547 | &nbsp;&nbsp; 53630 | &nbsp;&nbsp; 550139 | &nbsp;&nbsp; 86111 | &nbsp;&nbsp; 1032438 | &nbsp;&nbsp; 61208 | &nbsp;&nbsp; 699499 |
| Shares redeemed | (358605)<br>| &nbsp;&nbsp; (3710519)<br>| &nbsp;&nbsp; (823775)<br>| &nbsp;&nbsp; (8375321)<br>| &nbsp;&nbsp; (654713)<br>| &nbsp;&nbsp; (7895004)<br>| &nbsp;&nbsp; (1066455)<br>| &nbsp;&nbsp; (12009653)<br>|
| Net increase (decrease) | (134370)<br>| &nbsp;&nbsp; (1371580)<br>| &nbsp;&nbsp; (472112)<br>| &nbsp;&nbsp; (4774405)<br>| &nbsp;&nbsp; 353743 | &nbsp;&nbsp; 4237307 | &nbsp;&nbsp; (844970)<br>| &nbsp;&nbsp; (9479040)<br>|
| Class R |  |  |  |  |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3471 | &nbsp;&nbsp; 34834 | &nbsp;&nbsp; 23629 | &nbsp;&nbsp; 287608 | &nbsp;&nbsp; 22098 | &nbsp;&nbsp; 260963 |
| Distributions reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 4115 | &nbsp;&nbsp; 31903 | &nbsp;&nbsp; 390516 | &nbsp;&nbsp; 25808 | &nbsp;&nbsp; 302645 |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (376735)<br>| &nbsp;&nbsp; (3817917)<br>| &nbsp;&nbsp; (64651)<br>| &nbsp;&nbsp; (810535)<br>| &nbsp;&nbsp; (1109145)<br>| &nbsp;&nbsp; (12578863)<br>|
| Net decrease |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (372861)<br>| &nbsp;&nbsp; (3778968)<br>| &nbsp;&nbsp; (9119)<br>| &nbsp;&nbsp; (132411)<br>| &nbsp;&nbsp; (1061239)<br>| &nbsp;&nbsp; (12015255)<br>|
| Class S |  |  |  |  |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 2542 | &nbsp;&nbsp; 790676 | &nbsp;&nbsp; 9618133 |
| Distributions reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58986 | &nbsp;&nbsp; 720134 | &nbsp;&nbsp; 29499 | &nbsp;&nbsp; 344553 |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (104115)<br>| &nbsp;&nbsp; (1258414)<br>| &nbsp;&nbsp; (64926)<br>| &nbsp;&nbsp; (777389)<br>|
| Net increase (decrease) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (44910)<br>| &nbsp;&nbsp; (535738)<br>| &nbsp;&nbsp; 755249 | &nbsp;&nbsp; 9185297 |
| **Total net decrease** | **(7814045)**<br>| &nbsp;&nbsp; **(85419825)**<br>| &nbsp;&nbsp; **(10986343)**<br>| &nbsp;&nbsp; **(115162725)**<br>| &nbsp;&nbsp; **(4298828)**<br>| &nbsp;&nbsp; **(53247417)**<br>| &nbsp;&nbsp; **(9166341)**<br>| &nbsp;&nbsp; **(108341557)**<br>|

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Statement of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Columbia Capital Allocation** <br>**Aggressive Portfolio** | **Columbia Capital Allocation** <br>**Aggressive Portfolio** | **Columbia Capital Allocation** <br>**Aggressive Portfolio** | **Columbia Capital Allocation** <br>**Aggressive Portfolio** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **January 31, 2026**  | **January 31, 2026**  | **January 31, 2025**  | **January 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 3469705 | &nbsp;&nbsp;&nbsp;&nbsp; 47446866 | &nbsp;&nbsp;&nbsp;&nbsp; 3260411 | &nbsp;&nbsp;&nbsp;&nbsp; 42671068 |
| Distributions reinvested | 7530243 | &nbsp;&nbsp;&nbsp;&nbsp; 103096127 | &nbsp;&nbsp;&nbsp;&nbsp; 3897632 | &nbsp;&nbsp;&nbsp;&nbsp; 50908070 |
| Shares redeemed | (10720424)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (147080353)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11480939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (149884220)<br>|
| Net increase (decrease) | 279524 | &nbsp;&nbsp;&nbsp;&nbsp; 3462640 | &nbsp;&nbsp;&nbsp;&nbsp; (4322896)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56305082)<br>|
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2244110 | &nbsp;&nbsp;&nbsp;&nbsp; 27362637 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4772 | &nbsp;&nbsp;&nbsp;&nbsp; 60653 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4517949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60344819)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2269067)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32921529)<br>|
| Class C |  |  |  |  |
| Shares sold | 839282 | &nbsp;&nbsp;&nbsp;&nbsp; 10986882 | &nbsp;&nbsp;&nbsp;&nbsp; 782972 | &nbsp;&nbsp;&nbsp;&nbsp; 9791433 |
| Distributions reinvested | 452432 | &nbsp;&nbsp;&nbsp;&nbsp; 5914011 | &nbsp;&nbsp;&nbsp;&nbsp; 222329 | &nbsp;&nbsp;&nbsp;&nbsp; 2790334 |
| Shares redeemed | (1424100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18562081)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1358589)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17020769)<br>|
| Net decrease | (132386)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1661188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (353288)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4439002)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 1783161 | &nbsp;&nbsp;&nbsp;&nbsp; 24214536 | &nbsp;&nbsp;&nbsp;&nbsp; 4848615 | &nbsp;&nbsp;&nbsp;&nbsp; 65524709 |
| Distributions reinvested | 472866 | &nbsp;&nbsp;&nbsp;&nbsp; 6431238 | &nbsp;&nbsp;&nbsp;&nbsp; 239319 | &nbsp;&nbsp;&nbsp;&nbsp; 3104125 |
| Shares redeemed | (2327215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31943958)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1468391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19138718)<br>|
| Net increase (decrease) | (71188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1298184)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3619543 | &nbsp;&nbsp;&nbsp;&nbsp; 49490116 |
| Institutional 2 Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2387 | &nbsp;&nbsp;&nbsp;&nbsp; 28318 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (405024)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4796146)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (402637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4767828)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 807621 | &nbsp;&nbsp;&nbsp;&nbsp; 10772468 | &nbsp;&nbsp;&nbsp;&nbsp; 237845 | &nbsp;&nbsp;&nbsp;&nbsp; 2986451 |
| Distributions reinvested | 264451 | &nbsp;&nbsp;&nbsp;&nbsp; 3492564 | &nbsp;&nbsp;&nbsp;&nbsp; 129176 | &nbsp;&nbsp;&nbsp;&nbsp; 1627985 |
| Shares redeemed | (716923)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9649819)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1628778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19972733)<br>|
| Net increase (decrease) | 355149 | &nbsp;&nbsp;&nbsp;&nbsp; 4615213 | &nbsp;&nbsp;&nbsp;&nbsp; (1261757)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15358297)<br>|
| Class R |  |  |  |  |
| Shares sold | 116346 | &nbsp;&nbsp;&nbsp;&nbsp; 1599354 | &nbsp;&nbsp;&nbsp;&nbsp; 22312 | &nbsp;&nbsp;&nbsp;&nbsp; 284367 |
| Distributions reinvested | 19269 | &nbsp;&nbsp;&nbsp;&nbsp; 261070 | &nbsp;&nbsp;&nbsp;&nbsp; 8843 | &nbsp;&nbsp;&nbsp;&nbsp; 113994 |
| Shares redeemed | (30818)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (432909)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (944465)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11724338)<br>|
| Net increase (decrease) | 104797 | &nbsp;&nbsp;&nbsp;&nbsp; 1427515 | &nbsp;&nbsp;&nbsp;&nbsp; (913310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11325977)<br>|
| **Total net increase (decrease)** | **535896** | &nbsp;&nbsp;&nbsp;&nbsp; **6545996** | &nbsp;&nbsp;&nbsp;&nbsp; **(5903412)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(75627599)**<br>|

