# EDGAR Filing Document

**Accession Number:** 0000773757
**File Stem:** 0001145549-25-050354
**Filing Date:** 2025-8
**Character Count:** 334931
**Document Hash:** 5c410b0d6d597f3fae365d3724eb513d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-050354.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001145549-25-050354

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLUMBIA FUNDS SERIES TRUST I
- **CENTRAL INDEX KEY:** 0000773757

**ORGANIZATION NAME:**
- **EIN:** 363376651
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04367
- **FILM NUMBER:** 251179579

**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:** COLUMBIA FUNDS TRUST IX
- **DATE OF NAME CHANGE:** 20031107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIBERTY STEIN ROE FUNDS MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19991025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STEINROE MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Columbia High Yield Municipal Fund (Series ID: S000010615)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000029350 | Columbia High Yield Municipal Fund Class A               | LHIAX           |
| C000029352 | Columbia High Yield Municipal Fund Class C               | CHMCX           |
| C000029353 | Columbia High Yield Municipal Fund Institutional Class   | SRHMX           |
| C000122656 | Columbia High Yield Municipal Fund Institutional 2 Class | CHMYX           |
| C000175730 | Columbia High Yield Municipal Fund Institutional 3 Class | CHHYX           |
| C000255598 | Columbia High Yield Municipal Fund Class S               | SRHDX           |

?xml version='1.0' encoding='ASCII'? 8ddcdf6c5118005

#### 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

#### 811-04367

#### Columbia Funds Series Trust I
(Exact name of registrant as specified in charter)

------

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### Last Day of May

#### Date of reporting period:

#### May 31, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Reports to Stockholders

Columbia High Yield Municipal Fund

Class A / LHIAX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia High Yield Municipal Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $83 | 0.82% |

---

#### 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

**Credit quality security selection** \| Positive contribution to benchmark-relative performance was driven by security selection in nonrated bonds and bonds rated BBB.

**Sector security selection** \| Strong sector security selection, particularly in utilities, special tax, tobacco and continuing care retirement communities (CCRC) bonds contributed to the Fund's performance relative to its benchmark.

**Sector allocation** \| An overweight to the CCRC sector and underweights to the state general obligation (GO) and industrial development revenue/pollution control revenue (IDR/PCR) sectors added to the Fund's relative performance.

**Credit quality allocation** \| An underweight to AA rated bonds added modestly to relative performance.

Top Performance Detractors

**Sector security selection** I Security selection was positive overall. However, selection in nursing home/assisted living, housing and hospital sectors detracted from relative performance.

**Yield curve positioning** \| The Fund's interest rate positioning detracted from performance. Specifically, the Fund's overweight to longer maturity bonds (20 years and longer) detracted from performance relative to the benchmark, as municipal market interest rates rose in this portion of the curve.

**Sector allocation** \| While sector allocation was broadly positive, an underweight to tobacco bonds was a modest detractor.

**Credit quality allocation** \| An overweight to bonds rated BBB detracted from relative performance.

#### 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

![Fund Performance - Growth of 10K](chartimages_3662027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class A (excluding sales charges)(a) | 3.49 | 1.73 | 2.31 |
| Class A (including sales charges)(a) | 0.34 | 1.11 | 2.00 |
| Blended Benchmark - 80% Bloomberg High Yield Municipal Bond Index, 20% Bloomberg Municipal Bond Index | 3.32 | 3.17 | 3.63 |
| Bloomberg High Yield Municipal Bond Index | 3.64 | 3.83 | 4.00 |
| Bloomberg Municipal Bond Index | 2.03 | 0.55 | 2.13 |

---

<sup>(a)</sup><sup>The Fund's performance prior toNovember 2021reflects returns achieved by the Investment Manager according to different principal investment strategies. If the Fund's current management and strategies had been in place for the prior periods, results shown may have been different.</sup>

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** | &nbsp;&nbsp;&nbsp;&nbsp;$457349806 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;276 |
| **Management services fees<br>(represents 0.54% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$2671658 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### 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.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 9.9% |
| Colorado | 8.6% |
| Florida | 7.8% |
| Texas | 7.3% |
| Illinois | 7.2% |
| Puerto Rico | 6.6% |
| California | 5.9% |
| New York | 4.6% |
| New Hampshire | 3.9% |
| Ohio | 3.8% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3662028.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3662032.jpg)

#### 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.

![TSR - QR Code](images_1944.jpg)

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

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

Columbia High Yield Municipal Fund \| Class A \| ASR161_01_(07/25)

Columbia High Yield Municipal Fund

Class C / CHMCX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia High Yield Municipal Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $143 | 1.41% |

---

#### 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

**Credit quality security selection** \| Positive contribution to benchmark-relative performance was driven by security selection in nonrated bonds and bonds rated BBB.

**Sector security selection** \| Strong sector security selection, particularly in utilities, special tax, tobacco and continuing care retirement communities (CCRC) bonds contributed to the Fund's performance relative to its benchmark.

**Sector allocation** \| An overweight to the CCRC sector and underweights to the state general obligation (GO) and industrial development revenue/pollution control revenue (IDR/PCR) sectors added to the Fund's relative performance.

**Credit quality allocation** \| An underweight to AA rated bonds added modestly to relative performance.

Top Performance Detractors

**Sector security selection** I Security selection was positive overall. However, selection in nursing home/assisted living, housing and hospital sectors detracted from relative performance.

**Yield curve positioning** \| The Fund's interest rate positioning detracted from performance. Specifically, the Fund's overweight to longer maturity bonds (20 years and longer) detracted from performance relative to the benchmark, as municipal market interest rates rose in this portion of the curve.

**Sector allocation** \| While sector allocation was broadly positive, an underweight to tobacco bonds was a modest detractor.

**Credit quality allocation** \| An overweight to bonds rated BBB detracted from relative performance.

#### 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

![Fund Performance - Growth of 10K](chartimages_3662296.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class C (excluding sales charges)(a) | 2.87 | 1.12 | 1.67 |
| Class C (including sales charges)(a) | 1.88 | 1.12 | 1.67 |
| Blended Benchmark - 80% Bloomberg High Yield Municipal Bond Index, 20% Bloomberg Municipal Bond Index | 3.32 | 3.17 | 3.63 |
| Bloomberg High Yield Municipal Bond Index | 3.64 | 3.83 | 4.00 |
| Bloomberg Municipal Bond Index | 2.03 | 0.55 | 2.13 |

---

<sup>(a)</sup><sup>The Fund's performance prior to November 2021 reflects returns achieved by the Investment Manager according to different principal investment strategies. If the Fund's current management and strategies had been in place for the prior periods, results shown may have been different.</sup>

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** | &nbsp;&nbsp;&nbsp;&nbsp;$457349806 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;276 |
| **Management services fees<br>(represents 0.54% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$2671658 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### 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.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 9.9% |
| Colorado | 8.6% |
| Florida | 7.8% |
| Texas | 7.3% |
| Illinois | 7.2% |
| Puerto Rico | 6.6% |
| California | 5.9% |
| New York | 4.6% |
| New Hampshire | 3.9% |
| Ohio | 3.8% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3662297.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3662293.jpg)

#### 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.

![TSR - QR Code](images_1944.jpg)

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

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

Columbia High Yield Municipal Fund \| Class C \| ASR161_04_(07/25)

Columbia High Yield Municipal Fund

Institutional Class / SRHMX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia High Yield Municipal Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $63 | 0.62% |

---

#### 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

**Credit quality security selection** \| Positive contribution to benchmark-relative performance was driven by security selection in nonrated bonds and bonds rated BBB.

**Sector security selection** \| Strong sector security selection, particularly in utilities, special tax, tobacco and continuing care retirement communities (CCRC) bonds contributed to the Fund's performance relative to its benchmark.

**Sector allocation** \| An overweight to the CCRC sector and underweights to the state general obligation (GO) and industrial development revenue/pollution control revenue (IDR/PCR) sectors added to the Fund's relative performance.

**Credit quality allocation** \| An underweight to AA rated bonds added modestly to relative performance.

Top Performance Detractors

**Sector security selection** I Security selection was positive overall. However, selection in nursing home/assisted living, housing and hospital sectors detracted from relative performance.

**Yield curve positioning** \| The Fund's interest rate positioning detracted from performance. Specifically, the Fund's overweight to longer maturity bonds (20 years and longer) detracted from performance relative to the benchmark, as municipal market interest rates rose in this portion of the curve.

**Sector allocation** \| While sector allocation was broadly positive, an underweight to tobacco bonds was a modest detractor.

**Credit quality allocation** \| An overweight to bonds rated BBB detracted from relative performance.

#### Fund Performa nce
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

![Fund Performance - Growth of 10K](chartimages_3662245.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional Class(a) | 3.69 | 1.93 | 2.51 |
| Blended Benchmark - 80% Bloomberg High Yield Municipal Bond Index, 20% Bloomberg Municipal Bond Index | 3.32 | 3.17 | 3.63 |
| Bloomberg High Yield Municipal Bond Index | 3.64 | 3.83 | 4.00 |
| Bloomberg Municipal Bond Index | 2.03 | 0.55 | 2.13 |

---

<sup>(a)</sup><sup>The Fund's performance prior to November 2021 reflects returns achieved by the Investment Manager according to different principal investment strategies. If the Fund's current management and strategies had been in place for the prior periods, results shown may have been different.</sup>

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** | &nbsp;&nbsp;&nbsp;&nbsp;$457349806 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;276 |
| **Management services fees<br>(represents 0.54% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$2671658 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### 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.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 9.9% |
| Colorado | 8.6% |
| Florida | 7.8% |
| Texas | 7.3% |
| Illinois | 7.2% |
| Puerto Rico | 6.6% |
| California | 5.9% |
| New York | 4.6% |
| New Hampshire | 3.9% |
| Ohio | 3.8% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3662246.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3662254.jpg)

#### 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.

![TSR - QR Code](images_1944.jpg)

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

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

Columbia High Yield Municipal Fund \| Institutional Class \| ASR161_08_(07/25)

Columbia High Yield Municipal Fund

Institutional 2 Class / CHMYX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia High Yield Municipal Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $60 | 0.59% |

---

#### Management's Discussion of Fund Performance
The performance of Institutional 2 Class shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

**Credit quality security selection** \| Positive contribution to benchmark-relative performance was driven by security selection in nonrated bonds and bonds rated BBB.

**Sector security selection** \| Strong sector security selection, particularly in utilities, special tax, tobacco and continuing care retirement communities (CCRC) bonds contributed to the Fund's performance relative to its benchmark.

**Sector allocation** \| An overweight to the CCRC sector and underweights to the state general obligation (GO) and industrial development revenue/pollution control revenue (IDR/PCR) sectors added to the Fund's relative performance.

**Credit quality allocation** \| An underweight to AA rated bonds added modestly to relative performance.

Top Performance Detractors

**Sector security selection** I Security selection was positive overall. However, selection in nursing home/assisted living, housing and hospital sectors detracted from relative performance.

**Yield curve positioning** \| The Fund's interest rate positioning detracted from performance. Specifically, the Fund's overweight to longer maturity bonds (20 years and longer) detracted from performance relative to the benchmark, as municipal market interest rates rose in this portion of the curve.

**Sector allocation** \| While sector allocation was broadly positive, an underweight to tobacco bonds was a modest detractor.

**Credit quality allocation** \| An overweight to bonds rated BBB detracted from relative performance.

#### Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in Institutional 2 Class shares of the Fund during the stated time period.

Growth of $10,000

![Fund Performance - Growth of 10K](chartimages_3662266.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional 2 Class(a) | 3.60 | 1.96 | 2.55 |
| Blended Benchmark - 80% Bloomberg High Yield Municipal Bond Index, 20% Bloomberg Municipal Bond Index | 3.32 | 3.17 | 3.63 |
| Bloomberg High Yield Municipal Bond Index | 3.64 | 3.83 | 4.00 |
| Bloomberg Municipal Bond Index | 2.03 | 0.55 | 2.13 |

---

<sup>(a)</sup><sup>The Fund's performance prior to November 2021 reflects returns achieved by the Investment Manager according to different principal investment strategies. If the Fund's current management and strategies had been in place for the prior periods, results shown may have been different.</sup>

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** | &nbsp;&nbsp;&nbsp;&nbsp;$457349806 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;276 |
| **Management services fees<br>(represents 0.54% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$2671658 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### 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.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 9.9% |
| Colorado | 8.6% |
| Florida | 7.8% |
| Texas | 7.3% |
| Illinois | 7.2% |
| Puerto Rico | 6.6% |
| California | 5.9% |
| New York | 4.6% |
| New Hampshire | 3.9% |
| Ohio | 3.8% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3662267.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3662263.jpg)

#### 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.

![TSR - QR Code](images_1944.jpg)

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

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

Columbia High Yield Municipal Fund \| Institutional 2 Class \| ASR161_15_(07/25)

Columbia High Yield Municipal Fund

Institutional 3 Class / CHHYX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia High Yield Municipal Fund (the Fund) for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $56 | 0.55% |

---

#### 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

**Credit quality security selection** \| Positive contribution to benchmark-relative performance was driven by security selection in nonrated bonds and bonds rated BBB.

**Sector security selection** \| Strong sector security selection, particularly in utilities, special tax, tobacco and continuing care retirement communities (CCRC) bonds contributed to the Fund's performance relative to its benchmark.

**Sector allocation** \| An overweight to the CCRC sector and underweights to the state general obligation (GO) and industrial development revenue/pollution control revenue (IDR/PCR) sectors added to the Fund's relative performance.

**Credit quality allocation** \| An underweight to AA rated bonds added modestly to relative performance.

Top Performance Detractors

**Sector security selection** I Security selection was positive overall. However, selection in nursing home/assisted living, housing and hospital sectors detracted from relative performance.

**Yield curve positioning** \| The Fund's interest rate positioning detracted from performance. Specifically, the Fund's overweight to longer maturity bonds (20 years and longer) detracted from performance relative to the benchmark, as municipal market interest rates rose in this portion of the curve.

**Sector allocation** \| While sector allocation was broadly positive, an underweight to tobacco bonds was a modest detractor.

**Credit quality allocation** \| An overweight to bonds rated BBB detracted from relative performance.

#### 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

![Fund Performance - Growth of 10K](chartimages_3662236.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Institutional 3 Class(a),(b) | 3.65 | 2.02 | 2.58 |
| Blended Benchmark - 80% Bloomberg High Yield Municipal Bond Index, 20% Bloomberg Municipal Bond Index | 3.32 | 3.17 | 3.63 |
| Bloomberg High Yield Municipal Bond Index | 3.64 | 3.83 | 4.00 |
| Bloomberg Municipal Bond Index | 2.03 | 0.55 | 2.13 |

---

---

| |
|:---|
| <sup>(a)</sup> |
| <sup>(b)</sup> <sup>The Fund's performance prior to November 2021 reflects returns achieved by the Investment Manager according to different principal investment strategies. If the Fund's current management and strategies had been in place for the prior periods, results shown may have been different.</sup> |

---

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** | &nbsp;&nbsp;&nbsp;&nbsp;$457349806 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;276 |
| **Management services fees<br>(represents 0.54% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$2671658 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### 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.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 9.9% |
| Colorado | 8.6% |
| Florida | 7.8% |
| Texas | 7.3% |
| Illinois | 7.2% |
| Puerto Rico | 6.6% |
| California | 5.9% |
| New York | 4.6% |
| New Hampshire | 3.9% |
| Ohio | 3.8% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3662237.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3662233.jpg)

#### 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.

![TSR - QR Code](images_1944.jpg)

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

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

Columbia High Yield Municipal Fund \| Institutional 3 Class \| ASR161_17_(07/25)

Columbia High Yield Municipal Fund

Class S / SRHDX

![FundLogo](images_1933.jpg)

Annual Shareholder Report \| May 31, 2025

This annual shareholder report contains important information about Columbia High Yield Municipal Fund (the Fund) for the period of October 2, 2024 to May 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.

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

---

| |
|:---|
| Class |
| Class S $40<sup>(a)</sup> 0.62%<sup>(b)</sup> |

---

(a) <sup>Based on operations from October 2, 2024 (commencement of operations) through the stated period end. Had the class been open for the entire reporting period, expenses shown in the table above would have been higher.</sup>

(b) <sup>Annualized.</sup>

#### 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

**Credit quality security selection** \| Positive contribution to benchmark-relative performance was driven by security selection in nonrated bonds and bonds rated BBB.

**Sector security selection** \| Strong sector security selection, particularly in utilities, special tax, tobacco and continuing care retirement communities (CCRC) bonds contributed to the Fund's performance relative to its benchmark.

**Sector allocation** \| An overweight to the CCRC sector and underweights to the state general obligation (GO) and industrial development revenue/pollution control revenue (IDR/PCR) sectors added to the Fund's relative performance.

**Credit quality allocation** \| An underweight to AA rated bonds added modestly to relative performance.

Top Performance Detractors

**Sector security selection** I Security selection was positive overall. However, selection in nursing home/assisted living, housing and hospital sectors detracted from relative performance.

**Yield curve positioning** \| The Fund's interest rate positioning detracted from performance. Specifically, the Fund's overweight to longer maturity bonds (20 years and longer) detracted from performance relative to the benchmark, as municipal market interest rates rose in this portion of the curve.

**Sector allocation** \| While sector allocation was broadly positive, an underweight to tobacco bonds was a modest detractor.

**Credit quality allocation** \| An overweight to bonds rated BBB detracted from relative performance.

#### 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

![Fund Performance - Growth of 10K](chartimages_3662215.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns (%) | 1 year | 5 years | 10 years |
| Class S(a),(b) | 3.68 | 1.93 | 2.51 |
| Blended Benchmark - 80% Bloomberg High Yield Municipal Bond Index, 20% Bloomberg Municipal Bond Index | 3.32 | 3.17 | 3.63 |
| Bloomberg High Yield Municipal Bond Index | 3.64 | 3.83 | 4.00 |
| Bloomberg Municipal Bond Index | 2.03 | 0.55 | 2.13 |

---

---

| |
|:---|
| <sup>(a)</sup> |
| <sup>(b)</sup> <sup>The Fund's performance prior to November 2021 reflects returns achieved by the Investment Manager according to different principal investment strategies. If the Fund's current management and strategies had been in place for the prior periods, results shown may have been different.</sup> |

---

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** | &nbsp;&nbsp;&nbsp;&nbsp;$457349806 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;276 |
| **Management services fees<br>(represents 0.54% of Fund average net assets)** | &nbsp;&nbsp;&nbsp;&nbsp;$2671658 |
| **Portfolio turnover for the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### 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.

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 9.9% |
| Colorado | 8.6% |
| Florida | 7.8% |
| Texas | 7.3% |
| Illinois | 7.2% |
| Puerto Rico | 6.6% |
| California | 5.9% |
| New York | 4.6% |
| New Hampshire | 3.9% |
| Ohio | 3.8% |

---

Asset Categories

![Graphical Representation - Allocation 1 Chart](chartimages_3662216.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_3662224.jpg)

#### 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.

![TSR - QR Code](images_1944.jpg)

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

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

Columbia High Yield Municipal Fund \| Class S \| ASR161_16_(07/25)

------

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 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 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Amount billed to the registrant ($)** | &nbsp;&nbsp;**Amount billed to the registrant ($)** | &nbsp;&nbsp;**Amount billed to the registrant's <br> investment advisor ($)** | &nbsp;&nbsp;**Amount billed to the registrant's <br> investment advisor ($)** |
|  | &nbsp;&nbsp;**May 31, 2025** | &nbsp;&nbsp;**May 31, 2024** | &nbsp;&nbsp;**May 31, 2025** | &nbsp;&nbsp;**May 31, 2024** |
| &nbsp;&nbsp;Audit fees <sup>(a)</sup> | &nbsp;&nbsp;31673 | &nbsp;&nbsp;41999 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Audit-related fees <sup>(b)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Tax fees <sup>(c)</sup> | &nbsp;&nbsp;13795 | &nbsp;&nbsp;12850 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;All other fees <sup>(d)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Non-audit fees <sup>(g)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;474000 | &nbsp;&nbsp;581000 |

---

(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 Directors 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.

------

![](imgd793649f1.jpg)

Columbia High Yield Municipal Fund

**Annual Financial Statements and Additional Information**

May 31, 2025

---

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

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_6e029b36-1831-40a4-b6c6-ddf939528c60_POI-CommonContent-Date-80_1) | 3 |
| [Statement of Assets and Liabilities](#xx_6e029b36-1831-40a4-b6c6-ddf939528c60_FS-CommonContent-Date-80_1) | 17 |
| [Statement of Operations](#xx_6e029b36-1831-40a4-b6c6-ddf939528c60_FS-CommonContent-Date-80_2) | 18 |
| [Statement of Changes in Net Assets](#xx_6e029b36-1831-40a4-b6c6-ddf939528c60_FS-CommonContent-Date-80_3) | 19 |
| [Financial Highlights](#xx_6e029b36-1831-40a4-b6c6-ddf939528c60_FIHI-CommonContent-Date-80_2) | 22 |
| [Notes to Financial Statements](#xx_6e029b36-1831-40a4-b6c6-ddf939528c60_NTF-CommonContent-Date-80_1) | 26 |
| [Report of Independent Registered Public Accounting Firm](#xx_6e029b36-1831-40a4-b6c6-ddf939528c60_AUD-CommonContent-Date-80_1) | 38 |
| [Federal Income Tax Information](#xx_6e029b36-1831-40a4-b6c6-ddf939528c60_CCH-CommonContent-Date-80_1) | 39 |