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Financial Highlights

Columbia Capital Allocation Conservative Portfolio

The following tables are intended to help you understand the Funds' financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, a fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 1/31/2026 | $9.25 | 0.31 | 0.61 | 0.92 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| Year Ended 1/31/2025 | $8.99 | 0.31 | 0.25 | 0.56 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended 1/31/2024 | $8.82 | 0.28 | 0.17 | 0.45 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended 1/31/2023 | $10.08 | 0.17 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.38)<br>|
| Year Ended 1/31/2022 | $10.62 | 0.14 | 0.02 | 0.16 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 1/31/2026 | $9.18 | 0.24 | 0.60 | 0.84 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended 1/31/2025 | $8.93 | 0.24 | 0.24 | 0.48 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| Year Ended 1/31/2024 | $8.76 | 0.21 | 0.18 | 0.39 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Year Ended 1/31/2023 | $10.02 | 0.10 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.31)<br>|
| Year Ended 1/31/2022 | $10.55 | 0.06 | 0.03 | 0.09 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.62)<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 1/31/2026 | $9.24 | 0.34 | 0.60 | 0.94 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended 1/31/2025 | $8.98 | 0.34 | 0.25 | 0.59 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended 1/31/2024 | $8.81 | 0.30 | 0.17 | 0.47 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended 1/31/2023 | $10.08 | 0.19 | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.40)<br>|
| Year Ended 1/31/2022 | $10.61 | 0.16 | 0.04 | 0.20 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.73)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | The benefits derived from expense reductions had an impact of less than 0.01%. |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $9.85 | &nbsp;&nbsp;&nbsp;&nbsp; 10.09% | &nbsp;&nbsp;&nbsp;&nbsp; 0.52% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.52% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29% | &nbsp;&nbsp;&nbsp;&nbsp; 31% | &nbsp;&nbsp;&nbsp;&nbsp; $128259 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp;&nbsp; 6.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $133615 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.99 | &nbsp;&nbsp;&nbsp;&nbsp; 5.28% | &nbsp;&nbsp;&nbsp;&nbsp; 0.53%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.53% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp; $142613 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.82 | &nbsp;&nbsp;&nbsp;&nbsp; (8.64%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.53% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $155991 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.08 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.50% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp; $198949 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $9.77 | &nbsp;&nbsp;&nbsp;&nbsp; 9.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.27% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.27% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | &nbsp;&nbsp;&nbsp;&nbsp; 31% | &nbsp;&nbsp;&nbsp;&nbsp; $8563 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.18 | &nbsp;&nbsp;&nbsp;&nbsp; 5.46% | &nbsp;&nbsp;&nbsp;&nbsp; 1.30%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.30% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $7959 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.93 | &nbsp;&nbsp;&nbsp;&nbsp; 4.53% | &nbsp;&nbsp;&nbsp;&nbsp; 1.28%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.28% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46% | &nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp; $9737 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.76 | &nbsp;&nbsp;&nbsp;&nbsp; (9.39%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.28% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $11804 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.25% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp; $18376 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $9.84 | &nbsp;&nbsp;&nbsp;&nbsp; 10.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.27% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.27% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58% | &nbsp;&nbsp;&nbsp;&nbsp; 31% | &nbsp;&nbsp;&nbsp;&nbsp; $15259 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.24 | &nbsp;&nbsp;&nbsp;&nbsp; 6.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.30% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $11612 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.98 | &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.28% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47% | &nbsp;&nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp;&nbsp; $8189 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.81 | &nbsp;&nbsp;&nbsp;&nbsp; (8.50%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.28% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $8773 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.08 | &nbsp;&nbsp;&nbsp;&nbsp; 1.76% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp;&nbsp;&nbsp; $11759 |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Financial Highlights

Columbia Capital Allocation Moderate Conservative Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 1/31/2026 | $10.08 | 0.31 | 0.91 | 1.22 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.40)<br>|
| Year Ended 1/31/2025 | $9.51 | 0.30 | 0.56 | 0.86 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended 1/31/2024 | $9.23 | 0.27 | 0.38 | 0.65 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.37)<br>|
| Year Ended 1/31/2023 | $10.77 | 0.17 | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.56)<br>|
| Year Ended 1/31/2022 | $11.29 | 0.16 | 0.36 | 0.52 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.04)<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 1/31/2026 | $9.88 | 0.22 | 0.90 | 1.12 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.32)<br>|
| Year Ended 1/31/2025 | $9.33 | 0.22 | 0.55 | 0.77 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Year Ended 1/31/2024 | $9.06 | 0.20 | 0.37 | 0.57 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended 1/31/2023 | $10.58 | 0.09 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.49)<br>|
| Year Ended 1/31/2022 | $11.11 | 0.07 | 0.35 | 0.42 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.95)<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 1/31/2026 | $9.87 | 0.33 | 0.89 | 1.22 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.43)<br>|
| Year Ended 1/31/2025 | $9.32 | 0.32 | 0.54 | 0.86 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended 1/31/2024 | $9.05 | 0.29 | 0.37 | 0.66 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended 1/31/2023 | $10.58 | 0.19 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.59)<br>|
| Year Ended 1/31/2022 | $11.11 | 0.19 | 0.35 | 0.54 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.07)<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year Ended 1/31/2026 | $10.10 | 0.24 | 0.95 | 1.19 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.37)<br>|
| Year Ended 1/31/2025 | $9.53 | 0.28 | 0.56 | 0.84 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.27)<br>|
| Year Ended 1/31/2024 | $9.25 | 0.24 | 0.39 | 0.63 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.35)<br>|
| Year Ended 1/31/2023 | $10.79 | 0.15 | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.54)<br>|
| Year Ended 1/31/2022 | $11.31 | 0.14 | 0.35 | 0.49 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.01)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | The benefits derived from expense reductions had an impact of less than 0.01%. |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp;&nbsp; 12.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.43% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.43% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% | &nbsp;&nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp;&nbsp; $305487 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $10.08 | &nbsp;&nbsp;&nbsp;&nbsp; 9.13% | &nbsp;&nbsp;&nbsp;&nbsp; 0.44%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.44% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $302446 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp;&nbsp; 7.23% | &nbsp;&nbsp;&nbsp;&nbsp; 0.43%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.43% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $313866 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp;&nbsp; (8.89%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.44% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; $337157 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp;&nbsp; 4.48% | &nbsp;&nbsp;&nbsp;&nbsp; 0.41% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.41% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; $425491 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $10.68 | &nbsp;&nbsp;&nbsp;&nbsp; 11.55% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.18% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19% | &nbsp;&nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp;&nbsp; $16291 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp;&nbsp; 8.26% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.19% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $18508 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.33 | &nbsp;&nbsp;&nbsp;&nbsp; 6.45% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.18% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $21219 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.06 | &nbsp;&nbsp;&nbsp;&nbsp; (9.58%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.18% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; $25646 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp;&nbsp; 3.66% | &nbsp;&nbsp;&nbsp;&nbsp; 1.16% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.16% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; $37844 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $10.66 | &nbsp;&nbsp;&nbsp;&nbsp; 12.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.18% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.18% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21% | &nbsp;&nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp;&nbsp; $12049 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.87 | &nbsp;&nbsp;&nbsp;&nbsp; 9.37% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.19% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $13378 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.32 | &nbsp;&nbsp;&nbsp;&nbsp; 7.54% | &nbsp;&nbsp;&nbsp;&nbsp; 0.18%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.18% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $12188 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.05 | &nbsp;&nbsp;&nbsp;&nbsp; (8.72%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.19% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; $12809 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp;&nbsp; 4.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.16% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.16% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; $16861 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp;&nbsp; 12.05% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28% | &nbsp;&nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp;&nbsp; $222 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp;&nbsp; 8.84% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $1674 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp;&nbsp; 6.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $1271 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp;&nbsp; (9.11%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; $1554 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.79 | &nbsp;&nbsp;&nbsp;&nbsp; 4.21% | &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp; $1673 |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Financial Highlights

Columbia Capital Allocation Moderate Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 1/31/2026 | $10.63 | 0.29 | 1.26 | 1.55 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.53)<br>|
| Year Ended 1/31/2025 | $9.99 | 0.28 | 0.91 | 1.19 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.55)<br>|
| Year Ended 1/31/2024 | $9.53 | 0.26 | 0.61 | 0.87 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended 1/31/2023 | $11.17 | 0.16 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.53)<br>|
| Year Ended 1/31/2022 | $11.91 | 0.19 | 0.60 | 0.79 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.53)<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 1/31/2026 | $10.50 | 0.20 | 1.25 | 1.45 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.45)<br>|
| Year Ended 1/31/2025 | $9.87 | 0.20 | 0.90 | 1.10 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended 1/31/2024 | $9.42 | 0.18 | 0.61 | 0.79 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.34)<br>|
| Year Ended 1/31/2023 | $11.05 | 0.08 | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.46)<br>|
| Year Ended 1/31/2022 | $11.80 | 0.10 | 0.59 | 0.69 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.44)<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 1/31/2026 | $10.61 | 0.31 | 1.27 | 1.58 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.56)<br>|
| Year Ended 1/31/2025 | $9.97 | 0.32 | 0.89 | 1.21 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended 1/31/2024 | $9.51 | 0.28 | 0.62 | 0.90 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.44)<br>|
| Year Ended 1/31/2023 | $11.15 | 0.18 | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.56)<br>|
| Year Ended 1/31/2022 | $11.89 | 0.23 | 0.59 | 0.82 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.56)<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Year Ended 1/31/2026 | $10.42 | 0.31 | 1.25 | 1.56 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended 1/31/2025 | $9.80 | 0.30 | 0.90 | 1.20 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.58)<br>|
| Year Ended 1/31/2024 | $9.36 | 0.27 | 0.61 | 0.88 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.44)<br>|
| Year Ended 1/31/2023 | $10.98 | 0.18 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended 1/31/2022 | $11.74 | 0.23 | 0.57 | 0.80 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.56)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | The benefits derived from expense reductions had an impact of less than 0.01%. |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $11.65 | &nbsp;&nbsp;&nbsp;&nbsp; 15.05%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64% | &nbsp;&nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp;&nbsp; $968512 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $10.63 | &nbsp;&nbsp;&nbsp;&nbsp; 12.03%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $951779 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.99 | &nbsp;&nbsp;&nbsp;&nbsp; 9.45%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $979753 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp;&nbsp; (9.70%)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp;&nbsp; $1027776 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $11.17 | &nbsp;&nbsp;&nbsp;&nbsp; 6.42%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; $1308500 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $11.50 | &nbsp;&nbsp;&nbsp;&nbsp; 14.20%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp;&nbsp; $52268 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp;&nbsp; 11.23%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $55269 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.87 | &nbsp;&nbsp;&nbsp;&nbsp; 8.63%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $60822 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp;&nbsp; (10.42%)<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp;&nbsp; $70538 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $11.05 | &nbsp;&nbsp;&nbsp;&nbsp; 5.58%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; $98600 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp;&nbsp; 15.37%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | &nbsp;&nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp;&nbsp; $27271 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $10.61 | &nbsp;&nbsp;&nbsp;&nbsp; 12.33%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $30537 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; 9.74%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $20026 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp;&nbsp; (9.48%)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp;&nbsp; $27345 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $11.15 | &nbsp;&nbsp;&nbsp;&nbsp; 6.69%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; $62130 |
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $11.41 | &nbsp;&nbsp;&nbsp;&nbsp; 15.43%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% | &nbsp;&nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp;&nbsp; $9369 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $10.42 | &nbsp;&nbsp;&nbsp;&nbsp; 12.41%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $9956 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.80 | &nbsp;&nbsp;&nbsp;&nbsp; 9.75%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $13995 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $9.36 | &nbsp;&nbsp;&nbsp;&nbsp; (9.39%)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp;&nbsp; $29170 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $10.98 | &nbsp;&nbsp;&nbsp;&nbsp; 6.66%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; $39786 |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Financial Highlights