---

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments

May 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

---

| | | | |
|:---|:---|:---|:---|
| **Floating Rate Notes 0.7%** | **Floating Rate Notes 0.7%** | **Floating Rate Notes 0.7%** | **Floating Rate Notes 0.7%** |
| **Issue Description** | **Yield** | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **California 0.4%** | **California 0.4%** | **California 0.4%** | **California 0.4%** |
| Los Angeles Department of Water & Power<sup>(a),(b)</sup>  | Los Angeles Department of Water & Power<sup>(a),(b)</sup>  | Los Angeles Department of Water & Power<sup>(a),(b)</sup>  | Los Angeles Department of Water & Power<sup>(a),(b)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2023C-1 (TD Bank) | Series 2023C-1 (TD Bank) | Series 2023C-1 (TD Bank) | Series 2023C-1 (TD Bank) |
| 07/01/2057 | &nbsp;&nbsp; 3.100% | 2000000 | &nbsp;&nbsp; 2000000 |
| **New York 0.3%** | **New York 0.3%** | **New York 0.3%** | **New York 0.3%** |
| New York City Municipal Water Finance Authority<sup>(a),(b)</sup>  | New York City Municipal Water Finance Authority<sup>(a),(b)</sup>  | New York City Municipal Water Finance Authority<sup>(a),(b)</sup>  | New York City Municipal Water Finance Authority<sup>(a),(b)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2011 (JPMorgan Chase Bank) | Series 2011 (JPMorgan Chase Bank) | Series 2011 (JPMorgan Chase Bank) | Series 2011 (JPMorgan Chase Bank) |
| 06/15/2044 | &nbsp;&nbsp; 3.000% | 1300000 | &nbsp;&nbsp; 1300000 |
| Total Floating Rate Notes <br>(Cost $3,300,000) | Total Floating Rate Notes <br>(Cost $3,300,000) | Total Floating Rate Notes <br>(Cost $3,300,000) | &nbsp;&nbsp; **3300000** |
| **Municipal Bonds 97.7%** | **Municipal Bonds 97.7%** | **Municipal Bonds 97.7%** | **Municipal Bonds 97.7%** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Alabama 0.5%** | **Alabama 0.5%** | **Alabama 0.5%** | **Alabama 0.5%** |
| Southeast Energy Authority A Cooperative District<sup>(b)</sup>  | Southeast Energy Authority A Cooperative District<sup>(b)</sup>  | Southeast Energy Authority A Cooperative District<sup>(b)</sup>  | Southeast Energy Authority A Cooperative District<sup>(b)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2025B (Mandatory Put 01/01/33) | Series 2025B (Mandatory Put 01/01/33) | Series 2025B (Mandatory Put 01/01/33) | Series 2025B (Mandatory Put 01/01/33) |
| 03/01/2055 | &nbsp;&nbsp; 5.250% | 2000000 | &nbsp;&nbsp; 2063700 |
| **Alaska 0.4%** | **Alaska 0.4%** | **Alaska 0.4%** | **Alaska 0.4%** |
| Northern Tobacco Securitization Corp.<sup>(c)</sup>  | Northern Tobacco Securitization Corp.<sup>(c)</sup>  | Northern Tobacco Securitization Corp.<sup>(c)</sup>  | Northern Tobacco Securitization Corp.<sup>(c)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Series 2021B-2 | Series 2021B-2 | Series 2021B-2 | Series 2021B-2 |
| 06/01/2066 | &nbsp;&nbsp; 0.000% | 13225000 | &nbsp;&nbsp; 1631449 |
| **Arizona 2.7%** | **Arizona 2.7%** | **Arizona 2.7%** | **Arizona 2.7%** |
| Arizona Industrial Development Authority<sup>(d),(e)</sup>  | Arizona Industrial Development Authority<sup>(d),(e)</sup>  | Arizona Industrial Development Authority<sup>(d),(e)</sup>  | Arizona Industrial Development Authority<sup>(d),(e)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Legacy Cares, Inc. Project | Legacy Cares, Inc. Project | Legacy Cares, Inc. Project | Legacy Cares, Inc. Project |
| Series 2020 | Series 2020 | Series 2020 | Series 2020 |
| 07/01/2050 | &nbsp;&nbsp; 0.000% | 3000000 | &nbsp;&nbsp; 90000 |
| Series 2021A | Series 2021A | Series 2021A | Series 2021A |
| 07/01/2051 | &nbsp;&nbsp; 0.000% | 500000 | &nbsp;&nbsp; 15000 |
| Arizona Industrial Development Authority<sup>(d)</sup>  | Arizona Industrial Development Authority<sup>(d)</sup>  | Arizona Industrial Development Authority<sup>(d)</sup>  | Arizona Industrial Development Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Pinecrest Academy of Northern Nevada Project | Pinecrest Academy of Northern Nevada Project | Pinecrest Academy of Northern Nevada Project | Pinecrest Academy of Northern Nevada Project |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 07/15/2029 | &nbsp;&nbsp; 4.500% | 2500000 | &nbsp;&nbsp; 2401678 |
| Industrial Development Authority of the County of Pima (The)<sup>(d)</sup>  | Industrial Development Authority of the County of Pima (The)<sup>(d)</sup>  | Industrial Development Authority of the County of Pima (The)<sup>(d)</sup>  | Industrial Development Authority of the County of Pima (The)<sup>(d)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| American Leadership Academy | American Leadership Academy | American Leadership Academy | American Leadership Academy |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 06/15/2051 | &nbsp;&nbsp; 4.000% | 4400000 | &nbsp;&nbsp; 3334472 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| La Posada at Pusch Ridge Project | La Posada at Pusch Ridge Project | La Posada at Pusch Ridge Project | La Posada at Pusch Ridge Project |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 11/15/2057 | &nbsp;&nbsp; 7.000% | 1000000 | &nbsp;&nbsp; 1045163 |
| La Paz County Industrial Development Authority | La Paz County Industrial Development Authority | La Paz County Industrial Development Authority | La Paz County Industrial Development Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Charter School Solutions - Harmony Public Schools Project | Charter School Solutions - Harmony Public Schools Project | Charter School Solutions - Harmony Public Schools Project | Charter School Solutions - Harmony Public Schools Project |
| Series 2016 | Series 2016 | Series 2016 | Series 2016 |
| 02/15/2046 | &nbsp;&nbsp; 5.000% | 1500000 | &nbsp;&nbsp; 1375408 |
| Series 2018 | Series 2018 | Series 2018 | Series 2018 |
| 02/15/2048 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 904529 |
| Maricopa County Industrial Development Authority | Maricopa County Industrial Development Authority | Maricopa County Industrial Development Authority | Maricopa County Industrial Development Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Legacy Traditional Schools Project | Legacy Traditional Schools Project | Legacy Traditional Schools Project | Legacy Traditional Schools Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 07/01/2044 | &nbsp;&nbsp; 4.250% | 600000 | &nbsp;&nbsp; 514694 |
| Maricopa County Industrial Development Authority<sup>(d)</sup>  | Maricopa County Industrial Development Authority<sup>(d)</sup>  | Maricopa County Industrial Development Authority<sup>(d)</sup>  | Maricopa County Industrial Development Authority<sup>(d)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Sun Valley Academy Project | Sun Valley Academy Project | Sun Valley Academy Project | Sun Valley Academy Project |
| Series 2024A | Series 2024A | Series 2024A | Series 2024A |
| 07/01/2063 | &nbsp;&nbsp; 6.750% | 1000000 | &nbsp;&nbsp; 1013630 |
| Sierra Vista Industrial Development Authority<sup>(d)</sup>  | Sierra Vista Industrial Development Authority<sup>(d)</sup>  | Sierra Vista Industrial Development Authority<sup>(d)</sup>  | Sierra Vista Industrial Development Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| American Leadership Academy Project | American Leadership Academy Project | American Leadership Academy Project | American Leadership Academy Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 06/15/2054 | &nbsp;&nbsp; 5.000% | 2000000 | &nbsp;&nbsp; 1814697 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12509271** |
| **Arkansas 0.4%** | **Arkansas 0.4%** | **Arkansas 0.4%** | **Arkansas 0.4%** |
| Arkansas Development Finance Authority<sup>(f)</sup>  | Arkansas Development Finance Authority<sup>(f)</sup>  | Arkansas Development Finance Authority<sup>(f)</sup>  | Arkansas Development Finance Authority<sup>(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Green Bonds - United States Steel Corp. Project | Green Bonds - United States Steel Corp. Project | Green Bonds - United States Steel Corp. Project | Green Bonds - United States Steel Corp. Project |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 05/01/2053 | &nbsp;&nbsp; 5.700% | 2000000 | &nbsp;&nbsp; 2021317 |
| **California 5.5%** | **California 5.5%** | **California 5.5%** | **California 5.5%** |
| California County Tobacco Securitization Agency<sup>(c)</sup>  | California County Tobacco Securitization Agency<sup>(c)</sup>  | California County Tobacco Securitization Agency<sup>(c)</sup>  | California County Tobacco Securitization Agency<sup>(c)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Capital Allocation | Capital Allocation | Capital Allocation | Capital Allocation |
| Subordinated Series 2020B-2 | Subordinated Series 2020B-2 | Subordinated Series 2020B-2 | Subordinated Series 2020B-2 |
| 06/01/2055 | &nbsp;&nbsp; 0.000% | 5000000 | &nbsp;&nbsp; 907352 |
| California Infrastructure & Economic Development Bank<sup>(d),(f)</sup>  | California Infrastructure & Economic Development Bank<sup>(d),(f)</sup>  | California Infrastructure & Economic Development Bank<sup>(d),(f)</sup>  | California Infrastructure & Economic Development Bank<sup>(d),(f)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Subordinated Series 2025 (Mandatory Put 01/01/35) | Subordinated Series 2025 (Mandatory Put 01/01/35) | Subordinated Series 2025 (Mandatory Put 01/01/35) | Subordinated Series 2025 (Mandatory Put 01/01/35) |
| 01/01/2065 | &nbsp;&nbsp; 9.500% | 5000000 | &nbsp;&nbsp; 4843386 |
| California Municipal Finance Authority<sup>(d)</sup>  | California Municipal Finance Authority<sup>(d)</sup>  | California Municipal Finance Authority<sup>(d)</sup>  | California Municipal Finance Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Catalyst Impact Fund Housing | Catalyst Impact Fund Housing | Catalyst Impact Fund Housing | Catalyst Impact Fund Housing |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 01/01/2039 | &nbsp;&nbsp; 6.000% | 2000000 | &nbsp;&nbsp; 2020294 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| California Municipal Finance Authority<sup>(d),(e),(f)</sup>  | California Municipal Finance Authority<sup>(d),(e),(f)</sup>  | California Municipal Finance Authority<sup>(d),(e),(f)</sup>  | California Municipal Finance Authority<sup>(d),(e),(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| UTS Renewable Energy-Waste Water Facilities | UTS Renewable Energy-Waste Water Facilities | UTS Renewable Energy-Waste Water Facilities | UTS Renewable Energy-Waste Water Facilities |
| Series 2011 | Series 2011 | Series 2011 | Series 2011 |
| 12/01/2032 | &nbsp;&nbsp; 0.000% | 1835000 | &nbsp;&nbsp; 36700 |
| California Public Finance Authority<sup>(d)</sup>  | California Public Finance Authority<sup>(d)</sup>  | California Public Finance Authority<sup>(d)</sup>  | California Public Finance Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Sunrise of Manhattan Beach | Sunrise of Manhattan Beach | Sunrise of Manhattan Beach | Sunrise of Manhattan Beach |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 07/01/2065 | &nbsp;&nbsp; 6.750% | 1500000 | &nbsp;&nbsp; 1557365 |
| The James | The James | The James | The James |
| Series 2024A | Series 2024A | Series 2024A | Series 2024A |
| 06/01/2054 | &nbsp;&nbsp; 6.500% | 1500000 | &nbsp;&nbsp; 1398464 |
| 06/01/2059 | &nbsp;&nbsp; 6.375% | 1500000 | &nbsp;&nbsp; 1364232 |
| California School Finance Authority<sup>(d)</sup>  | California School Finance Authority<sup>(d)</sup>  | California School Finance Authority<sup>(d)</sup>  | California School Finance Authority<sup>(d)</sup>  |
| Revenue Notes | Revenue Notes | Revenue Notes | Revenue Notes |
| GAN Series 2025 | GAN Series 2025 | GAN Series 2025 | GAN Series 2025 |
| 12/01/2026 | &nbsp;&nbsp; 4.400% | 2000000 | &nbsp;&nbsp; 2002328 |
| City of Los Angeles Department of Airports<sup>(f)</sup>  | City of Los Angeles Department of Airports<sup>(f)</sup>  | City of Los Angeles Department of Airports<sup>(f)</sup>  | City of Los Angeles Department of Airports<sup>(f)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Subordinated Series 2025 | Subordinated Series 2025 | Subordinated Series 2025 | Subordinated Series 2025 |
| 05/15/2055 | &nbsp;&nbsp; 5.000% | 150000 | &nbsp;&nbsp; 147610 |
| 05/15/2055 | &nbsp;&nbsp; 5.500% | 295000 | &nbsp;&nbsp; 307523 |
| CMFA Special Finance Agency<sup>(d)</sup>  | CMFA Special Finance Agency<sup>(d)</sup>  | CMFA Special Finance Agency<sup>(d)</sup>  | CMFA Special Finance Agency<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Junior Bonds - Latitude33 | Junior Bonds - Latitude33 | Junior Bonds - Latitude33 | Junior Bonds - Latitude33 |
| Series 2021A | Series 2021A | Series 2021A | Series 2021A |
| 12/01/2045 | &nbsp;&nbsp; 4.000% | 2000000 | &nbsp;&nbsp; 1519243 |
| CSCDA Community Improvement Authority<sup>(d)</sup>  | CSCDA Community Improvement Authority<sup>(d)</sup>  | CSCDA Community Improvement Authority<sup>(d)</sup>  | CSCDA Community Improvement Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Social Bonds - Mezzanine Lien - Westgate Phase 1-Pasadena | Social Bonds - Mezzanine Lien - Westgate Phase 1-Pasadena | Social Bonds - Mezzanine Lien - Westgate Phase 1-Pasadena | Social Bonds - Mezzanine Lien - Westgate Phase 1-Pasadena |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 06/01/2057 | &nbsp;&nbsp; 4.000% | 2000000 | &nbsp;&nbsp; 593906 |
| Hastings Campus Housing Finance Authority | Hastings Campus Housing Finance Authority | Hastings Campus Housing Finance Authority | Hastings Campus Housing Finance Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Green Bonds | Green Bonds | Green Bonds | Green Bonds |
| Series 2020A | Series 2020A | Series 2020A | Series 2020A |
| 07/01/2061 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 855311 |
| Hastings Campus Housing Finance Authority<sup>(c),(d)</sup>  | Hastings Campus Housing Finance Authority<sup>(c),(d)</sup>  | Hastings Campus Housing Finance Authority<sup>(c),(d)</sup>  | Hastings Campus Housing Finance Authority<sup>(c),(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Green Bonds | Green Bonds | Green Bonds | Green Bonds |
| Subordinated Series 2020A | Subordinated Series 2020A | Subordinated Series 2020A | Subordinated Series 2020A |
| 07/01/2061 | &nbsp;&nbsp; 0.000% | 3000000 | &nbsp;&nbsp; 1311328 |
| M-S-R Energy Authority | M-S-R Energy Authority | M-S-R Energy Authority | M-S-R Energy Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2009B | Series 2009B | Series 2009B | Series 2009B |
| 11/01/2039 | &nbsp;&nbsp; 6.500% | 5000000 | &nbsp;&nbsp; 5895158 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| San Joaquin Valley Clean Energy Authority<sup>(b)</sup>  | San Joaquin Valley Clean Energy Authority<sup>(b)</sup>  | San Joaquin Valley Clean Energy Authority<sup>(b)</sup>  | San Joaquin Valley Clean Energy Authority<sup>(b)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Clean Energy Project | Clean Energy Project | Clean Energy Project | Clean Energy Project |
| Series 2025 (Mandatory Put 07/01/35) | Series 2025 (Mandatory Put 07/01/35) | Series 2025 (Mandatory Put 07/01/35) | Series 2025 (Mandatory Put 07/01/35) |
| 01/01/2056 | &nbsp;&nbsp; 5.500% | 500000 | &nbsp;&nbsp; 541653 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **25301853** |
| **Colorado 8.6%** | **Colorado 8.6%** | **Colorado 8.6%** | **Colorado 8.6%** |
| Arista Metropolitan District | Arista Metropolitan District | Arista Metropolitan District | Arista Metropolitan District |
| Limited General Obligation Refunding Bonds | Limited General Obligation Refunding Bonds | Limited General Obligation Refunding Bonds | Limited General Obligation Refunding Bonds |
| Subordinated Series 2023B | Subordinated Series 2023B | Subordinated Series 2023B | Subordinated Series 2023B |
| 12/15/2039 | &nbsp;&nbsp; 8.250% | 1000000 | &nbsp;&nbsp; 1010990 |
| Aurora Crossroads Metropolitan District No. 2 | Aurora Crossroads Metropolitan District No. 2 | Aurora Crossroads Metropolitan District No. 2 | Aurora Crossroads Metropolitan District No. 2 |
| Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds |
| Senior Series 2020A | Senior Series 2020A | Senior Series 2020A | Senior Series 2020A |
| 12/01/2050 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 926985 |
| Senior Limited General Obligation Bonds | Senior Limited General Obligation Bonds | Senior Limited General Obligation Bonds | Senior Limited General Obligation Bonds |
| Series 2020A | Series 2020A | Series 2020A | Series 2020A |
| 12/01/2040 | &nbsp;&nbsp; 5.000% | 863000 | &nbsp;&nbsp; 838596 |
| Canyons Metropolitan District No. 5 | Canyons Metropolitan District No. 5 | Canyons Metropolitan District No. 5 | Canyons Metropolitan District No. 5 |
| Limited General Obligation Refunding Bonds | Limited General Obligation Refunding Bonds | Limited General Obligation Refunding Bonds | Limited General Obligation Refunding Bonds |
| Subordinated Series 2024B | Subordinated Series 2024B | Subordinated Series 2024B | Subordinated Series 2024B |
| 12/15/2054 | &nbsp;&nbsp; 6.500% | 1250000 | &nbsp;&nbsp; 1239956 |
| Colorado Bridge Enterprise<sup>(f)</sup>  | Colorado Bridge Enterprise<sup>(f)</sup>  | Colorado Bridge Enterprise<sup>(f)</sup>  | Colorado Bridge Enterprise<sup>(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Central 70 Project | Central 70 Project | Central 70 Project | Central 70 Project |
| Series 2017 | Series 2017 | Series 2017 | Series 2017 |
| 06/30/2051 | &nbsp;&nbsp; 4.000% | 6000000 | &nbsp;&nbsp; 4909409 |
| Colorado Educational & Cultural Facilities Authority<sup>(d)</sup>  | Colorado Educational & Cultural Facilities Authority<sup>(d)</sup>  | Colorado Educational & Cultural Facilities Authority<sup>(d)</sup>  | Colorado Educational & Cultural Facilities Authority<sup>(d)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| New Summit Charter Academy Project | New Summit Charter Academy Project | New Summit Charter Academy Project | New Summit Charter Academy Project |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 07/01/2061 | &nbsp;&nbsp; 4.000% | 1940000 | &nbsp;&nbsp; 1316558 |
| Colorado Health Facilities Authority | Colorado Health Facilities Authority | Colorado Health Facilities Authority | Colorado Health Facilities Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| Series 2019A | Series 2019A | Series 2019A | Series 2019A |
| 08/01/2049 | &nbsp;&nbsp; 4.000% | 3250000 | &nbsp;&nbsp; 2682289 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| NJH-SJH Center for Outpatient Health Project | NJH-SJH Center for Outpatient Health Project | NJH-SJH Center for Outpatient Health Project | NJH-SJH Center for Outpatient Health Project |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 01/01/2045 | &nbsp;&nbsp; 3.000% | 5000000 | &nbsp;&nbsp; 3714798 |
| Eagle Brook Meadows Metropolitan District No. 3<sup>(g)</sup>  | Eagle Brook Meadows Metropolitan District No. 3<sup>(g)</sup>  | Eagle Brook Meadows Metropolitan District No. 3<sup>(g)</sup>  | Eagle Brook Meadows Metropolitan District No. 3<sup>(g)</sup>  |
| Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 12/01/2051 | &nbsp;&nbsp; 5.000% | 1500000 | &nbsp;&nbsp; 1323956 |
| Fiddlers Business Improvement District<sup>(d)</sup>  | Fiddlers Business Improvement District<sup>(d)</sup>  | Fiddlers Business Improvement District<sup>(d)</sup>  | Fiddlers Business Improvement District<sup>(d)</sup>  |
| Unlimited General Obligation Refunding Bonds | Unlimited General Obligation Refunding Bonds | Unlimited General Obligation Refunding Bonds | Unlimited General Obligation Refunding Bonds |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 12/01/2047 | &nbsp;&nbsp; 5.550% | 3000000 | &nbsp;&nbsp; 2977595 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Lanterns Metropolitan District No. 2<sup>(g)</sup>  | Lanterns Metropolitan District No. 2<sup>(g)</sup>  | Lanterns Metropolitan District No. 2<sup>(g)</sup>  | Lanterns Metropolitan District No. 2<sup>(g)</sup>  |
| Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds |
| Series 2021A | Series 2021A | Series 2021A | Series 2021A |
| 12/01/2050 | &nbsp;&nbsp; 4.500% | 2830000 | &nbsp;&nbsp; 2069965 |
| Mineral Business Improvement District<sup>(d)</sup>  | Mineral Business Improvement District<sup>(d)</sup>  | Mineral Business Improvement District<sup>(d)</sup>  | Mineral Business Improvement District<sup>(d)</sup>  |
| Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds |
| Series 2024A | Series 2024A | Series 2024A | Series 2024A |
| 12/01/2054 | &nbsp;&nbsp; 5.750% | 1250000 | &nbsp;&nbsp; 1202382 |
| Parterre Metropolitan District No. 5 | Parterre Metropolitan District No. 5 | Parterre Metropolitan District No. 5 | Parterre Metropolitan District No. 5 |
| Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds |
| Series 2025A | Series 2025A | Series 2025A | Series 2025A |
| 12/01/2055 | &nbsp;&nbsp; 6.125% | 1000000 | &nbsp;&nbsp; 1026771 |
| Prairie Center Metropolitan District No. 3 | Prairie Center Metropolitan District No. 3 | Prairie Center Metropolitan District No. 3 | Prairie Center Metropolitan District No. 3 |
| Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds |
| Series 2024B | Series 2024B | Series 2024B | Series 2024B |
| 12/15/2046 | &nbsp;&nbsp; 5.875% | 1000000 | &nbsp;&nbsp; 1028007 |
| Limited General Obligation Refunding Bonds | Limited General Obligation Refunding Bonds | Limited General Obligation Refunding Bonds | Limited General Obligation Refunding Bonds |
| Series 2024A | Series 2024A | Series 2024A | Series 2024A |
| 12/15/2046 | &nbsp;&nbsp; 5.875% | 1000000 | &nbsp;&nbsp; 1028007 |
| Redtail Ridge Metropolitan District<sup>(c)</sup>  | Redtail Ridge Metropolitan District<sup>(c)</sup>  | Redtail Ridge Metropolitan District<sup>(c)</sup>  | Redtail Ridge Metropolitan District<sup>(c)</sup>  |
| Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/01/2032 | &nbsp;&nbsp; 0.000% | 3500000 | &nbsp;&nbsp; 2040971 |
| RRC Metropolitan District No. 2<sup>(g)</sup>  | RRC Metropolitan District No. 2<sup>(g)</sup>  | RRC Metropolitan District No. 2<sup>(g)</sup>  | RRC Metropolitan District No. 2<sup>(g)</sup>  |
| Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 12/01/2051 | &nbsp;&nbsp; 5.250% | 2500000 | &nbsp;&nbsp; 2110944 |
| Sagebrush Farm Metropolitan District No. 1 | Sagebrush Farm Metropolitan District No. 1 | Sagebrush Farm Metropolitan District No. 1 | Sagebrush Farm Metropolitan District No. 1 |
| Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds |
| Series 2022A | Series 2022A | Series 2022A | Series 2022A |
| 12/01/2052 | &nbsp;&nbsp; 6.750% | 2000000 | &nbsp;&nbsp; 2027578 |
| Sky Ranch Community Authority Board | Sky Ranch Community Authority Board | Sky Ranch Community Authority Board | Sky Ranch Community Authority Board |
| Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds | Limited General Obligation Bonds |
| Series 2022A | Series 2022A | Series 2022A | Series 2022A |
| 12/01/2052 | &nbsp;&nbsp; 5.750% | 1250000 | &nbsp;&nbsp; 1143314 |
| Sterling Ranch Community Authority Board | Sterling Ranch Community Authority Board | Sterling Ranch Community Authority Board | Sterling Ranch Community Authority Board |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Series 2022A | Series 2022A | Series 2022A | Series 2022A |
| 12/01/2053 | &nbsp;&nbsp; 6.750% | 2000000 | &nbsp;&nbsp; 2064995 |
| Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds |
| Special Improvement District No. 1 | Special Improvement District No. 1 | Special Improvement District No. 1 | Special Improvement District No. 1 |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/01/2043 | &nbsp;&nbsp; 5.625% | 900000 | &nbsp;&nbsp; 898761 |
| Waterfront at Foster Lake Metropolitan District No. 2<sup>(g)</sup>  | Waterfront at Foster Lake Metropolitan District No. 2<sup>(g)</sup>  | Waterfront at Foster Lake Metropolitan District No. 2<sup>(g)</sup>  | Waterfront at Foster Lake Metropolitan District No. 2<sup>(g)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 12/01/2028 | &nbsp;&nbsp; 4.625% | 2000000 | &nbsp;&nbsp; 1932964 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **39515791** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Connecticut 0.8%** | **Connecticut 0.8%** | **Connecticut 0.8%** | **Connecticut 0.8%** |
| Connecticut State Health & Educational Facility Authority<sup>(d)</sup>  | Connecticut State Health & Educational Facility Authority<sup>(d)</sup>  | Connecticut State Health & Educational Facility Authority<sup>(d)</sup>  | Connecticut State Health & Educational Facility Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Church Home of Hartford, Inc. Project | Church Home of Hartford, Inc. Project | Church Home of Hartford, Inc. Project | Church Home of Hartford, Inc. Project |
| Series 2016 | Series 2016 | Series 2016 | Series 2016 |
| 09/01/2053 | &nbsp;&nbsp; 5.000% | 1750000 | &nbsp;&nbsp; 1551531 |
| Stamford Housing Authority | Stamford Housing Authority | Stamford Housing Authority | Stamford Housing Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Mozaic Concierge Living Project | Mozaic Concierge Living Project | Mozaic Concierge Living Project | Mozaic Concierge Living Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 10/01/2033 | &nbsp;&nbsp; 5.375% | 2000000 | &nbsp;&nbsp; 1984082 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3535613** |
| **District of Columbia 0.8%** | **District of Columbia 0.8%** | **District of Columbia 0.8%** | **District of Columbia 0.8%** |
| Metropolitan Washington Airports Authority | Metropolitan Washington Airports Authority | Metropolitan Washington Airports Authority | Metropolitan Washington Airports Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Dulles Metrorail and Capital Improvements Project | Dulles Metrorail and Capital Improvements Project | Dulles Metrorail and Capital Improvements Project | Dulles Metrorail and Capital Improvements Project |
| Subordinated Series 2019 | Subordinated Series 2019 | Subordinated Series 2019 | Subordinated Series 2019 |
| 10/01/2053 | &nbsp;&nbsp; 4.000% | 2275000 | &nbsp;&nbsp; 1878224 |
| Metropolitan Washington Airports Authority Dulles Toll Road | Metropolitan Washington Airports Authority Dulles Toll Road | Metropolitan Washington Airports Authority Dulles Toll Road | Metropolitan Washington Airports Authority Dulles Toll Road |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Dulles Metrorail | Dulles Metrorail | Dulles Metrorail | Dulles Metrorail |
| Subordinated Series 2019 | Subordinated Series 2019 | Subordinated Series 2019 | Subordinated Series 2019 |
| 10/01/2049 | &nbsp;&nbsp; 4.000% | 2000000 | &nbsp;&nbsp; 1698856 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3577080** |
| **Florida 7.8%** | **Florida 7.8%** | **Florida 7.8%** | **Florida 7.8%** |
| Capital Projects Finance Authority<sup>(d)</sup>  | Capital Projects Finance Authority<sup>(d)</sup>  | Capital Projects Finance Authority<sup>(d)</sup>  | Capital Projects Finance Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Millenia Orlando Project | Millenia Orlando Project | Millenia Orlando Project | Millenia Orlando Project |
| Series 2025A | Series 2025A | Series 2025A | Series 2025A |
| 01/01/2055 | &nbsp;&nbsp; 7.250% | 1000000 | &nbsp;&nbsp; 999995 |
| Capital Trust Agency, Inc.<sup>(d),(e)</sup>  | Capital Trust Agency, Inc.<sup>(d),(e)</sup>  | Capital Trust Agency, Inc.<sup>(d),(e)</sup>  | Capital Trust Agency, Inc.<sup>(d),(e)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| 1st Mortgage - Tapestry Walden Senior Housing Project | 1st Mortgage - Tapestry Walden Senior Housing Project | 1st Mortgage - Tapestry Walden Senior Housing Project | 1st Mortgage - Tapestry Walden Senior Housing Project |
| Series 2017 | Series 2017 | Series 2017 | Series 2017 |
| 07/01/2052 | &nbsp;&nbsp; 0.000% | 3400000 | &nbsp;&nbsp; 46308 |
| 1st Mortgage Tallahassee Tapestry Senior Housing Project | 1st Mortgage Tallahassee Tapestry Senior Housing Project | 1st Mortgage Tallahassee Tapestry Senior Housing Project | 1st Mortgage Tallahassee Tapestry Senior Housing Project |
| Series 2015 | Series 2015 | Series 2015 | Series 2015 |
| 12/01/2050 | &nbsp;&nbsp; 0.000% | 3550000 | &nbsp;&nbsp; 532500 |
| Capital Trust Agency, Inc.<sup>(d)</sup>  | Capital Trust Agency, Inc.<sup>(d)</sup>  | Capital Trust Agency, Inc.<sup>(d)</sup>  | Capital Trust Agency, Inc.<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| WFCS Portfolio Projects | WFCS Portfolio Projects | WFCS Portfolio Projects | WFCS Portfolio Projects |
| Series 2021A | Series 2021A | Series 2021A | Series 2021A |
| 01/01/2031 | &nbsp;&nbsp; 3.300% | 240000 | &nbsp;&nbsp; 223154 |
| Capital Trust Agency, Inc.<sup>(c),(d)</sup>  | Capital Trust Agency, Inc.<sup>(c),(d)</sup>  | Capital Trust Agency, Inc.<sup>(c),(d)</sup>  | Capital Trust Agency, Inc.<sup>(c),(d)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 07/01/2061 | &nbsp;&nbsp; 0.000% | 30000000 | &nbsp;&nbsp; 2074182 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Capital Trust Authority<sup>(d)</sup>  | Capital Trust Authority<sup>(d)</sup>  | Capital Trust Authority<sup>(d)</sup>  | Capital Trust Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| IPS Enterprises, Inc. | IPS Enterprises, Inc. | IPS Enterprises, Inc. | IPS Enterprises, Inc. |
| Series 2023A | Series 2023A | Series 2023A | Series 2023A |
| 06/15/2058 | &nbsp;&nbsp; 6.375% | 700000 | &nbsp;&nbsp; 712038 |
| Capital Trust Authority<sup>(d),(f)</sup>  | Capital Trust Authority<sup>(d),(f)</sup>  | Capital Trust Authority<sup>(d),(f)</sup>  | Capital Trust Authority<sup>(d),(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| MVM Landfill LLC Project | MVM Landfill LLC Project | MVM Landfill LLC Project | MVM Landfill LLC Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/01/2044 | &nbsp;&nbsp; 6.875% | 1000000 | &nbsp;&nbsp; 970083 |
| City of Pompano Beach | City of Pompano Beach | City of Pompano Beach | City of Pompano Beach |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| John Knox Village Project | John Knox Village Project | John Knox Village Project | John Knox Village Project |
| Series 2021A | Series 2021A | Series 2021A | Series 2021A |
| 09/01/2056 | &nbsp;&nbsp; 4.000% | 1835000 | &nbsp;&nbsp; 1381589 |
| City of Tampa<sup>(c)</sup>  | City of Tampa<sup>(c)</sup>  | City of Tampa<sup>(c)</sup>  | City of Tampa<sup>(c)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2020A | Series 2020A | Series 2020A | Series 2020A |
| 09/01/2053 | &nbsp;&nbsp; 0.000% | 1800000 | &nbsp;&nbsp; 379208 |
| County of Miami-Dade<sup>(c)</sup>  | County of Miami-Dade<sup>(c)</sup>  | County of Miami-Dade<sup>(c)</sup>  | County of Miami-Dade<sup>(c)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Capital Appreciation | Capital Appreciation | Capital Appreciation | Capital Appreciation |
| Subordinated Series 2009B | Subordinated Series 2009B | Subordinated Series 2009B | Subordinated Series 2009B |
| 10/01/2041 | &nbsp;&nbsp; 0.000% | 10000000 | &nbsp;&nbsp; 4779906 |
| County of Osceola Transportation<sup>(c)</sup>  | County of Osceola Transportation<sup>(c)</sup>  | County of Osceola Transportation<sup>(c)</sup>  | County of Osceola Transportation<sup>(c)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Osceola Parkway Toll Facility | Osceola Parkway Toll Facility | Osceola Parkway Toll Facility | Osceola Parkway Toll Facility |
| Series 2019A-2 | Series 2019A-2 | Series 2019A-2 | Series 2019A-2 |
| 10/01/2049 | &nbsp;&nbsp; 0.000% | 1700000 | &nbsp;&nbsp; 471037 |
| Series 2020A-2 (AGM) | Series 2020A-2 (AGM) | Series 2020A-2 (AGM) | Series 2020A-2 (AGM) |
| 10/01/2051 | &nbsp;&nbsp; 0.000% | 2000000 | &nbsp;&nbsp; 484732 |
| 10/01/2053 | &nbsp;&nbsp; 0.000% | 3000000 | &nbsp;&nbsp; 648486 |
| Florida Development Finance Corp.<sup>(d)</sup>  | Florida Development Finance Corp.<sup>(d)</sup>  | Florida Development Finance Corp.<sup>(d)</sup>  | Florida Development Finance Corp.<sup>(d)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Mayflower Retirement Community Project (The) | Mayflower Retirement Community Project (The) | Mayflower Retirement Community Project (The) | Mayflower Retirement Community Project (The) |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 06/01/2055 | &nbsp;&nbsp; 4.000% | 1500000 | &nbsp;&nbsp; 1022139 |
| Renaissance Charter School | Renaissance Charter School | Renaissance Charter School | Renaissance Charter School |
| Series 2020 | Series 2020 | Series 2020 | Series 2020 |
| 09/15/2050 | &nbsp;&nbsp; 5.000% | 2200000 | &nbsp;&nbsp; 1874633 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Discovery High School Project | Discovery High School Project | Discovery High School Project | Discovery High School Project |
| Series 2020 | Series 2020 | Series 2020 | Series 2020 |
| 06/01/2055 | &nbsp;&nbsp; 5.000% | 2000000 | &nbsp;&nbsp; 1322927 |
| Renaissance Charter School | Renaissance Charter School | Renaissance Charter School | Renaissance Charter School |
| Series 2015 | Series 2015 | Series 2015 | Series 2015 |
| 06/15/2046 | &nbsp;&nbsp; 6.125% | 4900000 | &nbsp;&nbsp; 4899800 |
| The Henry Project | The Henry Project | The Henry Project | The Henry Project |
| Series 2024A1 | Series 2024A1 | Series 2024A1 | Series 2024A1 |
| 06/01/2059 | &nbsp;&nbsp; 5.250% | 1000000 | &nbsp;&nbsp; 929570 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Lee County Industrial Development Authority | Lee County Industrial Development Authority | Lee County Industrial Development Authority | Lee County Industrial Development Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Cypress Cove at HealthPark Florida, Inc. Project | Cypress Cove at HealthPark Florida, Inc. Project | Cypress Cove at HealthPark Florida, Inc. Project | Cypress Cove at HealthPark Florida, Inc. Project |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 10/01/2057 | &nbsp;&nbsp; 5.250% | 3000000 | &nbsp;&nbsp; 2548038 |
| Palm Beach County Health Facilities Authority | Palm Beach County Health Facilities Authority | Palm Beach County Health Facilities Authority | Palm Beach County Health Facilities Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Toby & Leon Cooperman Sinai Residences of Boca Raton | Toby & Leon Cooperman Sinai Residences of Boca Raton | Toby & Leon Cooperman Sinai Residences of Boca Raton | Toby & Leon Cooperman Sinai Residences of Boca Raton |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 06/01/2056 | &nbsp;&nbsp; 4.250% | 2500000 | &nbsp;&nbsp; 1944722 |
| Polk County Industrial Development Authority | Polk County Industrial Development Authority | Polk County Industrial Development Authority | Polk County Industrial Development Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Carpenter's Home Estates | Carpenter's Home Estates | Carpenter's Home Estates | Carpenter's Home Estates |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 01/01/2049 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 897340 |
| Carpenter's Home Estates, Inc. | Carpenter's Home Estates, Inc. | Carpenter's Home Estates, Inc. | Carpenter's Home Estates, Inc. |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 01/01/2055 | &nbsp;&nbsp; 5.000% | 2615000 | &nbsp;&nbsp; 2275040 |
| Seminole County Industrial Development Authority | Seminole County Industrial Development Authority | Seminole County Industrial Development Authority | Seminole County Industrial Development Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Legacy Pointe at UCF Project | Legacy Pointe at UCF Project | Legacy Pointe at UCF Project | Legacy Pointe at UCF Project |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 11/15/2049 | &nbsp;&nbsp; 5.500% | 1225000 | &nbsp;&nbsp; 1122671 |
| Seminole County Industrial Development Authority<sup>(d)</sup>  | Seminole County Industrial Development Authority<sup>(d)</sup>  | Seminole County Industrial Development Authority<sup>(d)</sup>  | Seminole County Industrial Development Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Galileo Schools for Gifted Learning Project | Galileo Schools for Gifted Learning Project | Galileo Schools for Gifted Learning Project | Galileo Schools for Gifted Learning Project |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 06/15/2051 | &nbsp;&nbsp; 4.000% | 830000 | &nbsp;&nbsp; 637253 |
| 06/15/2056 | &nbsp;&nbsp; 4.000% | 1410000 | &nbsp;&nbsp; 1050835 |
| Village Community Development District No. 15<sup>(d)</sup>  | Village Community Development District No. 15<sup>(d)</sup>  | Village Community Development District No. 15<sup>(d)</sup>  | Village Community Development District No. 15<sup>(d)</sup>  |
| Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 05/01/2055 | &nbsp;&nbsp; 4.800% | 1500000 | &nbsp;&nbsp; 1374651 |
| Westridge Community Development District | Westridge Community Development District | Westridge Community Development District | Westridge Community Development District |
| Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds |
| Series 2005 | Series 2005 | Series 2005 | Series 2005 |
| 05/01/2037 | &nbsp;&nbsp; 5.800% | 285000 | &nbsp;&nbsp; 285065 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **35887902** |
| **Georgia 1.4%** | **Georgia 1.4%** | **Georgia 1.4%** | **Georgia 1.4%** |
| Atlanta Development Authority (The)<sup>(d)</sup>  | Atlanta Development Authority (The)<sup>(d)</sup>  | Atlanta Development Authority (The)<sup>(d)</sup>  | Atlanta Development Authority (The)<sup>(d)</sup>  |
| Tax Allocation Bonds | Tax Allocation Bonds | Tax Allocation Bonds | Tax Allocation Bonds |
| Westside Gulch Area Project | Westside Gulch Area Project | Westside Gulch Area Project | Westside Gulch Area Project |
| Series 2024A | Series 2024A | Series 2024A | Series 2024A |
| 04/01/2034 | &nbsp;&nbsp; 5.000% | 2250000 | &nbsp;&nbsp; 2235943 |
| Floyd County Development Authority | Floyd County Development Authority | Floyd County Development Authority | Floyd County Development Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Spires Berry College Project | Spires Berry College Project | Spires Berry College Project | Spires Berry College Project |
| Series 2018 | Series 2018 | Series 2018 | Series 2018 |
| 12/01/2048 | &nbsp;&nbsp; 6.250% | 1500000 | &nbsp;&nbsp; 1408511 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Oconee County Industrial Development Authority | Oconee County Industrial Development Authority | Oconee County Industrial Development Authority | Oconee County Industrial Development Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Presbyterian Village Athens Project | Presbyterian Village Athens Project | Presbyterian Village Athens Project | Presbyterian Village Athens Project |
| Series 2018 | Series 2018 | Series 2018 | Series 2018 |
| 12/01/2053 | &nbsp;&nbsp; 6.375% | 3000000 | &nbsp;&nbsp; 2842076 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6486530** |
| **Hawaii 0.5%** | **Hawaii 0.5%** | **Hawaii 0.5%** | **Hawaii 0.5%** |
| State of Hawaii Airports System<sup>(f)</sup>  | State of Hawaii Airports System<sup>(f)</sup>  | State of Hawaii Airports System<sup>(f)</sup>  | State of Hawaii Airports System<sup>(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2025A | Series 2025A | Series 2025A | Series 2025A |
| 07/01/2054 | &nbsp;&nbsp; 5.500% | 2250000 | &nbsp;&nbsp; 2330388 |
| **Idaho 1.0%** | **Idaho 1.0%** | **Idaho 1.0%** | **Idaho 1.0%** |
| Avimor Community Infrastructure District No. 1<sup>(d)</sup>  | Avimor Community Infrastructure District No. 1<sup>(d)</sup>  | Avimor Community Infrastructure District No. 1<sup>(d)</sup>  | Avimor Community Infrastructure District No. 1<sup>(d)</sup>  |
| Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds |
| Assessment Area Five | Assessment Area Five | Assessment Area Five | Assessment Area Five |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 09/01/2053 | &nbsp;&nbsp; 5.875% | 1310000 | &nbsp;&nbsp; 1317575 |
| Idaho Health Facilities Authority | Idaho Health Facilities Authority | Idaho Health Facilities Authority | Idaho Health Facilities Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Terraces of Boise Project | Terraces of Boise Project | Terraces of Boise Project | Terraces of Boise Project |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 10/01/2050 | &nbsp;&nbsp; 4.500% | 4000000 | &nbsp;&nbsp; 3205605 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4523180** |
| **Illinois 7.2%** | **Illinois 7.2%** | **Illinois 7.2%** | **Illinois 7.2%** |
| Chicago Board of Education<sup>(d)</sup>  | Chicago Board of Education<sup>(d)</sup>  | Chicago Board of Education<sup>(d)</sup>  | Chicago Board of Education<sup>(d)</sup>  |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Dedicated | Dedicated | Dedicated | Dedicated |
| Series 2017A | Series 2017A | Series 2017A | Series 2017A |
| 12/01/2046 | &nbsp;&nbsp; 7.000% | 3000000 | &nbsp;&nbsp; 3086550 |
| Chicago Board of Education | Chicago Board of Education | Chicago Board of Education | Chicago Board of Education |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Project | Project | Project | Project |
| Series 2015C | Series 2015C | Series 2015C | Series 2015C |
| 12/01/2039 | &nbsp;&nbsp; 5.250% | 2000000 | &nbsp;&nbsp; 1889198 |
| Series 2012A | Series 2012A | Series 2012A | Series 2012A |
| 12/01/2042 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 905822 |
| Series 2016B | Series 2016B | Series 2016B | Series 2016B |
| 12/01/2046 | &nbsp;&nbsp; 6.500% | 1500000 | &nbsp;&nbsp; 1516061 |
| Series 2018D | Series 2018D | Series 2018D | Series 2018D |
| 12/01/2046 | &nbsp;&nbsp; 5.000% | 5000000 | &nbsp;&nbsp; 4415162 |
| Series 2022A | Series 2022A | Series 2022A | Series 2022A |
| 12/01/2047 | &nbsp;&nbsp; 4.000% | 3000000 | &nbsp;&nbsp; 2373785 |
| City of Chicago | City of Chicago | City of Chicago | City of Chicago |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2017A | Series 2017A | Series 2017A | Series 2017A |
| 01/01/2038 | &nbsp;&nbsp; 6.000% | 3235000 | &nbsp;&nbsp; 3292171 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Du Page County Special Service Area No. 31 | Du Page County Special Service Area No. 31 | Du Page County Special Service Area No. 31 | Du Page County Special Service Area No. 31 |
| Special Tax Bonds | Special Tax Bonds | Special Tax Bonds | Special Tax Bonds |
| Monarch Landing Project | Monarch Landing Project | Monarch Landing Project | Monarch Landing Project |
| Series 2006 | Series 2006 | Series 2006 | Series 2006 |
| 03/01/2036 | &nbsp;&nbsp; 5.625% | 547000 | &nbsp;&nbsp; 536046 |
| Illinois Finance Authority<sup>(d)</sup>  | Illinois Finance Authority<sup>(d)</sup>  | Illinois Finance Authority<sup>(d)</sup>  | Illinois Finance Authority<sup>(d)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| DePaul College Prep Foundation | DePaul College Prep Foundation | DePaul College Prep Foundation | DePaul College Prep Foundation |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 08/01/2053 | &nbsp;&nbsp; 5.625% | 1000000 | &nbsp;&nbsp; 1015488 |
| Goodman Theatre Project | Goodman Theatre Project | Goodman Theatre Project | Goodman Theatre Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 10/01/2050 | &nbsp;&nbsp; 6.125% | 1000000 | &nbsp;&nbsp; 980381 |
| Illinois Institute of Technology | Illinois Institute of Technology | Illinois Institute of Technology | Illinois Institute of Technology |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 09/01/2046 | &nbsp;&nbsp; 5.875% | 1000000 | &nbsp;&nbsp; 972878 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Rosalind Franklin University Woodlands Apartment Project | Rosalind Franklin University Woodlands Apartment Project | Rosalind Franklin University Woodlands Apartment Project | Rosalind Franklin University Woodlands Apartment Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 08/01/2035 | &nbsp;&nbsp; 5.250% | 2000000 | &nbsp;&nbsp; 2002263 |
| Metropolitan Pier & Exposition Authority | Metropolitan Pier & Exposition Authority | Metropolitan Pier & Exposition Authority | Metropolitan Pier & Exposition Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| McCormick Place Expansion | McCormick Place Expansion | McCormick Place Expansion | McCormick Place Expansion |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 12/15/2047 | &nbsp;&nbsp; 4.000% | 1200000 | &nbsp;&nbsp; 1010645 |
| Metropolitan Pier & Exposition Authority<sup>(c)</sup>  | Metropolitan Pier & Exposition Authority<sup>(c)</sup>  | Metropolitan Pier & Exposition Authority<sup>(c)</sup>  | Metropolitan Pier & Exposition Authority<sup>(c)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| McCormick Place Expansion Project | McCormick Place Expansion Project | McCormick Place Expansion Project | McCormick Place Expansion Project |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 12/15/2037 | &nbsp;&nbsp; 0.000% | 2700000 | &nbsp;&nbsp; 1480113 |
| 06/15/2038 | &nbsp;&nbsp; 0.000% | 3000000 | &nbsp;&nbsp; 1586506 |
| State of Illinois | State of Illinois | State of Illinois | State of Illinois |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2018A | Series 2018A | Series 2018A | Series 2018A |
| 05/01/2041 | &nbsp;&nbsp; 5.000% | 3910000 | &nbsp;&nbsp; 3943332 |
| Series 2020 | Series 2020 | Series 2020 | Series 2020 |
| 05/01/2039 | &nbsp;&nbsp; 5.500% | 570000 | &nbsp;&nbsp; 596463 |
| 05/01/2045 | &nbsp;&nbsp; 5.750% | 750000 | &nbsp;&nbsp; 779133 |
| Village of Lincolnshire | Village of Lincolnshire | Village of Lincolnshire | Village of Lincolnshire |
| Special Tax Bonds | Special Tax Bonds | Special Tax Bonds | Special Tax Bonds |
| Sedgebrook Project | Sedgebrook Project | Sedgebrook Project | Sedgebrook Project |
| Series 2004 | Series 2004 | Series 2004 | Series 2004 |
| 03/01/2034 | &nbsp;&nbsp; 6.250% | 458000 | &nbsp;&nbsp; 458241 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **32840238** |