Columbia Capital Allocation Moderate Aggressive Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 1/31/2026 | $11.96 | 0.26 | 1.61 | 1.87 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.99)<br>|
| Year Ended 1/31/2025 | $11.09 | 0.25 | 1.38 | 1.63 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.76)<br>|
| Year Ended 1/31/2024 | $10.41 | 0.23 | 0.94 | 1.17 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.49)<br>|
| Year Ended 1/31/2023 | $12.27 | 0.13 | &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.61)<br>|
| Year Ended 1/31/2022 | $13.05 | 0.19 | 1.03 | 1.22 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (2.00)<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 1/31/2026 | $12.00 | 0.17 | 1.61 | 1.78 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended 1/31/2025 | $11.12 | 0.16 | 1.39 | 1.55 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.67)<br>|
| Year Ended 1/31/2024 | $10.44 | 0.15 | 0.94 | 1.09 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended 1/31/2023 | $12.30 | 0.05 | &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.53)<br>|
| Year Ended 1/31/2022 | $13.07 | 0.09 | 1.04 | 1.13 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.90)<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 1/31/2026 | $11.92 | 0.29 | 1.61 | 1.90 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended 1/31/2025 | $11.05 | 0.29 | 1.37 | 1.66 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.79)<br>|
| Year Ended 1/31/2024 | $10.38 | 0.26 | 0.92 | 1.18 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.51)<br>|
| Year Ended 1/31/2023 | $12.23 | 0.15 | &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.64)<br>|
| Year Ended 1/31/2022 | $13.02 | 0.22 | 1.02 | 1.24 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (2.03)<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Year Ended 1/31/2026 | $11.65 | 0.31 | 1.54 | 1.85 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.03)<br>|
| Year Ended 1/31/2025 | $10.82 | 0.27 | 1.36 | 1.63 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended 1/31/2024 | $10.17 | 0.25 | 0.92 | 1.17 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.52)<br>|
| Year Ended 1/31/2023 | $12.00 | 0.15 | &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.65)<br>|
| Year Ended 1/31/2022 | $12.80 | 0.23 | 1.01 | 1.24 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (2.04)<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year Ended 1/31/2026 | $11.95 | 0.23 | 1.60 | 1.83 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended 1/31/2025 | $11.08 | 0.21 | 1.39 | 1.60 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.73)<br>|
| Year Ended 1/31/2024 | $10.40 | 0.20 | 0.94 | 1.14 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.46)<br>|
| Year Ended 1/31/2023 | $12.25 | 0.10 | &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.58)<br>|
| Year Ended 1/31/2022 | $13.03 | 0.15 | 1.03 | 1.18 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.96)<br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Year Ended 1/31/2026 | $11.92 | 0.29 | 1.60 | 1.89 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended 1/31/2025<sup>(e)</sup> <br>| $12.16 | 0.13 | 0.08 | 0.21 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.45)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (e) | Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date. |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $12.84 | &nbsp;&nbsp;&nbsp;&nbsp; 16.22% | &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; $1568875 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp;&nbsp; 14.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $1511664 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $11.09 | &nbsp;&nbsp;&nbsp;&nbsp; 11.52% | &nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $1470257 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp;&nbsp; (9.93%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $1404980 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.27 | &nbsp;&nbsp;&nbsp;&nbsp; 9.12% | &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; $1720777 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $12.88 | &nbsp;&nbsp;&nbsp;&nbsp; 15.31% | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; $62476 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $12.00 | &nbsp;&nbsp;&nbsp;&nbsp; 14.18% | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $65585 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $11.12 | &nbsp;&nbsp;&nbsp;&nbsp; 10.66% | &nbsp;&nbsp;&nbsp;&nbsp; 1.15% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $69736 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp;&nbsp; (10.57%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $76449 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.30 | &nbsp;&nbsp;&nbsp;&nbsp; 8.36% | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; $102579 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $12.80 | &nbsp;&nbsp;&nbsp;&nbsp; 16.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; $116762 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $11.92 | &nbsp;&nbsp;&nbsp;&nbsp; 15.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $106287 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $11.05 | &nbsp;&nbsp;&nbsp;&nbsp; 11.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.16% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $85468 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.38 | &nbsp;&nbsp;&nbsp;&nbsp; (9.65%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $84049 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.23 | &nbsp;&nbsp;&nbsp;&nbsp; 9.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; $106896 |
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $12.47 | &nbsp;&nbsp;&nbsp;&nbsp; 16.53% | &nbsp;&nbsp;&nbsp;&nbsp; 0.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; $18131 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $11.65 | &nbsp;&nbsp;&nbsp;&nbsp; 15.37% | &nbsp;&nbsp;&nbsp;&nbsp; 0.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $12808 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $10.82 | &nbsp;&nbsp;&nbsp;&nbsp; 11.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $21033 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp;&nbsp; (9.58%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $36468 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.00 | &nbsp;&nbsp;&nbsp;&nbsp; 9.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; $78836 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $12.82 | &nbsp;&nbsp;&nbsp;&nbsp; 15.86% | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; $5228 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $11.95 | &nbsp;&nbsp;&nbsp;&nbsp; 14.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $4979 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $11.08 | &nbsp;&nbsp;&nbsp;&nbsp; 11.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp; $16369 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp;&nbsp; (10.10%)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp;&nbsp; $16756 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.25 | &nbsp;&nbsp;&nbsp;&nbsp; 8.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; $19334 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $12.79 | &nbsp;&nbsp;&nbsp;&nbsp; 16.48% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37% | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; $9088 |
|  Year Ended 1/31/2025 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.92 | &nbsp;&nbsp;&nbsp;&nbsp; 1.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp; 3.45% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $9004 |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Financial Highlights

Columbia Capital Allocation Aggressive Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 1/31/2026 | $13.35 | 0.23 | 2.14 | 2.37 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (1.38)<br>|
| Year Ended 1/31/2025 | $11.93 | 0.21 | 1.89 | 2.10 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.68)<br>|
| Year Ended 1/31/2024 | $11.13 | 0.22 | 1.22 | 1.44 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.64)<br>|
| Year Ended 1/31/2023 | $13.31 | 0.10 | &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.78)<br>|
| Year Ended 1/31/2022 | $13.49 | 0.18 | 1.49 | 1.67 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.85)<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 1/31/2026 | $12.82 | 0.12 | 2.03 | 2.15 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (1.28)<br>|
| Year Ended 1/31/2025 | $11.48 | 0.11 | 1.81 | 1.92 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.58)<br>|
| Year Ended 1/31/2024 | $10.73 | 0.13 | 1.18 | 1.31 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.56)<br>|
| Year Ended 1/31/2023 | $12.85 | 0.01 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.70)<br>|
| Year Ended 1/31/2022 | $13.09 | 0.07 | 1.43 | 1.50 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.74)<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 1/31/2026 | $13.26 | 0.26 | 2.12 | 2.38 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended 1/31/2025 | $11.85 | 0.32 | 1.80 | 2.12 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended 1/31/2024 | $11.06 | 0.25 | 1.21 | 1.46 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.67)<br>|
| Year Ended 1/31/2023 | $13.23 | 0.13 | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended 1/31/2022 | $13.42 | 0.22 | 1.48 | 1.70 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.89)<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Year Ended 1/31/2026 | $12.89 | 0.27 | 2.05 | 2.32 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended 1/31/2025 | $11.53 | 0.24 | 1.84 | 2.08 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.72)<br>|
| Year Ended 1/31/2024 | $10.78 | 0.24 | 1.19 | 1.43 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.68)<br>|
| Year Ended 1/31/2023 | $12.92 | 0.13 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.82)<br>|
| Year Ended 1/31/2022 | $13.14 | 0.21 | 1.46 | 1.67 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.89)<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year Ended 1/31/2026 | $13.17 | 0.23 | 2.06 | 2.29 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (1.34)<br>|
| Year Ended 1/31/2025 | $11.77 | 0.13 | 1.92 | 2.05 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.65)<br>|
| Year Ended 1/31/2024 | $10.99 | 0.19 | 1.21 | 1.40 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.62)<br>|
| Year Ended 1/31/2023 | $13.15 | 0.07 | &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.75)<br>|
| Year Ended 1/31/2022 | $13.35 | 0.13 | 1.48 | 1.61 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.81)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interest on collateral expense which is less than 0.01%. |
| (d) | The benefits derived from expense reductions had an impact of less than 0.01%. |

---

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

Columbia Capital Allocation Portfolios \| 2026

------

Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $14.34 | &nbsp;&nbsp;&nbsp;&nbsp; 18.47%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.38% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; $1222370 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.35 | &nbsp;&nbsp;&nbsp;&nbsp; 17.73%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; $1134906 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $11.93 | &nbsp;&nbsp;&nbsp;&nbsp; 13.28%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.41% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.41% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; $1065223 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $11.13 | &nbsp;&nbsp;&nbsp;&nbsp; (10.14%)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.40% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $1038485 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $13.31 | &nbsp;&nbsp;&nbsp;&nbsp; 12.14%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.39% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; $1264033 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $13.69 | &nbsp;&nbsp;&nbsp;&nbsp; 17.51%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.13% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; $66011 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $12.82 | &nbsp;&nbsp;&nbsp;&nbsp; 16.86%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; $63506 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $11.48 | &nbsp;&nbsp;&nbsp;&nbsp; 12.50%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.16% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.16% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; $60895 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.73 | &nbsp;&nbsp;&nbsp;&nbsp; (10.78%)<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.15% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.15% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $62530 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp;&nbsp; 11.22%<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; $80981 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $14.23 | &nbsp;&nbsp;&nbsp;&nbsp; 18.68%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.13% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; $87894 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.26 | &nbsp;&nbsp;&nbsp;&nbsp; 18.05%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; $82839 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $11.85 | &nbsp;&nbsp;&nbsp;&nbsp; 13.54%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.16% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.16% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; $31127 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $11.06 | &nbsp;&nbsp;&nbsp;&nbsp; (9.89%)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.15% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.15% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $32831 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $13.23 | &nbsp;&nbsp;&nbsp;&nbsp; 12.40%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.14% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; $43713 |
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $13.79 | &nbsp;&nbsp;&nbsp;&nbsp; 18.75%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03% | &nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; $38306 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $12.89 | &nbsp;&nbsp;&nbsp;&nbsp; 18.22%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; $31222 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $11.53 | &nbsp;&nbsp;&nbsp;&nbsp; 13.61%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; $42488 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.78 | &nbsp;&nbsp;&nbsp;&nbsp; (9.82%)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.07% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $62454 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.92 | &nbsp;&nbsp;&nbsp;&nbsp; 12.50%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; $87544 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year Ended 1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $14.12 | &nbsp;&nbsp;&nbsp;&nbsp; 18.16%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp; $3469 |
| Year Ended 1/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $13.17 | &nbsp;&nbsp;&nbsp;&nbsp; 17.52%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; $1856 |
| Year Ended 1/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $11.77 | &nbsp;&nbsp;&nbsp;&nbsp; 13.00%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp;&nbsp; 21% | &nbsp;&nbsp;&nbsp;&nbsp; $12413 |
| Year Ended 1/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp;&nbsp; (10.36%)<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; $11020 |
| Year Ended 1/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $13.15 | &nbsp;&nbsp;&nbsp;&nbsp; 11.83%<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp; $12737 |

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

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Notes to Financial Statements

January 31, 2026

Note 1. Organization

Columbia Funds Series Trust and Columbia Funds Series Trust II (each, a Trust and collectively, the Trusts), are registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Columbia Funds Series Trust is organized as a Delaware statutory trust and Columbia Funds Series Trust II is organized as a Massachusetts business trust.

Information presented in these financial statements pertains to the following series of the Trusts (each, a Fund and collectively, the Funds): Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio, each a series of Columbia Funds Series Trust, and Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio, each a series of Columbia Funds Series Trust II. Each Fund is a diversified fund.

Each Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or its affiliates, as well as third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). Each Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at columbiathreadneedleus.com/investor.

**Fund shares**

Each Trust may issue an unlimited number of shares (without par value) that can be allocated among the separate series as designated by the Board of Trustees.

Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio offer 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 Trusts' organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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 3 Class, Class R and Class S shares are available for purchase through authorized investment professionals, to omnibus retirement plans or to institutional and certain other investors as described in the Funds' prospectus.

Note 2. Summary of significant accounting policies

**Basis of preparation** 

Each 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 Funds in the preparation of their financial statements.

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Notes to Financial Statements (continued)

January 31, 2026

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Funds is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Funds have a single operating segment because the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of each Fund's prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds' 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.

Investments in the Underlying Funds (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.

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 Funds' 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 Funds do 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.

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Notes to Financial Statements (continued)

January 31, 2026

**Derivative instruments**

Certain Funds invest in certain derivative instruments, as detailed below, in seeking to meet their 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 a Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Funds' risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by a 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 a Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Funds) by account class, potentially resulting in losses to the Funds.

In connection with certain over-the-counter derivatives, the Funds 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 a Fund and a counterparty that governs over-the-counter derivatives and forward 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 Funds may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty nonperformance. The Funds may also pay interest expense on

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Notes to Financial Statements (continued)

January 31, 2026

cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe 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 a Fund's net asset value declines by a stated percentage over a specified time period or if a Fund fails to meet certain terms of the ISDA Master Agreement, which would cause a Fund to accelerate payment of any net liability owed to the counterparty. The Funds also have termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Funds 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 Funds do 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. Certain Funds utilized forward foreign currency exchange contracts to hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing their investment objectives. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. 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 Funds 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 Funds' 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. Certain Funds bought and sold futures contracts to manage exposure to the securities markets or to movements in interest rates and currency values. Funds invest in futures contracts as part of their primary investment strategy and/or to equitize their cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, a 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, a 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 Funds generally expect to earn interest income on their margin deposits. The Funds recognize 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.

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Notes to Financial Statements (continued)

January 31, 2026

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the marked-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty provides some protection in the case of clearing member default. The central counterparty stands between the buyer and the seller of the swap contract; therefore, failure of the clearinghouse may pose additional counterparty credit risk. However, credit risk still exists in centrally cleared swaps to the extent initial and variation margin is held in an FCM's customer account. While FCM's are required to segregate customer margin from their own assets, in the event that an FCM becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the FCM for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all of the FCM's customers (including the Fund) by account class, potentially resulting in losses to the Fund. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

**Total return swap contracts**

The Funds entered into total return swap contracts to obtain exposure to the underlying referenced instruments, obtain leverage or attain the returns from ownership without owning the underlying position. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. These instruments may be used for other purposes in future periods. Total return swap contracts may be used to obtain exposure to an underlying reference security, instrument, or other asset or index or market without owning, taking physical custody of, or short selling any such security, instrument or asset in a market.

Total return 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 the Fund will realize a gain (loss). Periodic payments received (or made) by the Fund over the term of the contract are recorded as realized gains (losses). Total return swap contracts are subject to the risk associated with the investment in the underlying reference security, instrument or asset. This risk may be offset if the Fund holds any of the underlying reference security, instrument or asset. Total return swap contracts are subject to the risk that the counterparty may not fulfill its obligations under the contract. This risk is offset by the daily exchange of variation margin with the swap counterparty.

**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 Funds, including: the fair value of derivatives by risk category and the location of those fair values in the Statements of Assets and Liabilities; and the impact of derivative transactions over the period in the Statements of Operations, including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

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Notes to Financial Statements (continued)

January 31, 2026

**Columbia Capital Allocation Conservative Portfolio**

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, 2026:

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| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 204,763<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 11,867<br> \*<br>|
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 56644 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 91<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 273365 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 244,384<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,849<br> \*<br>|
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 29758 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 46,965<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 324956 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 503887 | &nbsp;&nbsp;&nbsp;&nbsp; (104620)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 399267 |
| Foreign exchange risk | &nbsp;&nbsp; (47953)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47953)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17785 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17785 |
| Total | &nbsp;&nbsp; (47953)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 521672 | &nbsp;&nbsp;&nbsp;&nbsp; (104620)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 369099 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24325 | &nbsp;&nbsp;&nbsp;&nbsp; 8018 | &nbsp;&nbsp;&nbsp;&nbsp; 32343 |
| Foreign exchange risk | &nbsp;&nbsp; 27571 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27571 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34725 |
| Total | &nbsp;&nbsp; 27571 | &nbsp;&nbsp;&nbsp;&nbsp; 59050 | &nbsp;&nbsp;&nbsp;&nbsp; 8018 | &nbsp;&nbsp;&nbsp;&nbsp; 94639 |

---

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended January 31, 2026:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 15071615 |
| Futures contracts — short | 6834887 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | 64984 | &nbsp;&nbsp;&nbsp;&nbsp; (74845)<br>|
| Total return swap contracts | 14948 | &nbsp;&nbsp;&nbsp;&nbsp; (16705)<br>|

---

**Columbia Capital Allocation Moderate Conservative Portfolio**

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, 2026:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 523,514<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 32,663<br> \*<br>|
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 123931 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 122<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 680230 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 570,652<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 10,570<br> \*<br>|
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 65109 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 119,142<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 765473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1241296 | &nbsp;&nbsp;&nbsp;&nbsp; (285767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 955529 |
| Foreign exchange risk | &nbsp;&nbsp; (183123)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (183123)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26821 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26821 |
| Total | &nbsp;&nbsp; (183123)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1268117 | &nbsp;&nbsp;&nbsp;&nbsp; (285767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 799227 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108977 | &nbsp;&nbsp;&nbsp;&nbsp; 22093 | &nbsp;&nbsp;&nbsp;&nbsp; 131070 |
| Foreign exchange risk | &nbsp;&nbsp; 60067 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60067 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36923 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36923 |
| Total | &nbsp;&nbsp; 60067 | &nbsp;&nbsp;&nbsp;&nbsp; 145900 | &nbsp;&nbsp;&nbsp;&nbsp; 22093 | &nbsp;&nbsp;&nbsp;&nbsp; 228060 |