| **Indiana 0.1%** | **Indiana 0.1%** | **Indiana 0.1%** | **Indiana 0.1%** |
| Indianapolis Local Public Improvement Bond Bank | Indianapolis Local Public Improvement Bond Bank | Indianapolis Local Public Improvement Bond Bank | Indianapolis Local Public Improvement Bond Bank |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Convention Center Hotel | Convention Center Hotel | Convention Center Hotel | Convention Center Hotel |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 03/01/2053 | &nbsp;&nbsp; 6.000% | 500000 | &nbsp;&nbsp; 517796 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Iowa 0.8%** | **Iowa 0.8%** | **Iowa 0.8%** | **Iowa 0.8%** |
| Iowa Finance Authority | Iowa Finance Authority | Iowa Finance Authority | Iowa Finance Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Lifespace Communities, Inc. | Lifespace Communities, Inc. | Lifespace Communities, Inc. | Lifespace Communities, Inc. |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 05/15/2053 | &nbsp;&nbsp; 4.000% | 2000000 | &nbsp;&nbsp; 1562574 |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 05/15/2053 | &nbsp;&nbsp; 7.500% | 2000000 | &nbsp;&nbsp; 2205297 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3767871** |
| **Kansas 0.7%** | **Kansas 0.7%** | **Kansas 0.7%** | **Kansas 0.7%** |
| City of Overland Park<sup>(e)</sup>  | City of Overland Park<sup>(e)</sup>  | City of Overland Park<sup>(e)</sup>  | City of Overland Park<sup>(e)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Prairiefire-Lionsgate Project | Prairiefire-Lionsgate Project | Prairiefire-Lionsgate Project | Prairiefire-Lionsgate Project |
| Series 2012 | Series 2012 | Series 2012 | Series 2012 |
| 12/15/2032 | &nbsp;&nbsp; 6.000% | 6000000 | &nbsp;&nbsp; 1740000 |
| Wyandotte County-Kansas City Unified Government | Wyandotte County-Kansas City Unified Government | Wyandotte County-Kansas City Unified Government | Wyandotte County-Kansas City Unified Government |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Legends Village West Project | Legends Village West Project | Legends Village West Project | Legends Village West Project |
| Series 2006 | Series 2006 | Series 2006 | Series 2006 |
| 10/01/2028 | &nbsp;&nbsp; 4.875% | 1635000 | &nbsp;&nbsp; 1611555 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3351555** |
| **Kentucky 0.6%** | **Kentucky 0.6%** | **Kentucky 0.6%** | **Kentucky 0.6%** |
| City of Henderson<sup>(d),(f)</sup>  | City of Henderson<sup>(d),(f)</sup>  | City of Henderson<sup>(d),(f)</sup>  | City of Henderson<sup>(d),(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Pratt Paper LLC Project | Pratt Paper LLC Project | Pratt Paper LLC Project | Pratt Paper LLC Project |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 01/01/2052 | &nbsp;&nbsp; 4.700% | 3000000 | &nbsp;&nbsp; 2666914 |
| **Louisiana 1.5%** | **Louisiana 1.5%** | **Louisiana 1.5%** | **Louisiana 1.5%** |
| Louisiana Public Facilities Authority | Louisiana Public Facilities Authority | Louisiana Public Facilities Authority | Louisiana Public Facilities Authority |
| Prerefunded 05/15/26 Revenue Bonds | Prerefunded 05/15/26 Revenue Bonds | Prerefunded 05/15/26 Revenue Bonds | Prerefunded 05/15/26 Revenue Bonds |
| Ochsner Clinic Foundation Project | Ochsner Clinic Foundation Project | Ochsner Clinic Foundation Project | Ochsner Clinic Foundation Project |
| Series 2016 | Series 2016 | Series 2016 | Series 2016 |
| 05/15/2034 | &nbsp;&nbsp; 5.000% | 25000 | &nbsp;&nbsp; 25440 |
| Louisiana Public Facilities Authority<sup>(d)</sup>  | Louisiana Public Facilities Authority<sup>(d)</sup>  | Louisiana Public Facilities Authority<sup>(d)</sup>  | Louisiana Public Facilities Authority<sup>(d)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Lake Charles Charter Academy | Lake Charles Charter Academy | Lake Charles Charter Academy | Lake Charles Charter Academy |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/15/2043 | &nbsp;&nbsp; 5.000% | 1500000 | &nbsp;&nbsp; 1400133 |
| Louisiana Public Facilities Authority<sup>(f)</sup>  | Louisiana Public Facilities Authority<sup>(f)</sup>  | Louisiana Public Facilities Authority<sup>(f)</sup>  | Louisiana Public Facilities Authority<sup>(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Impala Warehousing LLC Project | Impala Warehousing LLC Project | Impala Warehousing LLC Project | Impala Warehousing LLC Project |
| Series 2013 | Series 2013 | Series 2013 | Series 2013 |
| 07/01/2036 | &nbsp;&nbsp; 6.500% | 1420000 | &nbsp;&nbsp; 1420226 |
| Parish of St. James<sup>(d)</sup>  | Parish of St. James<sup>(d)</sup>  | Parish of St. James<sup>(d)</sup>  | Parish of St. James<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| NuStar Logistics LP Project | NuStar Logistics LP Project | NuStar Logistics LP Project | NuStar Logistics LP Project |
| Series 2020-2 | Series 2020-2 | Series 2020-2 | Series 2020-2 |
| 07/01/2040 | &nbsp;&nbsp; 6.350% | 3750000 | &nbsp;&nbsp; 4018601 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6864400** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Maryland 0.5%** | **Maryland 0.5%** | **Maryland 0.5%** | **Maryland 0.5%** |
| Maryland Economic Development Corp. | Maryland Economic Development Corp. | Maryland Economic Development Corp. | Maryland Economic Development Corp. |
| Tax Allocation Bonds | Tax Allocation Bonds | Tax Allocation Bonds | Tax Allocation Bonds |
| Port Covington Project | Port Covington Project | Port Covington Project | Port Covington Project |
| Series 2020 | Series 2020 | Series 2020 | Series 2020 |
| 09/01/2050 | &nbsp;&nbsp; 4.000% | 2700000 | &nbsp;&nbsp; 2166618 |
| **Massachusetts 1.4%** | **Massachusetts 1.4%** | **Massachusetts 1.4%** | **Massachusetts 1.4%** |
| Massachusetts Development Finance Agency<sup>(d)</sup>  | Massachusetts Development Finance Agency<sup>(d)</sup>  | Massachusetts Development Finance Agency<sup>(d)</sup>  | Massachusetts Development Finance Agency<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| GingerCare Living | GingerCare Living | GingerCare Living | GingerCare Living |
| Series 2024A | Series 2024A | Series 2024A | Series 2024A |
| 12/01/2060 | &nbsp;&nbsp; 5.875% | 1000000 | &nbsp;&nbsp; 912185 |
| Linden Ponds, Inc. Facility | Linden Ponds, Inc. Facility | Linden Ponds, Inc. Facility | Linden Ponds, Inc. Facility |
| Series 2018 | Series 2018 | Series 2018 | Series 2018 |
| 11/15/2046 | &nbsp;&nbsp; 5.125% | 2000000 | &nbsp;&nbsp; 2010932 |
| Merrimack College Student Housing Project | Merrimack College Student Housing Project | Merrimack College Student Housing Project | Merrimack College Student Housing Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 07/01/2054 | &nbsp;&nbsp; 5.000% | 1200000 | &nbsp;&nbsp; 1100045 |
| 07/01/2060 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 902266 |
| Massachusetts Educational Financing Authority<sup>(f)</sup>  | Massachusetts Educational Financing Authority<sup>(f)</sup>  | Massachusetts Educational Financing Authority<sup>(f)</sup>  | Massachusetts Educational Financing Authority<sup>(f)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Issue K | Issue K | Issue K | Issue K |
| Subordinated Series 2017B | Subordinated Series 2017B | Subordinated Series 2017B | Subordinated Series 2017B |
| 07/01/2046 | &nbsp;&nbsp; 4.250% | 1445000 | &nbsp;&nbsp; 1243826 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6169254** |
| **Minnesota 1.1%** | **Minnesota 1.1%** | **Minnesota 1.1%** | **Minnesota 1.1%** |
| City of Crookston | City of Crookston | City of Crookston | City of Crookston |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Riverview Health Project | Riverview Health Project | Riverview Health Project | Riverview Health Project |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 05/01/2044 | &nbsp;&nbsp; 5.000% | 500000 | &nbsp;&nbsp; 284078 |
| 05/01/2051 | &nbsp;&nbsp; 5.000% | 1500000 | &nbsp;&nbsp; 793788 |
| City of Deephaven<sup>(d)</sup>  | City of Deephaven<sup>(d)</sup>  | City of Deephaven<sup>(d)</sup>  | City of Deephaven<sup>(d)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Seven Hills Preparatory Academy Project | Seven Hills Preparatory Academy Project | Seven Hills Preparatory Academy Project | Seven Hills Preparatory Academy Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 06/15/2061 | &nbsp;&nbsp; 6.125% | 1500000 | &nbsp;&nbsp; 1356342 |
| City of Minneapolis | City of Minneapolis | City of Minneapolis | City of Minneapolis |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Hennepin Schools Project | Hennepin Schools Project | Hennepin Schools Project | Hennepin Schools Project |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 07/01/2051 | &nbsp;&nbsp; 4.000% | 1550000 | &nbsp;&nbsp; 1037669 |
| St. Cloud Housing & Redevelopment Authority<sup>(h)</sup>  | St. Cloud Housing & Redevelopment Authority<sup>(h)</sup>  | St. Cloud Housing & Redevelopment Authority<sup>(h)</sup>  | St. Cloud Housing & Redevelopment Authority<sup>(h)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Sanctuary St. Cloud Project | Sanctuary St. Cloud Project | Sanctuary St. Cloud Project | Sanctuary St. Cloud Project |
| Series 2016A | Series 2016A | Series 2016A | Series 2016A |
| 08/01/2036 | &nbsp;&nbsp; 3.806% | 2230000 | &nbsp;&nbsp; 1689111 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5160988** |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Missouri 1.4%** | **Missouri 1.4%** | **Missouri 1.4%** | **Missouri 1.4%** |
| Kansas City Industrial Development Authority<sup>(d)</sup>  | Kansas City Industrial Development Authority<sup>(d)</sup>  | Kansas City Industrial Development Authority<sup>(d)</sup>  | Kansas City Industrial Development Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Historic Northeast Redevelopment Plan | Historic Northeast Redevelopment Plan | Historic Northeast Redevelopment Plan | Historic Northeast Redevelopment Plan |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 06/01/2054 | &nbsp;&nbsp; 5.000% | 1250000 | &nbsp;&nbsp; 1116499 |
| Platte Purchase Project | Platte Purchase Project | Platte Purchase Project | Platte Purchase Project |
| Series 2019A | Series 2019A | Series 2019A | Series 2019A |
| 07/01/2040 | &nbsp;&nbsp; 5.000% | 1500000 | &nbsp;&nbsp; 1312259 |
| Kirkwood Industrial Development Authority | Kirkwood Industrial Development Authority | Kirkwood Industrial Development Authority | Kirkwood Industrial Development Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Aberdeen Heights Project | Aberdeen Heights Project | Aberdeen Heights Project | Aberdeen Heights Project |
| Series 2017 | Series 2017 | Series 2017 | Series 2017 |
| 05/15/2050 | &nbsp;&nbsp; 5.250% | 1500000 | &nbsp;&nbsp; 1243055 |
| St. Louis County Industrial Development Authority | St. Louis County Industrial Development Authority | St. Louis County Industrial Development Authority | St. Louis County Industrial Development Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| St. Andrews Residence for Seniors | St. Andrews Residence for Seniors | St. Andrews Residence for Seniors | St. Andrews Residence for Seniors |
| Series 2015 | Series 2015 | Series 2015 | Series 2015 |
| 12/01/2045 | &nbsp;&nbsp; 5.125% | 3000000 | &nbsp;&nbsp; 2637645 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6309458** |
| **Nevada 0.8%** | **Nevada 0.8%** | **Nevada 0.8%** | **Nevada 0.8%** |
| State of Nevada Department of Business & Industry<sup>(d)</sup>  | State of Nevada Department of Business & Industry<sup>(d)</sup>  | State of Nevada Department of Business & Industry<sup>(d)</sup>  | State of Nevada Department of Business & Industry<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Somerset Academy | Somerset Academy | Somerset Academy | Somerset Academy |
| Series 2015A | Series 2015A | Series 2015A | Series 2015A |
| 12/15/2045 | &nbsp;&nbsp; 5.125% | 2515000 | &nbsp;&nbsp; 2377534 |
| Series 2018A | Series 2018A | Series 2018A | Series 2018A |
| 12/15/2048 | &nbsp;&nbsp; 5.000% | 1500000 | &nbsp;&nbsp; 1360392 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3737926** |
| **New Hampshire 3.9%** | **New Hampshire 3.9%** | **New Hampshire 3.9%** | **New Hampshire 3.9%** |
| New Hampshire Business Finance Authority<sup>(c),(d)</sup>  | New Hampshire Business Finance Authority<sup>(c),(d)</sup>  | New Hampshire Business Finance Authority<sup>(c),(d)</sup>  | New Hampshire Business Finance Authority<sup>(c),(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Chambers Creek Project (The) | Chambers Creek Project (The) | Chambers Creek Project (The) | Chambers Creek Project (The) |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/15/2032 | &nbsp;&nbsp; 0.000% | 1500000 | &nbsp;&nbsp; 918922 |
| River Ranch Project | River Ranch Project | River Ranch Project | River Ranch Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/01/2031 | &nbsp;&nbsp; 0.000% | 2500000 | &nbsp;&nbsp; 1667746 |
| New Hampshire Business Finance Authority<sup>(d)</sup>  | New Hampshire Business Finance Authority<sup>(d)</sup>  | New Hampshire Business Finance Authority<sup>(d)</sup>  | New Hampshire Business Finance Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Grand Prairie Project | Grand Prairie Project | Grand Prairie Project | Grand Prairie Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/15/2032 | &nbsp;&nbsp; 5.875% | 1500000 | &nbsp;&nbsp; 1460872 |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/15/2035 | &nbsp;&nbsp; 5.375% | 900000 | &nbsp;&nbsp; 894825 |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/15/2033 | &nbsp;&nbsp; 5.875% | 1000000 | &nbsp;&nbsp; 1001572 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Silverado Project | Silverado Project | Silverado Project | Silverado Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/01/2028 | &nbsp;&nbsp; 5.000% | 2000000 | &nbsp;&nbsp; 1991321 |
| Tamarron Project | Tamarron Project | Tamarron Project | Tamarron Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/01/2035 | &nbsp;&nbsp; 5.250% | 1600000 | &nbsp;&nbsp; 1588253 |
| The Vista Project | The Vista Project | The Vista Project | The Vista Project |
| Series 2019A | Series 2019A | Series 2019A | Series 2019A |
| 07/01/2054 | &nbsp;&nbsp; 5.750% | 3750000 | &nbsp;&nbsp; 3590713 |
| Valencia Project | Valencia Project | Valencia Project | Valencia Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/01/2032 | &nbsp;&nbsp; 5.300% | 2000000 | &nbsp;&nbsp; 1989791 |
| New Hampshire Business Finance Authority | New Hampshire Business Finance Authority | New Hampshire Business Finance Authority | New Hampshire Business Finance Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Highlands Project (The) | Highlands Project (The) | Highlands Project (The) | Highlands Project (The) |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/15/2030 | &nbsp;&nbsp; 5.125% | 2800000 | &nbsp;&nbsp; 2792722 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **17896737** |
| **New Jersey 2.2%** | **New Jersey 2.2%** | **New Jersey 2.2%** | **New Jersey 2.2%** |
| Camden County Improvement Authority (The) | Camden County Improvement Authority (The) | Camden County Improvement Authority (The) | Camden County Improvement Authority (The) |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Social Bonds - Cooper Norcross Academy | Social Bonds - Cooper Norcross Academy | Social Bonds - Cooper Norcross Academy | Social Bonds - Cooper Norcross Academy |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 06/15/2062 | &nbsp;&nbsp; 6.000% | 1000000 | &nbsp;&nbsp; 1024972 |
| City of Newark Mass Transit Access Tax | City of Newark Mass Transit Access Tax | City of Newark Mass Transit Access Tax | City of Newark Mass Transit Access Tax |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Mulberry Pedestrian Bridge Redevelopment Project | Mulberry Pedestrian Bridge Redevelopment Project | Mulberry Pedestrian Bridge Redevelopment Project | Mulberry Pedestrian Bridge Redevelopment Project |
| Series 2022 (AGM) | Series 2022 (AGM) | Series 2022 (AGM) | Series 2022 (AGM) |
| 11/15/2062 | &nbsp;&nbsp; 6.000% | 1000000 | &nbsp;&nbsp; 1094563 |
| Middlesex County Improvement Authority<sup>(e)</sup>  | Middlesex County Improvement Authority<sup>(e)</sup>  | Middlesex County Improvement Authority<sup>(e)</sup>  | Middlesex County Improvement Authority<sup>(e)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Heldrich Center Hotel | Heldrich Center Hotel | Heldrich Center Hotel | Heldrich Center Hotel |
| Series 2005C | Series 2005C | Series 2005C | Series 2005C |
| 01/01/2037 | &nbsp;&nbsp; 0.000% | 1250000 | &nbsp;&nbsp; 13 |
| New Jersey Economic Development Authority<sup>(d),(f)</sup>  | New Jersey Economic Development Authority<sup>(d),(f)</sup>  | New Jersey Economic Development Authority<sup>(d),(f)</sup>  | New Jersey Economic Development Authority<sup>(d),(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Repauno Port & Rail Terminal Project | Repauno Port & Rail Terminal Project | Repauno Port & Rail Terminal Project | Repauno Port & Rail Terminal Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 01/01/2035 | &nbsp;&nbsp; 6.375% | 2000000 | &nbsp;&nbsp; 2023920 |
| 01/01/2045 | &nbsp;&nbsp; 6.625% | 2000000 | &nbsp;&nbsp; 2027186 |
| New Jersey Economic Development Authority<sup>(f)</sup>  | New Jersey Economic Development Authority<sup>(f)</sup>  | New Jersey Economic Development Authority<sup>(f)</sup>  | New Jersey Economic Development Authority<sup>(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| UMM Energy Partners LLC | UMM Energy Partners LLC | UMM Energy Partners LLC | UMM Energy Partners LLC |
| Series 2012A | Series 2012A | Series 2012A | Series 2012A |
| 06/15/2043 | &nbsp;&nbsp; 5.125% | 2000000 | &nbsp;&nbsp; 1893284 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Passaic County Improvement Authority (The) | Passaic County Improvement Authority (The) | Passaic County Improvement Authority (The) | Passaic County Improvement Authority (The) |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Paterson Arts and Science Charter School Project | Paterson Arts and Science Charter School Project | Paterson Arts and Science Charter School Project | Paterson Arts and Science Charter School Project |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 07/01/2053 | &nbsp;&nbsp; 5.375% | 1000000 | &nbsp;&nbsp; 1002393 |
| 07/01/2058 | &nbsp;&nbsp; 5.500% | 1000000 | &nbsp;&nbsp; 1006593 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10072924** |
| **New York 4.3%** | **New York 4.3%** | **New York 4.3%** | **New York 4.3%** |
| Build NYC Resource Corp. | Build NYC Resource Corp. | Build NYC Resource Corp. | Build NYC Resource Corp. |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| International Leadership Charter School | International Leadership Charter School | International Leadership Charter School | International Leadership Charter School |
| Series 2013 | Series 2013 | Series 2013 | Series 2013 |
| 07/01/2043 | &nbsp;&nbsp; 6.000% | 4330000 | &nbsp;&nbsp; 4329489 |
| Build NYC Resource Corp.<sup>(d)</sup>  | Build NYC Resource Corp.<sup>(d)</sup>  | Build NYC Resource Corp.<sup>(d)</sup>  | Build NYC Resource Corp.<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| International Leadership Charter School | International Leadership Charter School | International Leadership Charter School | International Leadership Charter School |
| Series 2016 | Series 2016 | Series 2016 | Series 2016 |
| 07/01/2046 | &nbsp;&nbsp; 6.250% | 605000 | &nbsp;&nbsp; 605250 |
| Social Bonds - East Harlem Scholars Academy Charter School Project | Social Bonds - East Harlem Scholars Academy Charter School Project | Social Bonds - East Harlem Scholars Academy Charter School Project | Social Bonds - East Harlem Scholars Academy Charter School Project |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 06/01/2062 | &nbsp;&nbsp; 5.750% | 500000 | &nbsp;&nbsp; 476962 |
| Huntington Local Development Corp. | Huntington Local Development Corp. | Huntington Local Development Corp. | Huntington Local Development Corp. |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Fountaingate Garden Project | Fountaingate Garden Project | Fountaingate Garden Project | Fountaingate Garden Project |
| Series 2021A | Series 2021A | Series 2021A | Series 2021A |
| 07/01/2056 | &nbsp;&nbsp; 5.250% | 1750000 | &nbsp;&nbsp; 1402351 |
| Nassau County Tobacco Settlement Corp.<sup>(c)</sup>  | Nassau County Tobacco Settlement Corp.<sup>(c)</sup>  | Nassau County Tobacco Settlement Corp.<sup>(c)</sup>  | Nassau County Tobacco Settlement Corp.<sup>(c)</sup>  |
| Asset-Backed Revenue Bonds | Asset-Backed Revenue Bonds | Asset-Backed Revenue Bonds | Asset-Backed Revenue Bonds |
| Capital Appreciation | Capital Appreciation | Capital Appreciation | Capital Appreciation |
| Third Series 2006D | Third Series 2006D | Third Series 2006D | Third Series 2006D |
| 06/01/2060 | &nbsp;&nbsp; 0.000% | 25000000 | &nbsp;&nbsp; 1448715 |
| New York Transportation Development Corp.<sup>(f)</sup>  | New York Transportation Development Corp.<sup>(f)</sup>  | New York Transportation Development Corp.<sup>(f)</sup>  | New York Transportation Development Corp.<sup>(f)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| John F. Kennedy International Airport Project | John F. Kennedy International Airport Project | John F. Kennedy International Airport Project | John F. Kennedy International Airport Project |
| Series 2020 | Series 2020 | Series 2020 | Series 2020 |
| 08/01/2036 | &nbsp;&nbsp; 5.375% | 1250000 | &nbsp;&nbsp; 1271575 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Delta Air Lines, Inc. LaGuardia | Delta Air Lines, Inc. LaGuardia | Delta Air Lines, Inc. LaGuardia | Delta Air Lines, Inc. LaGuardia |
| Series 2020 | Series 2020 | Series 2020 | Series 2020 |
| 10/01/2045 | &nbsp;&nbsp; 4.375% | 2500000 | &nbsp;&nbsp; 2214159 |
| John F. Kennedy International Airport New Terminal One Project | John F. Kennedy International Airport New Terminal One Project | John F. Kennedy International Airport New Terminal One Project | John F. Kennedy International Airport New Terminal One Project |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 06/30/2060 | &nbsp;&nbsp; 5.375% | 1300000 | &nbsp;&nbsp; 1292132 |
| LaGuardia Airport Terminal C&D | LaGuardia Airport Terminal C&D | LaGuardia Airport Terminal C&D | LaGuardia Airport Terminal C&D |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 04/01/2040 | &nbsp;&nbsp; 5.625% | 1000000 | &nbsp;&nbsp; 1025101 |
| Oneida Indian Nation of New York<sup>(d)</sup>  | Oneida Indian Nation of New York<sup>(d)</sup>  | Oneida Indian Nation of New York<sup>(d)</sup>  | Oneida Indian Nation of New York<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2024B | Series 2024B | Series 2024B | Series 2024B |
| 09/01/2043 | &nbsp;&nbsp; 6.000% | 700000 | &nbsp;&nbsp; 736846 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Suffolk Regional Off-Track Betting Co. | Suffolk Regional Off-Track Betting Co. | Suffolk Regional Off-Track Betting Co. | Suffolk Regional Off-Track Betting Co. |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/01/2053 | &nbsp;&nbsp; 6.000% | 1500000 | &nbsp;&nbsp; 1533141 |
| Westchester County Local Development Corp.<sup>(d)</sup>  | Westchester County Local Development Corp.<sup>(d)</sup>  | Westchester County Local Development Corp.<sup>(d)</sup>  | Westchester County Local Development Corp.<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Purchase Senior Learning Community | Purchase Senior Learning Community | Purchase Senior Learning Community | Purchase Senior Learning Community |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 07/01/2056 | &nbsp;&nbsp; 5.000% | 4000000 | &nbsp;&nbsp; 3468222 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **19803943** |
| **North Carolina 0.7%** | **North Carolina 0.7%** | **North Carolina 0.7%** | **North Carolina 0.7%** |
| North Carolina Medical Care Commission | North Carolina Medical Care Commission | North Carolina Medical Care Commission | North Carolina Medical Care Commission |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Lutheran Services for the Aging | Lutheran Services for the Aging | Lutheran Services for the Aging | Lutheran Services for the Aging |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 03/01/2051 | &nbsp;&nbsp; 4.000% | 1500000 | &nbsp;&nbsp; 1155106 |
| North Carolina Turnpike Authority<sup>(c)</sup>  | North Carolina Turnpike Authority<sup>(c)</sup>  | North Carolina Turnpike Authority<sup>(c)</sup>  | North Carolina Turnpike Authority<sup>(c)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Triangle Expressway System Appropriation | Triangle Expressway System Appropriation | Triangle Expressway System Appropriation | Triangle Expressway System Appropriation |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 01/01/2049 | &nbsp;&nbsp; 0.000% | 2500000 | &nbsp;&nbsp; 759770 |
| North Carolina Turnpike Authority | North Carolina Turnpike Authority | North Carolina Turnpike Authority | North Carolina Turnpike Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Triangle Expressway System Senior Lien Turnpike | Triangle Expressway System Senior Lien Turnpike | Triangle Expressway System Senior Lien Turnpike | Triangle Expressway System Senior Lien Turnpike |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 01/01/2055 | &nbsp;&nbsp; 4.000% | 1400000 | &nbsp;&nbsp; 1147019 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3061895** |
| **North Dakota 0.5%** | **North Dakota 0.5%** | **North Dakota 0.5%** | **North Dakota 0.5%** |
| City of Horace | City of Horace | City of Horace | City of Horace |
| Unlimited General Obligation Refunding Bonds | Unlimited General Obligation Refunding Bonds | Unlimited General Obligation Refunding Bonds | Unlimited General Obligation Refunding Bonds |
| Series 2024C | Series 2024C | Series 2024C | Series 2024C |
| 05/01/2050 | &nbsp;&nbsp; 5.000% | 1500000 | &nbsp;&nbsp; 1422821 |
| North Dakota Housing Finance Agency | North Dakota Housing Finance Agency | North Dakota Housing Finance Agency | North Dakota Housing Finance Agency |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2024C | Series 2024C | Series 2024C | Series 2024C |
| 07/01/2051 | &nbsp;&nbsp; 4.800% | 1000000 | &nbsp;&nbsp; 975699 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2398520** |
| **Ohio 3.8%** | **Ohio 3.8%** | **Ohio 3.8%** | **Ohio 3.8%** |
| Buckeye Tobacco Settlement Financing Authority | Buckeye Tobacco Settlement Financing Authority | Buckeye Tobacco Settlement Financing Authority | Buckeye Tobacco Settlement Financing Authority |
| Refunding Senior Revenue Bonds | Refunding Senior Revenue Bonds | Refunding Senior Revenue Bonds | Refunding Senior Revenue Bonds |
| Series 2020B-2 | Series 2020B-2 | Series 2020B-2 | Series 2020B-2 |
| 06/01/2055 | &nbsp;&nbsp; 5.000% | 9270000 | &nbsp;&nbsp; 8020813 |
| County of Marion | County of Marion | County of Marion | County of Marion |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| United Church Homes, Inc. | United Church Homes, Inc. | United Church Homes, Inc. | United Church Homes, Inc. |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 12/01/2039 | &nbsp;&nbsp; 5.000% | 500000 | &nbsp;&nbsp; 399881 |
| 12/01/2049 | &nbsp;&nbsp; 5.125% | 1875000 | &nbsp;&nbsp; 1376280 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Hickory Chase Community Authority<sup>(d)</sup>  | Hickory Chase Community Authority<sup>(d)</sup>  | Hickory Chase Community Authority<sup>(d)</sup>  | Hickory Chase Community Authority<sup>(d)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Hickory Chase Project | Hickory Chase Project | Hickory Chase Project | Hickory Chase Project |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 12/01/2040 | &nbsp;&nbsp; 5.000% | 1275000 | &nbsp;&nbsp; 1228486 |
| Ohio Air Quality Development Authority<sup>(f)</sup>  | Ohio Air Quality Development Authority<sup>(f)</sup>  | Ohio Air Quality Development Authority<sup>(f)</sup>  | Ohio Air Quality Development Authority<sup>(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Ohio Valley Electric Crop. | Ohio Valley Electric Crop. | Ohio Valley Electric Crop. | Ohio Valley Electric Crop. |
| Series 2019 (Mandatory Put 10/01/29) | Series 2019 (Mandatory Put 10/01/29) | Series 2019 (Mandatory Put 10/01/29) | Series 2019 (Mandatory Put 10/01/29) |
| 06/01/2041 | &nbsp;&nbsp; 2.600% | 500000 | &nbsp;&nbsp; 467769 |
| Ohio Housing Finance Agency | Ohio Housing Finance Agency | Ohio Housing Finance Agency | Ohio Housing Finance Agency |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 09/01/2054 | &nbsp;&nbsp; 4.700% | 4970000 | &nbsp;&nbsp; 4752824 |
| Summit County Development Finance Authority | Summit County Development Finance Authority | Summit County Development Finance Authority | Summit County Development Finance Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| University of Akron Parking Project | University of Akron Parking Project | University of Akron Parking Project | University of Akron Parking Project |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 12/01/2058 | &nbsp;&nbsp; 6.000% | 1000000 | &nbsp;&nbsp; 1043377 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **17289430** |
| **Oregon 0.3%** | **Oregon 0.3%** | **Oregon 0.3%** | **Oregon 0.3%** |
| Clackamas County Hospital Facility Authority | Clackamas County Hospital Facility Authority | Clackamas County Hospital Facility Authority | Clackamas County Hospital Facility Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Mary's Woods at Marylhurst, Inc. | Mary's Woods at Marylhurst, Inc. | Mary's Woods at Marylhurst, Inc. | Mary's Woods at Marylhurst, Inc. |
| Series 2018 | Series 2018 | Series 2018 | Series 2018 |
| 05/15/2052 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 848689 |
| State of Oregon Housing & Community Services Department | State of Oregon Housing & Community Services Department | State of Oregon Housing & Community Services Department | State of Oregon Housing & Community Services Department |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Single Family Mortgage Program | Single Family Mortgage Program | Single Family Mortgage Program | Single Family Mortgage Program |
| Series 2018C | Series 2018C | Series 2018C | Series 2018C |
| 07/01/2043 | &nbsp;&nbsp; 3.950% | 745000 | &nbsp;&nbsp; 649125 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1497814** |
| **Pennsylvania 1.9%** | **Pennsylvania 1.9%** | **Pennsylvania 1.9%** | **Pennsylvania 1.9%** |
| Allentown Neighborhood Improvement Zone Development Authority<sup>(d)</sup>  | Allentown Neighborhood Improvement Zone Development Authority<sup>(d)</sup>  | Allentown Neighborhood Improvement Zone Development Authority<sup>(d)</sup>  | Allentown Neighborhood Improvement Zone Development Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| City Center Project | City Center Project | City Center Project | City Center Project |
| Subordinated Series 2022 | Subordinated Series 2022 | Subordinated Series 2022 | Subordinated Series 2022 |
| 05/01/2042 | &nbsp;&nbsp; 5.250% | 2800000 | &nbsp;&nbsp; 2752577 |
| Franklin County Industrial Development Authority | Franklin County Industrial Development Authority | Franklin County Industrial Development Authority | Franklin County Industrial Development Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Menno-Haven, Inc. Project | Menno-Haven, Inc. Project | Menno-Haven, Inc. Project | Menno-Haven, Inc. Project |
| Series 2018 | Series 2018 | Series 2018 | Series 2018 |
| 12/01/2053 | &nbsp;&nbsp; 5.000% | 1900000 | &nbsp;&nbsp; 1573726 |
| Northampton County Industrial Development Authority | Northampton County Industrial Development Authority | Northampton County Industrial Development Authority | Northampton County Industrial Development Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Morningstar Senior Living, Inc. Project | Morningstar Senior Living, Inc. Project | Morningstar Senior Living, Inc. Project | Morningstar Senior Living, Inc. Project |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 11/01/2049 | &nbsp;&nbsp; 5.000% | 1600000 | &nbsp;&nbsp; 1352093 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Pennsylvania Economic Development Financing Authority<sup>(b)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(b)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(b)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(b)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| PPL Energy Supply LLC Project | PPL Energy Supply LLC Project | PPL Energy Supply LLC Project | PPL Energy Supply LLC Project |
| Series 2024 (Mandatory Put 06/01/27) | Series 2024 (Mandatory Put 06/01/27) | Series 2024 (Mandatory Put 06/01/27) | Series 2024 (Mandatory Put 06/01/27) |
| 12/01/2037 | &nbsp;&nbsp; 5.250% | 500000 | &nbsp;&nbsp; 500691 |
| Pennsylvania Economic Development Financing Authority<sup>(d),(e)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(d),(e)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(d),(e)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(d),(e)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Tapestry Moon Senior Housing Project | Tapestry Moon Senior Housing Project | Tapestry Moon Senior Housing Project | Tapestry Moon Senior Housing Project |
| Series 2018 | Series 2018 | Series 2018 | Series 2018 |
| 12/01/2053 | &nbsp;&nbsp; 0.000% | 2750000 | &nbsp;&nbsp; 825000 |
| Pennsylvania Economic Development Financing Authority<sup>(f)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(f)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(f)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| The PennDOT Major Bridges Package One Project | The PennDOT Major Bridges Package One Project | The PennDOT Major Bridges Package One Project | The PennDOT Major Bridges Package One Project |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 06/30/2061 | &nbsp;&nbsp; 6.000% | 1500000 | &nbsp;&nbsp; 1556870 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **8560957** |
| **Puerto Rico 6.6%** | **Puerto Rico 6.6%** | **Puerto Rico 6.6%** | **Puerto Rico 6.6%** |
| Commonwealth of Puerto Rico<sup>(c),(i)</sup>  | Commonwealth of Puerto Rico<sup>(c),(i)</sup>  | Commonwealth of Puerto Rico<sup>(c),(i)</sup>  | Commonwealth of Puerto Rico<sup>(c),(i)</sup>  |
| Revenue Notes | Revenue Notes | Revenue Notes | Revenue Notes |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 11/01/2051 | &nbsp;&nbsp; 0.000% | 2705866 | &nbsp;&nbsp; 1657343 |
| Subordinated Series 2022 | Subordinated Series 2022 | Subordinated Series 2022 | Subordinated Series 2022 |
| 11/01/2043 | &nbsp;&nbsp; 0.000% | 2083631 | &nbsp;&nbsp; 1250178 |
| Commonwealth of Puerto Rico<sup>(i)</sup>  | Commonwealth of Puerto Rico<sup>(i)</sup>  | Commonwealth of Puerto Rico<sup>(i)</sup>  | Commonwealth of Puerto Rico<sup>(i)</sup>  |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2021-A1 | Series 2021-A1 | Series 2021-A1 | Series 2021-A1 |
| 07/01/2037 | &nbsp;&nbsp; 4.000% | 388540 | &nbsp;&nbsp; 358739 |
| 07/01/2041 | &nbsp;&nbsp; 4.000% | 528266 | &nbsp;&nbsp; 452431 |
| 07/01/2046 | &nbsp;&nbsp; 4.000% | 389 | &nbsp;&nbsp; 319 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(d),(i)</sup>  | Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(d),(i)</sup>  | Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(d),(i)</sup>  | Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(d),(i)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Senior Lien | Senior Lien | Senior Lien | Senior Lien |
| Series 2020A | Series 2020A | Series 2020A | Series 2020A |
| 07/01/2047 | &nbsp;&nbsp; 5.000% | 6000000 | &nbsp;&nbsp; 5685275 |
| Series 2022A | Series 2022A | Series 2022A | Series 2022A |
| 07/01/2047 | &nbsp;&nbsp; 4.000% | 500000 | &nbsp;&nbsp; 405348 |
| Puerto Rico Electric Power Authority<sup>(e),(i)</sup>  | Puerto Rico Electric Power Authority<sup>(e),(i)</sup>  | Puerto Rico Electric Power Authority<sup>(e),(i)</sup>  | Puerto Rico Electric Power Authority<sup>(e),(i)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2007TT | Series 2007TT | Series 2007TT | Series 2007TT |
| 07/01/2037 | &nbsp;&nbsp; 0.000% | 2000000 | &nbsp;&nbsp; 1092500 |
| Series 2010XX | Series 2010XX | Series 2010XX | Series 2010XX |
| 07/01/2040 | &nbsp;&nbsp; 0.000% | 7870000 | &nbsp;&nbsp; 4298987 |
| Puerto Rico Sales Tax Financing Corp.<sup>(c),(i)</sup>  | Puerto Rico Sales Tax Financing Corp.<sup>(c),(i)</sup>  | Puerto Rico Sales Tax Financing Corp.<sup>(c),(i)</sup>  | Puerto Rico Sales Tax Financing Corp.<sup>(c),(i)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2018A-1 | Series 2018A-1 | Series 2018A-1 | Series 2018A-1 |
| 07/01/2046 | &nbsp;&nbsp; 0.000% | 9880000 | &nbsp;&nbsp; 3152354 |
| 07/01/2051 | &nbsp;&nbsp; 0.000% | 37620000 | &nbsp;&nbsp; 8826228 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Puerto Rico Sales Tax Financing Corp.<sup>(i)</sup>  | Puerto Rico Sales Tax Financing Corp.<sup>(i)</sup>  | Puerto Rico Sales Tax Financing Corp.<sup>(i)</sup>  | Puerto Rico Sales Tax Financing Corp.<sup>(i)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2019A1 | Series 2019A1 | Series 2019A1 | Series 2019A1 |
| 07/01/2058 | &nbsp;&nbsp; 5.000% | 3000000 | &nbsp;&nbsp; 2813843 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **29993545** |
| **South Carolina 1.6%** | **South Carolina 1.6%** | **South Carolina 1.6%** | **South Carolina 1.6%** |
| Patriots Energy Group Financing Agency | Patriots Energy Group Financing Agency | Patriots Energy Group Financing Agency | Patriots Energy Group Financing Agency |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Series 2023B-1 (Mandatory Put 03/01/31) | Series 2023B-1 (Mandatory Put 03/01/31) | Series 2023B-1 (Mandatory Put 03/01/31) | Series 2023B-1 (Mandatory Put 03/01/31) |
| 02/01/2054 | &nbsp;&nbsp; 5.250% | 1000000 | &nbsp;&nbsp; 1059103 |
| South Carolina Jobs-Economic Development Authority<sup>(d)</sup>  | South Carolina Jobs-Economic Development Authority<sup>(d)</sup>  | South Carolina Jobs-Economic Development Authority<sup>(d)</sup>  | South Carolina Jobs-Economic Development Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Greer Preparatory Academy Project | Greer Preparatory Academy Project | Greer Preparatory Academy Project | Greer Preparatory Academy Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 06/15/2059 | &nbsp;&nbsp; 6.500% | 1000000 | &nbsp;&nbsp; 954813 |
| South Carolina Jobs-Economic Development Authority | South Carolina Jobs-Economic Development Authority | South Carolina Jobs-Economic Development Authority | South Carolina Jobs-Economic Development Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Lutheran Homes of South Carolina, Inc. Obligation Group | Lutheran Homes of South Carolina, Inc. Obligation Group | Lutheran Homes of South Carolina, Inc. Obligation Group | Lutheran Homes of South Carolina, Inc. Obligation Group |
| Series 2013 | Series 2013 | Series 2013 | Series 2013 |
| 05/01/2043 | &nbsp;&nbsp; 5.000% | 750000 | &nbsp;&nbsp; 612958 |
| 05/01/2048 | &nbsp;&nbsp; 5.125% | 1500000 | &nbsp;&nbsp; 1201691 |
| South Carolina Public Service Authority | South Carolina Public Service Authority | South Carolina Public Service Authority | South Carolina Public Service Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Santee Cooper | Santee Cooper | Santee Cooper | Santee Cooper |
| Series 2022A | Series 2022A | Series 2022A | Series 2022A |
| 12/01/2047 | &nbsp;&nbsp; 4.000% | 4000000 | &nbsp;&nbsp; 3460257 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7288822** |
| **Tennessee 0.3%** | **Tennessee 0.3%** | **Tennessee 0.3%** | **Tennessee 0.3%** |
| Shelby County Health Educational & Housing Facilities Board | Shelby County Health Educational & Housing Facilities Board | Shelby County Health Educational & Housing Facilities Board | Shelby County Health Educational & Housing Facilities Board |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| The Farms at Bailey Station Project | The Farms at Bailey Station Project | The Farms at Bailey Station Project | The Farms at Bailey Station Project |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 10/01/2059 | &nbsp;&nbsp; 5.750% | 2250000 | &nbsp;&nbsp; 1488875 |
| **Texas 7.3%** | **Texas 7.3%** | **Texas 7.3%** | **Texas 7.3%** |
| Angelina & Neches River Authority<sup>(d),(e),(f)</sup>  | Angelina & Neches River Authority<sup>(d),(e),(f)</sup>  | Angelina & Neches River Authority<sup>(d),(e),(f)</sup>  | Angelina & Neches River Authority<sup>(d),(e),(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Jefferson Enterprise Energy LLC Project | Jefferson Enterprise Energy LLC Project | Jefferson Enterprise Energy LLC Project | Jefferson Enterprise Energy LLC Project |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 12/01/2045 | &nbsp;&nbsp; 0.000% | 2250000 | &nbsp;&nbsp; 745776 |
| Arlington Higher Education Finance Corp. | Arlington Higher Education Finance Corp. | Arlington Higher Education Finance Corp. | Arlington Higher Education Finance Corp. |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Legacy Traditional Schools | Legacy Traditional Schools | Legacy Traditional Schools | Legacy Traditional Schools |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 02/15/2056 | &nbsp;&nbsp; 4.500% | 2330000 | &nbsp;&nbsp; 1664981 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Brooks Academies of Texas | Brooks Academies of Texas | Brooks Academies of Texas | Brooks Academies of Texas |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 01/15/2051 | &nbsp;&nbsp; 5.000% | 1400000 | &nbsp;&nbsp; 1178441 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Arlington Higher Education Finance Corp.<sup>(d)</sup>  | Arlington Higher Education Finance Corp.<sup>(d)</sup>  | Arlington Higher Education Finance Corp.<sup>(d)</sup>  | Arlington Higher Education Finance Corp.<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Basis Texas Charter Schools, Inc. | Basis Texas Charter Schools, Inc. | Basis Texas Charter Schools, Inc. | Basis Texas Charter Schools, Inc. |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 06/15/2059 | &nbsp;&nbsp; 4.875% | 1000000 | &nbsp;&nbsp; 886989 |
| 06/15/2064 | &nbsp;&nbsp; 5.000% | 1200000 | &nbsp;&nbsp; 1073508 |
| Magellan International School | Magellan International School | Magellan International School | Magellan International School |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 06/01/2062 | &nbsp;&nbsp; 6.375% | 1750000 | &nbsp;&nbsp; 1753628 |
| Beaumont Housing Authority<sup>(d),(j)</sup>  | Beaumont Housing Authority<sup>(d),(j)</sup>  | Beaumont Housing Authority<sup>(d),(j)</sup>  | Beaumont Housing Authority<sup>(d),(j)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Cypress Bend and Cypress Bend Village | Cypress Bend and Cypress Bend Village | Cypress Bend and Cypress Bend Village | Cypress Bend and Cypress Bend Village |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 07/01/2055 | &nbsp;&nbsp; 6.500% | 1000000 | &nbsp;&nbsp; 965887 |
| City of Houston | City of Houston | City of Houston | City of Houston |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
| Series 2024B | Series 2024B | Series 2024B | Series 2024B |
| 07/15/2039 | &nbsp;&nbsp; 5.500% | 4000000 | &nbsp;&nbsp; 4094737 |
| City of Houston Airport System<sup>(f)</sup>  | City of Houston Airport System<sup>(f)</sup>  | City of Houston Airport System<sup>(f)</sup>  | City of Houston Airport System<sup>(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| United Airlines, Inc. Terminal E Project | United Airlines, Inc. Terminal E Project | United Airlines, Inc. Terminal E Project | United Airlines, Inc. Terminal E Project |
| Series 2021A | Series 2021A | Series 2021A | Series 2021A |
| 07/01/2041 | &nbsp;&nbsp; 4.000% | 1000000 | &nbsp;&nbsp; 866328 |
| United Airlines, Inc. Terminal Improvement Projects | United Airlines, Inc. Terminal Improvement Projects | United Airlines, Inc. Terminal Improvement Projects | United Airlines, Inc. Terminal Improvement Projects |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 07/15/2041 | &nbsp;&nbsp; 4.000% | 1850000 | &nbsp;&nbsp; 1602302 |
| Clifton Higher Education Finance Corp. | Clifton Higher Education Finance Corp. | Clifton Higher Education Finance Corp. | Clifton Higher Education Finance Corp. |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| International Leadership of Texas | International Leadership of Texas | International Leadership of Texas | International Leadership of Texas |
| Series 2015 | Series 2015 | Series 2015 | Series 2015 |
| 08/15/2045 | &nbsp;&nbsp; 5.750% | 3500000 | &nbsp;&nbsp; 3492750 |
| Clifton Higher Education Finance Corp.<sup>(d)</sup>  | Clifton Higher Education Finance Corp.<sup>(d)</sup>  | Clifton Higher Education Finance Corp.<sup>(d)</sup>  | Clifton Higher Education Finance Corp.<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Valor Education | Valor Education | Valor Education | Valor Education |
| Series 2024A | Series 2024A | Series 2024A | Series 2024A |
| 06/15/2044 | &nbsp;&nbsp; 5.750% | 750000 | &nbsp;&nbsp; 707483 |
| 06/15/2054 | &nbsp;&nbsp; 6.000% | 1000000 | &nbsp;&nbsp; 926119 |
| Mission Economic Development Corp.<sup>(b)</sup>  | Mission Economic Development Corp.<sup>(b)</sup>  | Mission Economic Development Corp.<sup>(b)</sup>  | Mission Economic Development Corp.<sup>(b)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Graphic Packaging International LLC Project | Graphic Packaging International LLC Project | Graphic Packaging International LLC Project | Graphic Packaging International LLC Project |
| Series 2025 (Mandatory Put 06/01/30) | Series 2025 (Mandatory Put 06/01/30) | Series 2025 (Mandatory Put 06/01/30) | Series 2025 (Mandatory Put 06/01/30) |
| 12/01/2064 | &nbsp;&nbsp; 5.000% | 2000000 | &nbsp;&nbsp; 2042565 |