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended January 31, 2026:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 33933835 |
| Futures contracts — short | 16256850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | 175410 | &nbsp;&nbsp;&nbsp;&nbsp; (203270)<br>|
| Total return swap contracts | 41257 | &nbsp;&nbsp;&nbsp;&nbsp; (45955)<br>|

---

**Columbia Capital Allocation Moderate Portfolio**

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, 2026:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,848,449<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 124,355<br> \*<br>|
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 392183 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 141<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 2365128 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2,363,886<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 40,252<br> \*<br>|
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 206044 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 308,564<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 2918746 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5578862 | &nbsp;&nbsp;&nbsp;&nbsp; (1041083)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4537779 |
| Foreign exchange risk | &nbsp;&nbsp; (776966)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (776966)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12119 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12119 |
| Total | &nbsp;&nbsp; (776966)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5590981 | &nbsp;&nbsp;&nbsp;&nbsp; (1041083)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3772932 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68155 | &nbsp;&nbsp;&nbsp;&nbsp; 84103 | &nbsp;&nbsp;&nbsp;&nbsp; 152258 |
| Foreign exchange risk | &nbsp;&nbsp; 190509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 190509 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 389695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 389695 |
| Total | &nbsp;&nbsp; 190509 | &nbsp;&nbsp;&nbsp;&nbsp; 457850 | &nbsp;&nbsp;&nbsp;&nbsp; 84103 | &nbsp;&nbsp;&nbsp;&nbsp; 732462 |

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended January 31, 2026:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 118889008 |
| Futures contracts — short | 61064780 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | 643459 | &nbsp;&nbsp;&nbsp;&nbsp; (747602)<br>|
| Total return swap contracts | 151734 | &nbsp;&nbsp;&nbsp;&nbsp; (168423)<br>|

---

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

**Columbia Capital Allocation Moderate Aggressive Portfolio**

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, 2026:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,033,917<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 244,590<br> \*<br>|
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 659747 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 657<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 3938911 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4,264,462<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 79,194<br> \*<br>|
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 346617 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 332,765<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 5023038 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9000311 | &nbsp;&nbsp;&nbsp;&nbsp; (1956583)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7043728 |
| Foreign exchange risk | &nbsp;&nbsp; (1674574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1674574)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154092 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154092 |
| Total | &nbsp;&nbsp; (1674574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9154403 | &nbsp;&nbsp;&nbsp;&nbsp; (1956583)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5523246 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (239247)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165396 | &nbsp;&nbsp;&nbsp;&nbsp; (73851)<br>|
| Foreign exchange risk | &nbsp;&nbsp; 319154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319154 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 714163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 714163 |
| Total | &nbsp;&nbsp; 319154 | &nbsp;&nbsp;&nbsp;&nbsp; 474916 | &nbsp;&nbsp;&nbsp;&nbsp; 165396 | &nbsp;&nbsp;&nbsp;&nbsp; 959466 |

---

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended January 31, 2026:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 204184752 |
| Futures contracts — short | 109552241 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | 1218660 | &nbsp;&nbsp;&nbsp;&nbsp; (1418276)<br>|
| Total return swap contracts | 290288 | &nbsp;&nbsp;&nbsp;&nbsp; (320176)<br>|

---

**Columbia Capital Allocation Aggressive Portfolio**

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, 2026:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2,238,607<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 222,993<br> \*<br>|
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 525267 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 629<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 2987496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,562,537<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 72,181<br> \*<br>|
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 275963 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 239,591<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 4150272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8874940 | &nbsp;&nbsp;&nbsp;&nbsp; (1700166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7174774 |
| Foreign exchange risk | &nbsp;&nbsp; (1585449)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1585449)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (91900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (91900)<br>|
| Total | &nbsp;&nbsp; (1585449)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8783040 | &nbsp;&nbsp;&nbsp;&nbsp; (1700166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5497425 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (476560)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150812 | &nbsp;&nbsp;&nbsp;&nbsp; (325748)<br>|
| Foreign exchange risk | &nbsp;&nbsp; 252778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 252778 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 484542 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 484542 |
| Total | &nbsp;&nbsp; 252778 | &nbsp;&nbsp;&nbsp;&nbsp; 7982 | &nbsp;&nbsp;&nbsp;&nbsp; 150812 | &nbsp;&nbsp;&nbsp;&nbsp; 411572 |

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended January 31, 2026:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 167361159 |
| Futures contracts — short | 92988331 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | 1066576 | &nbsp;&nbsp;&nbsp;&nbsp; (1243482)<br>|
| Total return swap contracts | 255973 | &nbsp;&nbsp;&nbsp;&nbsp; (280873)<br>|

---

**Offsetting of assets and liabilities** 

The following tables present each Fund's gross and net amount of assets and liabilities available for offset under netting arrangements with counterparties as well as any related collateral received or pledged by the Funds as of January 31, 2026:

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

**Columbia Capital Allocation Conservative Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays** | **Citi** | **Goldman** <br>**Sachs** <br>**International**<br>| **HSBC** | **JPMorgan** | **Morgan** <br>**Stanley**<br>| **UBS** | **Total** |
| **Assets** |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | $&nbsp;&nbsp; 4486<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 6816<br>| &nbsp;&nbsp; 9237<br>| &nbsp;&nbsp; 34568<br>| &nbsp;&nbsp; 1537<br>| &nbsp;&nbsp; 56644<br>|
| OTC total return swap contracts <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 11867<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 11867<br>|
| Total assets | &nbsp;&nbsp; 4486<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 11867<br>| &nbsp;&nbsp; 6816<br>| &nbsp;&nbsp; 9237<br>| &nbsp;&nbsp; 34568<br>| &nbsp;&nbsp; 1537<br>| &nbsp;&nbsp; 68511<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 29404<br>| &nbsp;&nbsp; 354<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 29758<br>|
| OTC total return swap contracts <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 3849<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 3849<br>|
| Total liabilities | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 29404<br>| &nbsp;&nbsp; 4203<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 33607<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **4486**<br>| &nbsp;&nbsp; **(29404)**<br>| &nbsp;&nbsp; **7664**<br>| &nbsp;&nbsp; **6816**<br>| &nbsp;&nbsp; **9237**<br>| &nbsp;&nbsp; **34568**<br>| &nbsp;&nbsp; **1537**<br>| &nbsp;&nbsp; **34904**<br>|
| Total collateral received (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp; **4486**<br>| &nbsp;&nbsp; **(29404)**<br>| &nbsp;&nbsp; **7664**<br>| &nbsp;&nbsp; **6816**<br>| &nbsp;&nbsp; **9237**<br>| &nbsp;&nbsp; **34568**<br>| &nbsp;&nbsp; **1537**<br>| &nbsp;&nbsp; **34904**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the net amount due from/(to) counterparties in the event of default.

**Columbia Capital Allocation Moderate Conservative Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays** | **Citi** | **Goldman** <br>**Sachs** <br>**International**<br>| **HSBC** | **JPMorgan** | **Morgan** <br>**Stanley**<br>| **UBS** | **Total** |
| **Assets** |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | $&nbsp;&nbsp; 9817<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 14911<br>| &nbsp;&nbsp; 20210<br>| &nbsp;&nbsp; 75632<br>| &nbsp;&nbsp; 3361<br>| &nbsp;&nbsp; 123931<br>|
| OTC total return swap contracts <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 32663<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 32663<br>|
| Total assets | &nbsp;&nbsp; 9817<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 32663<br>| &nbsp;&nbsp; 14911<br>| &nbsp;&nbsp; 20210<br>| &nbsp;&nbsp; 75632<br>| &nbsp;&nbsp; 3361<br>| &nbsp;&nbsp; 156594<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 64335<br>| &nbsp;&nbsp; 774<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 65109<br>|
| OTC total return swap contracts <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 10570<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 10570<br>|
| Total liabilities | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 64335<br>| &nbsp;&nbsp; 11344<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 75679<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **9817**<br>| &nbsp;&nbsp; **(64335)**<br>| &nbsp;&nbsp; **21319**<br>| &nbsp;&nbsp; **14911**<br>| &nbsp;&nbsp; **20210**<br>| &nbsp;&nbsp; **75632**<br>| &nbsp;&nbsp; **3361**<br>| &nbsp;&nbsp; **80915**<br>|
| Total collateral received (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp; **9817**<br>| &nbsp;&nbsp; **(64335)**<br>| &nbsp;&nbsp; **21319**<br>| &nbsp;&nbsp; **14911**<br>| &nbsp;&nbsp; **20210**<br>| &nbsp;&nbsp; **75632**<br>| &nbsp;&nbsp; **3361**<br>| &nbsp;&nbsp; **80915**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the net amount due from/(to) counterparties in the event of default.

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

**Columbia Capital Allocation Moderate Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays** | **Citi** | **Goldman** <br>**Sachs** <br>**International**<br>| **HSBC** | **JPMorgan** | **Morgan** <br>**Stanley**<br>| **UBS** | **Total** |
| **Assets** |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | $&nbsp;&nbsp; 31059<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 47186<br>| &nbsp;&nbsp; 63958<br>| &nbsp;&nbsp; 239346<br>| &nbsp;&nbsp; 10634<br>| &nbsp;&nbsp; 392183<br>|
| OTC total return swap contracts <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 124355<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 124355<br>|
| Total assets | &nbsp;&nbsp; 31059<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 124355<br>| &nbsp;&nbsp; 47186<br>| &nbsp;&nbsp; 63958<br>| &nbsp;&nbsp; 239346<br>| &nbsp;&nbsp; 10634<br>| &nbsp;&nbsp; 516538<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 203595<br>| &nbsp;&nbsp; 2449<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 206044<br>|
| OTC total return swap contracts <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 40252<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 40252<br>|
| Total liabilities | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 203595<br>| &nbsp;&nbsp; 42701<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 246296<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **31059**<br>| &nbsp;&nbsp; **(203595)**<br>| &nbsp;&nbsp; **81654**<br>| &nbsp;&nbsp; **47186**<br>| &nbsp;&nbsp; **63958**<br>| &nbsp;&nbsp; **239346**<br>| &nbsp;&nbsp; **10634**<br>| &nbsp;&nbsp; **270242**<br>|
| Total collateral received (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp; **31059**<br>| &nbsp;&nbsp; **(203595)**<br>| &nbsp;&nbsp; **81654**<br>| &nbsp;&nbsp; **47186**<br>| &nbsp;&nbsp; **63958**<br>| &nbsp;&nbsp; **239346**<br>| &nbsp;&nbsp; **10634**<br>| &nbsp;&nbsp; **270242**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the net amount due from/(to) counterparties in the event of default.

**Columbia Capital Allocation Moderate Aggressive Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays** | **Citi** | **Goldman** <br>**Sachs** <br>**International**<br>| **HSBC** | **JPMorgan** | **Morgan** <br>**Stanley**<br>| **UBS** | **Total** |
| **Assets** |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | $&nbsp;&nbsp; 52250<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 79375<br>| &nbsp;&nbsp; 107593<br>| &nbsp;&nbsp; 402639<br>| &nbsp;&nbsp; 17890<br>| &nbsp;&nbsp; 659747<br>|
| OTC total return swap contracts <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 244590<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 244590<br>|
| Total assets | &nbsp;&nbsp; 52250<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 244590<br>| &nbsp;&nbsp; 79375<br>| &nbsp;&nbsp; 107593<br>| &nbsp;&nbsp; 402639<br>| &nbsp;&nbsp; 17890<br>| &nbsp;&nbsp; 904337<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 342497<br>| &nbsp;&nbsp; 4120<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 346617<br>|
| OTC total return swap contracts <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 79194<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 79194<br>|
| Total liabilities | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 342497<br>| &nbsp;&nbsp; 83314<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 425811<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **52250**<br>| &nbsp;&nbsp; **(342497)**<br>| &nbsp;&nbsp; **161276**<br>| &nbsp;&nbsp; **79375**<br>| &nbsp;&nbsp; **107593**<br>| &nbsp;&nbsp; **402639**<br>| &nbsp;&nbsp; **17890**<br>| &nbsp;&nbsp; **478526**<br>|
| Total collateral received (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp; **52250**<br>| &nbsp;&nbsp; **(342497)**<br>| &nbsp;&nbsp; **161276**<br>| &nbsp;&nbsp; **79375**<br>| &nbsp;&nbsp; **107593**<br>| &nbsp;&nbsp; **402639**<br>| &nbsp;&nbsp; **17890**<br>| &nbsp;&nbsp; **478526**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the net amount due from/(to) counterparties in the event of default.

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

**Columbia Capital Allocation Aggressive Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays** | **Citi** | **Goldman** <br>**Sachs** <br>**International**<br>| **HSBC** | **JPMorgan** | **Morgan** <br>**Stanley**<br>| **UBS** | **Total** |
| **Assets** |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | $&nbsp;&nbsp; 41600<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 63196<br>| &nbsp;&nbsp; 85663<br>| &nbsp;&nbsp; 320566<br>| &nbsp;&nbsp; 14242<br>| &nbsp;&nbsp; 525267<br>|
| OTC total return swap contracts <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 222993<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 222993<br>|
| Total assets | &nbsp;&nbsp; 41600<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 222993<br>| &nbsp;&nbsp; 63196<br>| &nbsp;&nbsp; 85663<br>| &nbsp;&nbsp; 320566<br>| &nbsp;&nbsp; 14242<br>| &nbsp;&nbsp; 748260<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 272683<br>| &nbsp;&nbsp; 3280<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 275963<br>|
| OTC total return swap contracts <sup>(a)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 72181<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 72181<br>|
| Total liabilities | &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 272683<br>| &nbsp;&nbsp; 75461<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; 348144<br>|
| **Total financial and derivative net assets** | &nbsp;&nbsp; **41600**<br>| &nbsp;&nbsp; **(272683)**<br>| &nbsp;&nbsp; **147532**<br>| &nbsp;&nbsp; **63196**<br>| &nbsp;&nbsp; **85663**<br>| &nbsp;&nbsp; **320566**<br>| &nbsp;&nbsp; **14242**<br>| &nbsp;&nbsp; **400116**<br>|
| Total collateral received (pledged) <sup>(b)</sup> <br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>| &nbsp;&nbsp; -<br>|
| **Net amount** <sup>(c)</sup> <br>| $&nbsp;&nbsp; **41600**<br>| &nbsp;&nbsp; **(272683)**<br>| &nbsp;&nbsp; **147532**<br>| &nbsp;&nbsp; **63196**<br>| &nbsp;&nbsp; **85663**<br>| &nbsp;&nbsp; **320566**<br>| &nbsp;&nbsp; **14242**<br>| &nbsp;&nbsp; **400116**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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**

The Funds 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 investments in underlying funds, if any, are recorded on the ex-dividend date.

**Expenses**

General expenses of the Trusts are allocated to the Funds and other funds of the Trusts based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to that 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 directly to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a 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.

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

**Federal income tax status**

For federal income tax purposes, each Fund is treated as a separate entity. The Funds intend to qualify each year as separate regulated investment companies under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their investment company taxable income and net capital gain, if any, for their tax year, and as such will not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their ordinary income, capital gain net income and certain other amounts, if any, such that the Funds should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.

**Foreign taxes**

The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds 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. Each 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 quarterly for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio. Distributions from net investment income, if any, are declared and paid semi-annually for Columbia Capital Allocation Aggressive Portfolio. 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 Trusts' 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 Trusts or its funds. In addition, certain of the Funds' contracts with their service providers contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

**Management services fees and underlying fund fees** 

The Funds have entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in Columbia proprietary funds (excluding any underlying funds that do not pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager), (ii) 0.12% on assets invested in non-exchange-traded third-party advised mutual funds and (iii) 0.57% on assets invested in all other securities, including other funds advised by the Investment Manager that do not pay a management services fee (or investment advisory services fee, as applicable), exchange-traded funds, derivatives and individual securities.

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

The effective management services fee rates, based on each Fund's average daily net assets for the year ended January 31, 2026 were as follows:

---

| | |
|:---|:---|
|  | **Effective management services fee rate (%)** |
| Columbia Capital Allocation Conservative Portfolio | 0.06 |
| Columbia Capital Allocation Moderate Conservative Portfolio | 0.05 |
| Columbia Capital Allocation Moderate Portfolio | 0.03 |
| Columbia Capital Allocation Moderate Aggressive Portfolio | 0.03 |
| Columbia Capital Allocation Aggressive Portfolio | 0.03 |

---

In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which the Funds invest. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. These expenses are not reflected in the expenses shown in 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 Funds 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. Each Fund's liability for these amounts is adjusted for market value changes and remains in the Funds until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Funds. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Funds 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 Funds, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Transfer agency fees**

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

For the year ended January 31, 2026, the Funds' effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class A** <br>**(%)**<br>| **Class C** <br>**(%)**<br>| **Institutional** <br>**Class (%)**<br>| **Institutional 3** <br>**Class (%)**<br>| **Class R** <br>**(%)**<br>| **Class S** <br>**(%)**<br>|
| Columbia Capital Allocation Conservative Portfolio | 0.09 | 0.09 | 0.09 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Columbia Capital Allocation Moderate Conservative Portfolio | 0.07 | 0.07 | 0.07 | &nbsp;&nbsp; — | 0.07 | &nbsp;&nbsp; — |
| Columbia Capital Allocation Moderate Portfolio | 0.07 | 0.07 | 0.07 | 0.01 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Columbia Capital Allocation Moderate Aggressive Portfolio | 0.08 | 0.08 | 0.08 | 0.00 | 0.08 | 0.08 |
| Columbia Capital Allocation Aggressive Portfolio | 0.08 | 0.08 | 0.08 | 0.01 | 0.07 | &nbsp;&nbsp; — |

---

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 Funds and recorded as part of expense reductions in the Statement of Operations.

For the year ended January 31, 2026, these minimum account balance fees reduced total expenses as follows:

---

| | |
|:---|:---|
| **Fund**  | **Amount ($)**  |
| Columbia Capital Allocation Conservative Portfolio | 50 |
| Columbia Capital Allocation Moderate Conservative Portfolio | 20 |
| Columbia Capital Allocation Moderate Portfolio | 20 |
| Columbia Capital Allocation Moderate Aggressive Portfolio | 3610 |
| Columbia Capital Allocation Aggressive Portfolio | 200 |

---

**Distribution and service fees**

The Funds have entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Funds and providing services to investors.

Under the Plans, each Fund pays a monthly fee to the Distributor at the annual rates of up to 0.25% of each Fund's average daily net assets attributable to Class A shares, up to 1.00% of each Fund's average daily net assets attributable to Class C shares and up to 0.50% of each Fund's average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services for Columbia Capital Allocation Aggressive Portfolio).