| New Hope Cultural Education Facilities Finance Corp. | New Hope Cultural Education Facilities Finance Corp. | New Hope Cultural Education Facilities Finance Corp. | New Hope Cultural Education Facilities Finance Corp. |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Bridgemoor Plano Project | Bridgemoor Plano Project | Bridgemoor Plano Project | Bridgemoor Plano Project |
| Senior Series 2023A-1 | Senior Series 2023A-1 | Senior Series 2023A-1 | Senior Series 2023A-1 |
| 12/31/2030 | &nbsp;&nbsp; 7.250% | 3500000 | &nbsp;&nbsp; 3391630 |
| NCCD-College Station Properties LLC | NCCD-College Station Properties LLC | NCCD-College Station Properties LLC | NCCD-College Station Properties LLC |
| Series 2015 | Series 2015 | Series 2015 | Series 2015 |
| 07/01/2035 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 978446 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Series 2015A | Series 2015A | Series 2015A | Series 2015A |
| 07/01/2047 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 947792 |
| New Hope Cultural Education Facilities Finance Corp.<sup>(c)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(c)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(c)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(c)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Bridgemoor Plano Project | Bridgemoor Plano Project | Bridgemoor Plano Project | Bridgemoor Plano Project |
| Senior Series 2023A-2 | Senior Series 2023A-2 | Senior Series 2023A-2 | Senior Series 2023A-2 |
| 12/31/2030 | &nbsp;&nbsp; 0.000% | 621177 | &nbsp;&nbsp; 397705 |
| New Hope Cultural Education Facilities Finance Corp.<sup>(e)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(e)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(e)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(e)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project |
| Series 2016 | Series 2016 | Series 2016 | Series 2016 |
| 07/01/2046 | &nbsp;&nbsp; 0.000% | 1630000 | &nbsp;&nbsp; 1299925 |
| Series 2016A-1 | Series 2016A-1 | Series 2016A-1 | Series 2016A-1 |
| 07/01/2046 | &nbsp;&nbsp; 0.000% | 950000 | &nbsp;&nbsp; 857375 |
| New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Cumberland Academy Project | Cumberland Academy Project | Cumberland Academy Project | Cumberland Academy Project |
| Series 2020A | Series 2020A | Series 2020A | Series 2020A |
| 08/15/2050 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 837017 |
| Pottsboro Higher Education Finance Corp. | Pottsboro Higher Education Finance Corp. | Pottsboro Higher Education Finance Corp. | Pottsboro Higher Education Finance Corp. |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2016A | Series 2016A | Series 2016A | Series 2016A |
| 08/15/2046 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 898743 |
| Tarrant County Cultural Education Facilities Finance Corp.<sup>(e)</sup>  | Tarrant County Cultural Education Facilities Finance Corp.<sup>(e)</sup>  | Tarrant County Cultural Education Facilities Finance Corp.<sup>(e)</sup>  | Tarrant County Cultural Education Facilities Finance Corp.<sup>(e)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| CC Young Memorial Home | CC Young Memorial Home | CC Young Memorial Home | CC Young Memorial Home |
| Series 2009A | Series 2009A | Series 2009A | Series 2009A |
| 02/15/2038 | &nbsp;&nbsp; 0.000% | 3000000 | &nbsp;&nbsp; 1950000 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **33560127** |
| **Utah 1.3%** | **Utah 1.3%** | **Utah 1.3%** | **Utah 1.3%** |
| UIPA Crossroads Public Infrastructure District<sup>(d)</sup>  | UIPA Crossroads Public Infrastructure District<sup>(d)</sup>  | UIPA Crossroads Public Infrastructure District<sup>(d)</sup>  | UIPA Crossroads Public Infrastructure District<sup>(d)</sup>  |
| Tax Allocation Bonds | Tax Allocation Bonds | Tax Allocation Bonds | Tax Allocation Bonds |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 06/01/2052 | &nbsp;&nbsp; 4.375% | 2000000 | &nbsp;&nbsp; 1710773 |
| Utah Charter School Finance Authority<sup>(d)</sup>  | Utah Charter School Finance Authority<sup>(d)</sup>  | Utah Charter School Finance Authority<sup>(d)</sup>  | Utah Charter School Finance Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Ascent Academies Charter Schools | Ascent Academies Charter Schools | Ascent Academies Charter Schools | Ascent Academies Charter Schools |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 06/15/2057 | &nbsp;&nbsp; 5.000% | 2000000 | &nbsp;&nbsp; 1628939 |
| Wakara Ridge Public Infrastructure District<sup>(d)</sup>  | Wakara Ridge Public Infrastructure District<sup>(d)</sup>  | Wakara Ridge Public Infrastructure District<sup>(d)</sup>  | Wakara Ridge Public Infrastructure District<sup>(d)</sup>  |
| Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds |
| Wakara Ridge Assessment Area | Wakara Ridge Assessment Area | Wakara Ridge Assessment Area | Wakara Ridge Assessment Area |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/01/2054 | &nbsp;&nbsp; 5.625% | 2500000 | &nbsp;&nbsp; 2481204 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5820916** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Virginia 2.8%** | **Virginia 2.8%** | **Virginia 2.8%** | **Virginia 2.8%** |
| City of Chesapeake Expressway Toll Road<sup>(h)</sup>  | City of Chesapeake Expressway Toll Road<sup>(h)</sup>  | City of Chesapeake Expressway Toll Road<sup>(h)</sup>  | City of Chesapeake Expressway Toll Road<sup>(h)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Transportation System | Transportation System | Transportation System | Transportation System |
| Series 2012 | Series 2012 | Series 2012 | Series 2012 |
| 07/15/2040 | &nbsp;&nbsp; 4.875% | 7530000 | &nbsp;&nbsp; 7512796 |
| Hanover County Economic Development Authority | Hanover County Economic Development Authority | Hanover County Economic Development Authority | Hanover County Economic Development Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Covenant Woods | Covenant Woods | Covenant Woods | Covenant Woods |
| Series 2018 | Series 2018 | Series 2018 | Series 2018 |
| 07/01/2048 | &nbsp;&nbsp; 5.000% | 735000 | &nbsp;&nbsp; 667428 |
| 07/01/2051 | &nbsp;&nbsp; 5.000% | 1200000 | &nbsp;&nbsp; 1066397 |
| James City County Economic Development Authority | James City County Economic Development Authority | James City County Economic Development Authority | James City County Economic Development Authority |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Williamsburg Landing | Williamsburg Landing | Williamsburg Landing | Williamsburg Landing |
| Series 2024A | Series 2024A | Series 2024A | Series 2024A |
| 12/01/2058 | &nbsp;&nbsp; 6.875% | 1500000 | &nbsp;&nbsp; 1587153 |
| Virginia Small Business Financing Authority | Virginia Small Business Financing Authority | Virginia Small Business Financing Authority | Virginia Small Business Financing Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| LifeSpire of Virginia | LifeSpire of Virginia | LifeSpire of Virginia | LifeSpire of Virginia |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/01/2054 | &nbsp;&nbsp; 5.500% | 2000000 | &nbsp;&nbsp; 2015270 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12849044** |
| **Washington 3.0%** | **Washington 3.0%** | **Washington 3.0%** | **Washington 3.0%** |
| King County Housing Authority | King County Housing Authority | King County Housing Authority | King County Housing Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Series 2018 | Series 2018 | Series 2018 | Series 2018 |
| 05/01/2038 | &nbsp;&nbsp; 3.750% | 3295000 | &nbsp;&nbsp; 3007677 |
| King County Public Hospital District No. 4 | King County Public Hospital District No. 4 | King County Public Hospital District No. 4 | King County Public Hospital District No. 4 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2015A | Series 2015A | Series 2015A | Series 2015A |
| 12/01/2035 | &nbsp;&nbsp; 6.000% | 1250000 | &nbsp;&nbsp; 1254783 |
| 12/01/2045 | &nbsp;&nbsp; 6.250% | 2500000 | &nbsp;&nbsp; 2463379 |
| Tacoma Consolidated Local Improvement Districts | Tacoma Consolidated Local Improvement Districts | Tacoma Consolidated Local Improvement Districts | Tacoma Consolidated Local Improvement Districts |
| Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds | Special Assessment Bonds |
| No. 65 | No. 65 | No. 65 | No. 65 |
| Series 2013 | Series 2013 | Series 2013 | Series 2013 |
| 04/01/2043 | &nbsp;&nbsp; 5.750% | 955000 | &nbsp;&nbsp; 932303 |
| Washington State Housing Finance Commission<sup>(d)</sup>  | Washington State Housing Finance Commission<sup>(d)</sup>  | Washington State Housing Finance Commission<sup>(d)</sup>  | Washington State Housing Finance Commission<sup>(d)</sup>  |
| Prerefunded 07/01/25 Revenue Bonds | Prerefunded 07/01/25 Revenue Bonds | Prerefunded 07/01/25 Revenue Bonds | Prerefunded 07/01/25 Revenue Bonds |
| Heron's Key | Heron's Key | Heron's Key | Heron's Key |
| Series 2015A | Series 2015A | Series 2015A | Series 2015A |
| 07/01/2050 | &nbsp;&nbsp; 7.000% | 2000000 | &nbsp;&nbsp; 2005026 |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Seattle Academy of Arts and Sciences Project | Seattle Academy of Arts and Sciences Project | Seattle Academy of Arts and Sciences Project | Seattle Academy of Arts and Sciences Project |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 07/01/2053 | &nbsp;&nbsp; 6.125% | 375000 | &nbsp;&nbsp; 396427 |
| 07/01/2059 | &nbsp;&nbsp; 6.250% | 320000 | &nbsp;&nbsp; 339960 |
| 07/01/2063 | &nbsp;&nbsp; 6.375% | 275000 | &nbsp;&nbsp; 293831 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Parkshore Juanita Bay Project | Parkshore Juanita Bay Project | Parkshore Juanita Bay Project | Parkshore Juanita Bay Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 01/01/2053 | &nbsp;&nbsp; 5.750% | 1000000 | &nbsp;&nbsp; 935273 |
| 01/01/2059 | &nbsp;&nbsp; 5.875% | 1065000 | &nbsp;&nbsp; 1000293 |
| Transforming Age Projects | Transforming Age Projects | Transforming Age Projects | Transforming Age Projects |
| Series 2019A | Series 2019A | Series 2019A | Series 2019A |
| 01/01/2055 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 854007 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13482959** |
| **West Virginia 0.8%** | **West Virginia 0.8%** | **West Virginia 0.8%** | **West Virginia 0.8%** |
| West Virginia Economic Development Authority<sup>(b),(f)</sup>  | West Virginia Economic Development Authority<sup>(b),(f)</sup>  | West Virginia Economic Development Authority<sup>(b),(f)</sup>  | West Virginia Economic Development Authority<sup>(b),(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Commercial Metals Co. Project | Commercial Metals Co. Project | Commercial Metals Co. Project | Commercial Metals Co. Project |
| Series 2025 (Mandatory Put 05/15/32) | Series 2025 (Mandatory Put 05/15/32) | Series 2025 (Mandatory Put 05/15/32) | Series 2025 (Mandatory Put 05/15/32) |
| 04/15/2055 | &nbsp;&nbsp; 4.625% | 1000000 | &nbsp;&nbsp; 993932 |
| West Virginia Economic Development Authority<sup>(b),(d),(f)</sup>  | West Virginia Economic Development Authority<sup>(b),(d),(f)</sup>  | West Virginia Economic Development Authority<sup>(b),(d),(f)</sup>  | West Virginia Economic Development Authority<sup>(b),(d),(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Core Natural Resources, Inc. Project | Core Natural Resources, Inc. Project | Core Natural Resources, Inc. Project | Core Natural Resources, Inc. Project |
| Series 2025 (Mandatory Put 03/27/35) | Series 2025 (Mandatory Put 03/27/35) | Series 2025 (Mandatory Put 03/27/35) | Series 2025 (Mandatory Put 03/27/35) |
| 01/01/2055 | &nbsp;&nbsp; 5.450% | 2500000 | &nbsp;&nbsp; 2483902 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3477834** |
| **Wisconsin 9.9%** | **Wisconsin 9.9%** | **Wisconsin 9.9%** | **Wisconsin 9.9%** |
| Public Finance Authority<sup>(d)</sup>  | Public Finance Authority<sup>(d)</sup>  | Public Finance Authority<sup>(d)</sup>  | Public Finance Authority<sup>(d)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Astro Texas Land Projects | Astro Texas Land Projects | Astro Texas Land Projects | Astro Texas Land Projects |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/15/2036 | &nbsp;&nbsp; 5.000% | 1499326 | &nbsp;&nbsp; 1468815 |
| Mary's Woods at Marylhurst, Inc. | Mary's Woods at Marylhurst, Inc. | Mary's Woods at Marylhurst, Inc. | Mary's Woods at Marylhurst, Inc. |
| Series 2017 | Series 2017 | Series 2017 | Series 2017 |
| 05/15/2052 | &nbsp;&nbsp; 5.250% | 2300000 | &nbsp;&nbsp; 2040906 |
| Million Air Three LLC General Aviation Facilities Project | Million Air Three LLC General Aviation Facilities Project | Million Air Three LLC General Aviation Facilities Project | Million Air Three LLC General Aviation Facilities Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 09/01/2054 | &nbsp;&nbsp; 9.750% | 750000 | &nbsp;&nbsp; 791361 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Astro Texas Land Projects | Astro Texas Land Projects | Astro Texas Land Projects | Astro Texas Land Projects |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/15/2028 | &nbsp;&nbsp; 5.500% | 1000000 | &nbsp;&nbsp; 1000000 |
| Bonnie Cone Classical Academy | Bonnie Cone Classical Academy | Bonnie Cone Classical Academy | Bonnie Cone Classical Academy |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 06/15/2059 | &nbsp;&nbsp; 5.625% | 2000000 | &nbsp;&nbsp; 1775151 |
| Bridgewater Project | Bridgewater Project | Bridgewater Project | Bridgewater Project |
| RAN Series 2024 | RAN Series 2024 | RAN Series 2024 | RAN Series 2024 |
| 12/15/2030 | &nbsp;&nbsp; 5.625% | 1257322 | &nbsp;&nbsp; 1240961 |
| Candela Project | Candela Project | Candela Project | Candela Project |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 12/15/2029 | &nbsp;&nbsp; 6.125% | 1100000 | &nbsp;&nbsp; 1103815 |
| Mater Academy of Nevada - East Las Vegas Campus Project | Mater Academy of Nevada - East Las Vegas Campus Project | Mater Academy of Nevada - East Las Vegas Campus Project | Mater Academy of Nevada - East Las Vegas Campus Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/15/2054 | &nbsp;&nbsp; 5.000% | 2000000 | &nbsp;&nbsp; 1793535 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Mayfair Project | Mayfair Project | Mayfair Project | Mayfair Project |
| RAN Series 2024A-4 | RAN Series 2024A-4 | RAN Series 2024A-4 | RAN Series 2024A-4 |
| 11/15/2032 | &nbsp;&nbsp; 5.500% | 1500000 | &nbsp;&nbsp; 1473525 |
| Nolina & Sorella Projects | Nolina & Sorella Projects | Nolina & Sorella Projects | Nolina & Sorella Projects |
| RAN Series 2024 | RAN Series 2024 | RAN Series 2024 | RAN Series 2024 |
| 12/15/2032 | &nbsp;&nbsp; 5.500% | 1280399 | &nbsp;&nbsp; 1237289 |
| Promenade Apartments | Promenade Apartments | Promenade Apartments | Promenade Apartments |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 02/01/2039 | &nbsp;&nbsp; 6.250% | 1000000 | &nbsp;&nbsp; 1001134 |
| Signorelli Projects | Signorelli Projects | Signorelli Projects | Signorelli Projects |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/15/2032 | &nbsp;&nbsp; 5.375% | 2000000 | &nbsp;&nbsp; 1999791 |
| Wonderful Foundations Charter School Portfolio Projects | Wonderful Foundations Charter School Portfolio Projects | Wonderful Foundations Charter School Portfolio Projects | Wonderful Foundations Charter School Portfolio Projects |
| Series 2020 | Series 2020 | Series 2020 | Series 2020 |
| 01/01/2055 | &nbsp;&nbsp; 5.000% | 2500000 | &nbsp;&nbsp; 2146769 |
| Public Finance Authority | Public Finance Authority | Public Finance Authority | Public Finance Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Friends Homes | Friends Homes | Friends Homes | Friends Homes |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 09/01/2054 | &nbsp;&nbsp; 5.000% | 2665000 | &nbsp;&nbsp; 2331121 |
| WakeMed Hospital | WakeMed Hospital | WakeMed Hospital | WakeMed Hospital |
| Series 2019A | Series 2019A | Series 2019A | Series 2019A |
| 10/01/2049 | &nbsp;&nbsp; 4.000% | 4310000 | &nbsp;&nbsp; 3642170 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2023A | Series 2023A | Series 2023A | Series 2023A |
| 07/01/2062 | &nbsp;&nbsp; 5.750% | 2379341 | &nbsp;&nbsp; 2382320 |
| Public Finance Authority<sup>(d),(f)</sup>  | Public Finance Authority<sup>(d),(f)</sup>  | Public Finance Authority<sup>(d),(f)</sup>  | Public Finance Authority<sup>(d),(f)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Million Air Three LLC General Aviation Facilities Project | Million Air Three LLC General Aviation Facilities Project | Million Air Three LLC General Aviation Facilities Project | Million Air Three LLC General Aviation Facilities Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 09/01/2046 | &nbsp;&nbsp; 6.250% | 250000 | &nbsp;&nbsp; 253019 |
| Public Finance Authority<sup>(c),(d)</sup>  | Public Finance Authority<sup>(c),(d)</sup>  | Public Finance Authority<sup>(c),(d)</sup>  | Public Finance Authority<sup>(c),(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Lariat Project | Lariat Project | Lariat Project | Lariat Project |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 09/01/2029 | &nbsp;&nbsp; 0.000% | 1500000 | &nbsp;&nbsp; 1103316 |
| Texas Infrastructure Program | Texas Infrastructure Program | Texas Infrastructure Program | Texas Infrastructure Program |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/15/2032 | &nbsp;&nbsp; 0.000% | 1500000 | &nbsp;&nbsp; 934213 |
| Public Finance Authority<sup>(d),(k)</sup>  | Public Finance Authority<sup>(d),(k)</sup>  | Public Finance Authority<sup>(d),(k)</sup>  | Public Finance Authority<sup>(d),(k)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Subordinated Series 2023B | Subordinated Series 2023B | Subordinated Series 2023B | Subordinated Series 2023B |
| 07/01/2062 | &nbsp;&nbsp; 0.000% | 2000000 | &nbsp;&nbsp; 1455000 |
| Wisconsin Center District<sup>(c)</sup>  | Wisconsin Center District<sup>(c)</sup>  | Wisconsin Center District<sup>(c)</sup>  | Wisconsin Center District<sup>(c)</sup>  |
| Prerefunded 12/15/30 Revenue Bonds | Prerefunded 12/15/30 Revenue Bonds | Prerefunded 12/15/30 Revenue Bonds | Prerefunded 12/15/30 Revenue Bonds |
| Junior Dedicated | Junior Dedicated | Junior Dedicated | Junior Dedicated |
| Series 2020 (AGM) | Series 2020 (AGM) | Series 2020 (AGM) | Series 2020 (AGM) |
| 12/15/2060 | &nbsp;&nbsp; 0.000% | 3490000 | &nbsp;&nbsp; 875208 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Junior Dedicated | Junior Dedicated | Junior Dedicated | Junior Dedicated |
| Series 2020 (AGM) | Series 2020 (AGM) | Series 2020 (AGM) | Series 2020 (AGM) |
| 12/15/2060 | &nbsp;&nbsp; 0.000% | 14510000 | &nbsp;&nbsp; 2306064 |
| Wisconsin Health & Educational Facilities Authority | Wisconsin Health & Educational Facilities Authority | Wisconsin Health & Educational Facilities Authority | Wisconsin Health & Educational Facilities Authority |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Cedar Crest, Inc. Project | Cedar Crest, Inc. Project | Cedar Crest, Inc. Project | Cedar Crest, Inc. Project |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 04/01/2057 | &nbsp;&nbsp; 5.125% | 3000000 | &nbsp;&nbsp; 2502805 |
| St. Camillus Health System, Inc. | St. Camillus Health System, Inc. | St. Camillus Health System, Inc. | St. Camillus Health System, Inc. |
| Series 2019 | Series 2019 | Series 2019 | Series 2019 |
| 11/01/2054 | &nbsp;&nbsp; 5.000% | 3000000 | &nbsp;&nbsp; 2541939 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Chiara Housing and Services, Inc. | Chiara Housing and Services, Inc. | Chiara Housing and Services, Inc. | Chiara Housing and Services, Inc. |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 07/01/2055 | &nbsp;&nbsp; 5.875% | 2000000 | &nbsp;&nbsp; 1880107 |
| Dickson Hollow Phase II Project | Dickson Hollow Phase II Project | Dickson Hollow Phase II Project | Dickson Hollow Phase II Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 10/01/2059 | &nbsp;&nbsp; 6.125% | 1400000 | &nbsp;&nbsp; 1368970 |
| PHW Muskego, Inc. Project | PHW Muskego, Inc. Project | PHW Muskego, Inc. Project | PHW Muskego, Inc. Project |
| Series 2021 | Series 2021 | Series 2021 | Series 2021 |
| 10/01/2061 | &nbsp;&nbsp; 4.000% | 4000000 | &nbsp;&nbsp; 2630746 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **45280050** |
| Total Municipal Bonds <br>(Cost $503,911,454) | Total Municipal Bonds <br>(Cost $503,911,454) | Total Municipal Bonds <br>(Cost $503,911,454) | &nbsp;&nbsp; **446761484** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
|  | **Shares** | **Value ($)** |
| BlackRock Liquidity Funds MuniCash, Institutional <br> Shares, 2.017%<sup>(l)</sup> <br>| &nbsp;&nbsp; 96459 | &nbsp;&nbsp; 96469 |
| Total Money Market Funds <br>(Cost $96,459) | Total Money Market Funds <br>(Cost $96,459) | &nbsp;&nbsp; **96469** |
| **Total Investments in Securities** <br>**(Cost $507,307,913)** | **Total Investments in Securities** <br>**(Cost $507,307,913)** | &nbsp;&nbsp; **450157953** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **7191853** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$457349806** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund is entitled to receive principal and interest from the guarantor after a day or a week's notice or upon maturity. The maturity date disclosed represents the final maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents a variable rate security where the coupon rate adjusts on specified dates
 (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Zero coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents privately placed and other securities and instruments exempt from Securities
 and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only
 to qualified institutional buyers. At May 31, 2025, the total value of these securities amounted to $165,363,742, which represents 36.16% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Income from this security may be subject to alternative minimum tax.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Cash flow bond. Interest rate represents the stated coupon rate at May 31, 2025. Income
 on this security, if any, is derived from the cash flow of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents a variable rate security with a step coupon where the rate adjusts according
 to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the
 current rate as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Municipal obligations include debt obligations issued by or on behalf of territories,
 possessions, or sovereign nations within the territorial boundaries of the United States. At May 31, 2025, the total value of these securities amounted to $29,993,545,
 which represents 6.56% of total net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(k) Coupon rate may change periodically and is determined by the issuer or agent bank
 based on current market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(l) The rate shown is the seven-day current annualized yield at May 31, 2025.