For Class C shares of the Funds, of 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) for each Fund was approximately as follows:

---

| | |
|:---|:---|
| **Fund**  | **Class C ($)** |
| Columbia Capital Allocation Conservative Portfolio | 310000 |
| Columbia Capital Allocation Moderate Portfolio | 1400000 |
| Columbia Capital Allocation Aggressive Portfolio | 1886000 |

---

These amounts are based on the most recent information available as of December 31, 2025, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

**Sales charges (unaudited)**

Sales charges, including front-end and CDSCs, received by the Distributor for distributing each Fund's shares for the year ended January 31, 2026, if any, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Front End (%)** | **Front End (%)** | **Amount ($)** | **Amount ($)** |
| **Fund**  | **Class A** | **Class C** | **Class A** | **Class C** |
| Columbia Capital Allocation Conservative Portfolio | 4.75 | &nbsp;&nbsp; —<br> 0.50 - 1.00 <br><sup>(a)</sup><br>1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp; 53835 | &nbsp;&nbsp; 671 |
| Columbia Capital Allocation Moderate Conservative Portfolio | 5.75 | &nbsp;&nbsp; —<br> 0.50 - 1.00 <br><sup>(a)</sup><br>1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp; 126289 | &nbsp;&nbsp; 2036 |
| Columbia Capital Allocation Moderate Portfolio | 5.75 | &nbsp;&nbsp; —<br> 0.50 - 1.00 <br><sup>(a)</sup><br>1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp; 379259 | &nbsp;&nbsp; 10878 |
| Columbia Capital Allocation Moderate Aggressive Portfolio | 5.75 | &nbsp;&nbsp; —<br> 0.50 - 1.00 <br><sup>(a)</sup><br>1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp; 571437 | &nbsp;&nbsp; 6049 |
| Columbia Capital Allocation Aggressive Portfolio | 5.75 | &nbsp;&nbsp; —<br> 0.50 - 1.00 <br><sup>(a)</sup><br>1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp; 609840 | &nbsp;&nbsp; 5149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

The Funds' 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 each Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Funds' custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual expense cap July 1, 2025 through May 31, 2026** | **Contractual expense cap July 1, 2025 through May 31, 2026** | **Contractual expense cap July 1, 2025 through May 31, 2026** | **Contractual expense cap July 1, 2025 through May 31, 2026** | **Contractual expense cap July 1, 2025 through May 31, 2026** |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Class C** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional** <br>**Class (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional 3** <br>**Class (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** <br>**(%)**<br>|
| Columbia Capital Allocation Moderate Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Columbia Capital Allocation Aggressive Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual expense cap June 1, 2025 through May 31, 2026** | **Contractual expense cap June 1, 2025 through May 31, 2026** | **Contractual expense cap June 1, 2025 through May 31, 2026** | **Contractual expense cap June 1, 2025 through May 31, 2026** | **Contractual expense cap June 1, 2025 through May 31, 2026** | **Contractual expense cap June 1, 2025 through May 31, 2026** |
| **Fund** | &nbsp;&nbsp;&nbsp; **Class A** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp; **Class C** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp; **Institutional** <br>**Class (%)**<br>| &nbsp;&nbsp;&nbsp; **Institutional 3** <br>**Class (%)**<br>| &nbsp;&nbsp;&nbsp; **Class R** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp; **Class S** <br>**(%)**<br>|
| Columbia Capital Allocation Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Columbia Capital Allocation Moderate Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; N/A |
| Columbia Capital Allocation Moderate Aggressive Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voluntary expense cap June 1, 2025 through June 30, 2025** | **Voluntary expense cap June 1, 2025 through June 30, 2025** | **Voluntary expense cap June 1, 2025 through June 30, 2025** | **Voluntary expense cap June 1, 2025 through June 30, 2025** | **Voluntary expense cap June 1, 2025 through June 30, 2025** |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Class C** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional** <br>**Class (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional 3** <br>**Class (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** <br>**(%)**<br>|
| Columbia Capital Allocation Moderate Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Columbia Capital Allocation Aggressive Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual expense cap prior to June 1, 2025** | **Contractual expense cap prior to June 1, 2025** | **Contractual expense cap prior to June 1, 2025** | **Contractual expense cap prior to June 1, 2025** | **Contractual expense cap prior to June 1, 2025** | **Contractual expense cap prior to June 1, 2025** |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp; **Class A** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Class C** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional** <br>**Class (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional 3** <br>**Class (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** <br>**(%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Class S** <br>**(%)**<br>|
| Columbia Capital Allocation Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Columbia Capital Allocation Moderate Conservative Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Columbia Capital Allocation Moderate Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Columbia Capital Allocation Moderate Aggressive Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Columbia Capital Allocation Aggressive Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

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. Each Fund's management services fee is also excluded from the waiver/reimbursement commitment and is therefore paid by the Funds. 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, 2026, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, derivative investments, swap investments, capital loss carryforwards, trustees' deferred compensation and re-characterization of distributions for investments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Undistributed** <br>**(excess of distributions over)** <br>**net investment income ($)**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gain (loss) ($)**<br>| &nbsp;&nbsp;&nbsp; **Paid in capital** <br>**increase ($)**<br>|
| Columbia Capital Allocation Conservative Portfolio | 54670 | &nbsp;&nbsp;&nbsp;&nbsp; (54670)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Columbia Capital Allocation Moderate Conservative Portfolio | 166502 | &nbsp;&nbsp;&nbsp;&nbsp; (166502)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Columbia Capital Allocation Moderate Portfolio | 350430 | &nbsp;&nbsp;&nbsp;&nbsp; (350430)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Columbia Capital Allocation Moderate Aggressive Portfolio | 682905 | &nbsp;&nbsp;&nbsp;&nbsp; (682905)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Columbia Capital Allocation Aggressive Portfolio | 682866 | &nbsp;&nbsp;&nbsp;&nbsp; (682866)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by these reclassifications.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended January 31, 2026** | **Year Ended January 31, 2026** | **Year Ended January 31, 2026** | **Year Ended January 31, 2025** | **Year Ended January 31, 2025** | **Year Ended January 31, 2025** |
| **Fund**  | **Ordinary** <br>**income ($)**<br>| **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | **Ordinary** <br>**income ($)**<br>| **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| Columbia Capital Allocation Conservative Portfolio | 5016391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5016391 | &nbsp;&nbsp; 5279924 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5279924 |
| Columbia Capital Allocation Moderate Conservative Portfolio | 9907258 | &nbsp;&nbsp; 2749938 | &nbsp;&nbsp; 12657196 | &nbsp;&nbsp; 9942369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9942369 |
| Columbia Capital Allocation Moderate Portfolio | 24999416 | &nbsp;&nbsp; 24558909 | &nbsp;&nbsp; 49558325 | &nbsp;&nbsp; 30839879 | &nbsp;&nbsp; 23034183 | &nbsp;&nbsp; 53874062 |
| Columbia Capital Allocation Moderate Aggressive Portfolio | 43289015 | &nbsp;&nbsp; 91838424 | &nbsp;&nbsp; 135127439 | &nbsp;&nbsp; 38186524 | &nbsp;&nbsp; 69612964 | &nbsp;&nbsp; 107799488 |
| Columbia Capital Allocation Aggressive Portfolio | 28254628 | &nbsp;&nbsp; 102302996 | &nbsp;&nbsp; 130557624 | &nbsp;&nbsp; 21139255 | &nbsp;&nbsp; 43332357 | &nbsp;&nbsp; 64471612 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

At January 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed** <br>**ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| Columbia Capital Allocation Conservative Portfolio | 695476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4322264)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6015039)<br>|
| Columbia Capital Allocation Moderate Conservative Portfolio | 2244809 | &nbsp;&nbsp;&nbsp;&nbsp; 4787510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1039280 |
| Columbia Capital Allocation Moderate Portfolio | 8574142 | &nbsp;&nbsp;&nbsp;&nbsp; 23374566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64879831 |
| Columbia Capital Allocation Moderate Aggressive Portfolio | 2776370 | &nbsp;&nbsp;&nbsp;&nbsp; 64225206 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177936192 |
| Columbia Capital Allocation Aggressive Portfolio | 2249649 | &nbsp;&nbsp;&nbsp;&nbsp; 62128123 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 248860356 |

---

At January 31, 2026, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Tax cost ($)** | &nbsp;&nbsp;&nbsp; **Gross** <br>**unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| Columbia Capital Allocation Conservative Portfolio | 157463174 | &nbsp;&nbsp;&nbsp;&nbsp; 5711708 | &nbsp;&nbsp;&nbsp;&nbsp; (11726747)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6015039)<br>|
| Columbia Capital Allocation Moderate Conservative Portfolio | 331306356 | &nbsp;&nbsp;&nbsp;&nbsp; 13917874 | &nbsp;&nbsp;&nbsp;&nbsp; (12878594)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1039280 |
| Columbia Capital Allocation Moderate Portfolio | 986346429 | &nbsp;&nbsp;&nbsp;&nbsp; 93882815 | &nbsp;&nbsp;&nbsp;&nbsp; (29002984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64879831 |
| Columbia Capital Allocation Moderate Aggressive Portfolio | 1591185123 | &nbsp;&nbsp;&nbsp;&nbsp; 213307297 | &nbsp;&nbsp;&nbsp;&nbsp; (35371105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 177936192 |
| Columbia Capital Allocation Aggressive Portfolio | 1158857996 | &nbsp;&nbsp;&nbsp;&nbsp; 250483673 | &nbsp;&nbsp;&nbsp;&nbsp; (1623317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 248860356 |

---

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 January 31, 2026, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended January 31, 2026, capital loss carryforwards utilized, if any, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| Columbia Capital Allocation Conservative Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp; (4322264)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4322264)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds 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 Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

For the year ended January 31, 2026, the cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, for each Fund aggregated to:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Proceeds** <br>**from sales** <br>**($)**<br>|
| Columbia Capital Allocation Conservative Portfolio | 45323320 | &nbsp;&nbsp;&nbsp;&nbsp; 42707008 |
| Columbia Capital Allocation Moderate Conservative Portfolio | 80496298 | &nbsp;&nbsp;&nbsp;&nbsp; 98656492 |
| Columbia Capital Allocation Moderate Portfolio | 241984973 | &nbsp;&nbsp;&nbsp;&nbsp; 321577755 |
| Columbia Capital Allocation Moderate Aggressive Portfolio | 371164638 | &nbsp;&nbsp;&nbsp;&nbsp; 467496548 |
| Columbia Capital Allocation Aggressive Portfolio | 255036201 | &nbsp;&nbsp;&nbsp;&nbsp; 305353425 |

---

The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

Note 6. Affiliated money market fund

Each Fund may invest in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by each Fund and other affiliated funds (the Affiliated MMF). The income earned by the Funds from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, each Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, each 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 Funds did not borrow or lend money under the Interfund Program during the year ended January 31, 2026.

Note 8. Line of credit

Each 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 each Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Funds and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, each Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

No Fund had borrowings during the year ended January 31, 2026.

Note 9. Risks and uncertainties

An investment in the Funds involve risks, including market risk and concentration risk, among others. The value of each Fund's holdings and each Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances,

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

To the extent that each Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, each Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of each Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

**Shareholder concentration risk**

At January 31, 2026, certain shareholder accounts owned more than 20% of the outstanding shares of one or more of the Funds. For unaffiliated shareholder accounts, the Funds have no knowledge about whether any portion of those shares were owned beneficially. Fund shares sold to or redeemed by these accounts may have a significant effect on the operations of the Funds. 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.

The number of accounts and aggregate percentages of shares outstanding held therein were as follows:

---

| | |
|:---|:---|
| **Fund**  | **Percentage of** <br>**shares** <br>**outstanding** <br>**held —** <br>**affiliated (%)**<br>|
| Columbia Capital Allocation Conservative Portfolio | 71.2 |
| Columbia Capital Allocation Moderate Conservative Portfolio | 80.2 |
| Columbia Capital Allocation Moderate Portfolio | 84.9 |
| Columbia Capital Allocation Moderate Aggressive Portfolio | 56.0 |
| Columbia Capital Allocation Aggressive Portfolio | 69.6 |

---

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Funds are 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 Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. 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 Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, it is inherently

Columbia Capital Allocation Portfolios \| 2026

------

Notes to Financial Statements (continued)

January 31, 2026

difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Funds.

Columbia Capital Allocation Portfolios \| 2026

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Series Trust and Columbia Funds Series Trust II and Shareholders of Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio, Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio**

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio (two of the funds constituting Columbia Funds Series Trust) and Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio (three of the funds constituting Columbia Funds Series Trust II) (hereafter collectively referred to as the "Funds") as of January 31, 2026, the related statements of operations for the year ended January 31, 2026, the statements of changes in net assets for each of the two years in the period ended January 31, 2026, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended January 31, 2026 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

March 25, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Columbia Capital Allocation Portfolios \| 2026

------

Federal Income Tax Information

(Unaudited)

The Funds hereby designate the following tax attributes for the fiscal year ended January 31, 2026. Shareholders will be notified in early 2027 of the amounts for use in preparing 2026 income tax returns.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Qualified** <br>**dividend** <br>**income**<br>| **Dividends** <br>**received** <br>**deduction**<br>| **Capital** <br>**gain** <br>**dividend**<br>| **Foreign** <br>**taxes paid** <br>**to foreign** <br>**countries**<br>| **Foreign** <br>**taxes paid** <br>**per share** <br>**to foreign** <br>**countries**<br>| **Foreign** <br>**source** <br>**income**<br>| **Foreign** <br>**source** <br>**income** <br>**per share**<br>|
| Columbia Capital Allocation Conservative Portfolio | 7.47% | &nbsp;&nbsp; 4.17% | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $19479 | &nbsp;&nbsp; $0.0013 | &nbsp;&nbsp; $360779 | &nbsp;&nbsp; $0.0233 |
| Columbia Capital Allocation Moderate Conservative Portfolio | 14.32% | &nbsp;&nbsp; 7.16% | &nbsp;&nbsp; $5116167 | &nbsp;&nbsp; $86040 | &nbsp;&nbsp; $0.0028 | &nbsp;&nbsp; $1210446 | &nbsp;&nbsp; $0.0394 |
| Columbia Capital Allocation Moderate Portfolio | 22.20% | &nbsp;&nbsp; 9.68% | &nbsp;&nbsp; $24831784 | &nbsp;&nbsp; $401849 | &nbsp;&nbsp; $0.0044 | &nbsp;&nbsp; $4543691 | &nbsp;&nbsp; $0.0500 |
| Columbia Capital Allocation Moderate Aggressive Portfolio | 25.07% | &nbsp;&nbsp; 12.32% | &nbsp;&nbsp; $106687110 | &nbsp;&nbsp; $675058 | &nbsp;&nbsp; $0.0049 | &nbsp;&nbsp; $7901835 | &nbsp;&nbsp; $0.0570 |
| Columbia Capital Allocation Aggressive Portfolio | 36.71% | &nbsp;&nbsp; 17.07% | &nbsp;&nbsp; $118045971 | &nbsp;&nbsp; $706759 | &nbsp;&nbsp; $0.0071 | &nbsp;&nbsp; $7570923 | &nbsp;&nbsp; $0.0763 |

---

**Qualified dividend income.** For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.

**Dividends received deduction.** The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.

**Capital gain dividend.** The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

**Foreign taxes.** The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.

Columbia Capital Allocation Portfolios \| 2026

------

**Columbia Capital Allocation Portfolios** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g117810img05b673372.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 Funds, go to** 

columbiathreadneedleus.com/investor/**.** The Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

ANN124_01_T01_(03/26)

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The fees and expenses of the independent trustees are included in "Compensation of board members" and "Deferred compensation of board members" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in "Compensation of chief compliance officer" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are effective and adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.
(a)(1) [Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.](d117810dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](d117810dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.](d117810dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **Columbia Funds Series Trust** | **Columbia Funds Series Trust** |
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | March 25, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | March 25, 2026 |
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | March 25, 2026 |

---

## Ex-99.Code

**Exhibit 99.CODE ETH.** 

**COLUMBIA FUNDS** 

---

| | |
|:---|:---|
| **Applicable Regulatory Authority** | Section 406 of the Sarbanes-Oxley Act of 2002; Item 2 of Form N-CSR |
| **Related Policies** | Overview and Implementation of Compliance Program Policy |
| **Requires Annual Board Approval** | No but Covered Officers Must provide annual certification |
| **Last Reviewed by AMC** | September 2025 |

---

**<u>Overview and Statement</u>**

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether it has adopted a code of ethics that applies to the investment company's principal executive
officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any amendments to, or waivers from, the code of ethics relating to such officers.

The Board of the Columbia Funds ("Columbia Board") has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Funds holds their principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the *Overview and Implementation of Compliance Program Policy*.

**<u>Policy</u>**

The Board has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

**I.** **Covered Officers/Purpose of the Code** 

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or
submits to, the SEC, and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations;

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

**II.** **Administration of the Code** 

The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

**III.** **Managing Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser (Columbia Management Investment Advisers, LLC ("CMIA") for the Columbia Funds, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Funds that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Funds covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Funds. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use material non-public knowledge of portfolio transactions made
or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may
give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service as a director on the board of a public or private company or service as a public official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of a non-de minimus gift when the gift is in relation to
doing business directly or indirectly with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of entertainment from any company with which the Fund has current or prospective business dealings,
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Primary Service Providers or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**IV.** **Disclosure and Compliance** 

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as
the business and financial operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others,
whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent appropriate within his or her area of responsibility, consult with other officers and employees of
the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the
Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To adhere to and, within his or her area of responsibility, promote compliance with the standards and
restrictions imposed by applicable laws, rules and regulations.

**V.** **Reporting and Accountability by Covered Officers** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he
or she has received, read and understands the Code, using the form attached as Appendix A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the
Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good
faith; and

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be
expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to
him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so
notify the person(s) reporting the potential violation, and no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the
Code Officer or the CLO to the Fund's Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC
rules.

**VI.** **Other Policies** 

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

**VII.** **Disclosure of Amendments to the Code** 

Any amendments will, to the extent required, be disclosed in accordance with law.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* 

------

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**Reporting Requirements** 

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

**Monitoring/Oversight/Escalation** 

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

**Recordkeeping** 

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential*

## Ex-99.Cert

**EX-99.CERT SECTION 302 CERTIFICATION** 

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | March 25, 2026 |

---

------

I, Charles H. Chiesa, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | March 25, 2026 |

---

## Exhibit 99.906

**EX-99.906 CERT SECTION 906 CERTIFICATION** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Certified Shareholder Report of Columbia Funds Series Trust (the "Trust") on Form N-CSR for the period ending January 31, 2026 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | March 25, 2026 |
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | March 25, 2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.