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

May 31, 2025

**Abbreviation Legend** 

AGM Assured Guaranty Municipal Corporation <br> GAN Grant Anticipation Note <br> RAN Revenue Anticipation Note

**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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Floating Rate Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3300000 |
| Municipal Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 446761484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 446761484 |
| Money Market Funds | 96469 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96469 |
| Total Investments in Securities | 96469 | &nbsp;&nbsp;&nbsp;&nbsp; 450061484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 450157953 |

---

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

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

Columbia High Yield Municipal Fund \| 2025

------

Statement of Assets and Liabilities

May 31, 2025

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $507,307,913) | $450157953 |
| Cash | 16434 |
| Receivable for: |  |
| Capital shares sold | 2258005 |
| Dividends | 4053 |
| Interest | 8735345 |
| Expense reimbursement due from Investment Manager | 1122 |
| Prepaid expenses | 2235 |
| Deferred compensation of board members | 167400 |
| Other assets | 5396 |
| Total assets | 461347943 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased on a delayed delivery basis | 967920 |
| Capital shares redeemed | 948235 |
| Distributions to shareholders | 1819408 |
| Management services fees | 6756 |
| Distribution and/or service fees | 1120 |
| Transfer agent fees | 25223 |
| Compensation of board members | 1701 |
| Other expenses | 29637 |
| Deferred compensation of board members | 198137 |
| Total liabilities | 3998137 |
| **Net assets applicable to outstanding capital stock** | **$457349806** |
| **Represented by** |  |
| Paid in capital | 573394876 |
| Total distributable earnings (loss) | (116045070)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$457349806** |
| **Class A** |  |
| Net assets | $140750804 |
| Shares outstanding | 15925823 |
| Net asset value per share | $8.84 |
| Maximum sales charge  | 3.00% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $9.11 |
| **Class C** |  |
| Net assets | $15960622 |
| Shares outstanding | 1805989 |
| Net asset value per share | $8.84 |
| **Institutional Class** |  |
| Net assets | $202112731 |
| Shares outstanding | 22869607 |
| Net asset value per share | $8.84 |
| **Institutional 2 Class** |  |
| Net assets | $12551031 |
| Shares outstanding | 1421072 |
| Net asset value per share | $8.83 |
| **Institutional 3 Class** |  |
| Net assets | $71445399 |
| Shares outstanding | 8062856 |
| Net asset value per share | $8.86 |
| **Class S** |  |
| Net assets | $14529219 |
| Shares outstanding | 1644055 |
| Net asset value per share | $8.84 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Statement of Operations

Year Ended May 31, 2025

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $83031 |
| Interest | 25380033 |
| Total income | 25463064 |
| Expenses: |  |
| Management services fees | 2671658 |
| Distribution and/or service fees |  |
| Class A | 292837 |
| Class C | 158192 |
| Transfer agent fees |  |
| Class A | 112138 |
| Advisor Class | 5680 |
| Class C | 15120 |
| Institutional Class | 166312 |
| Institutional 2 Class | 7160 |
| Institutional 3 Class | 4187 |
| Class S | 8386 |
| Custodian fees | 14193 |
| Printing and postage fees | 23885 |
| Registration fees | 99176 |
| Accounting services fees | 32923 |
| Legal fees | 83405 |
| Compensation of chief compliance officer | 85 |
| Compensation of board members | 16386 |
| Deferred compensation of board members | 5072 |
| Other | 28968 |
| Total expenses | 3745763 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (299661)<br>|
| Expense reduction | (240)<br>|
| Total net expenses | 3445862 |
| **Net investment income** | 22017202 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (20904708)<br>|
| Futures contracts | (34707)<br>|
| Net realized loss | (20939415)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 15445217 |
| Net change in unrealized appreciation (depreciation) | 15445217 |
| Net realized and unrealized loss | (5494198)<br>|
| **Net increase in net assets resulting from operations** | **$16523004** |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**May 31, 2025**<br>| **Year Ended** <br>**May 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $22017202 | &nbsp;&nbsp; $23982925 |
| Net realized loss | (20939415)<br>| &nbsp;&nbsp; (15697015)<br>|
| Net change in unrealized appreciation (depreciation) | 15445217 | &nbsp;&nbsp; 21543846 |
| Net increase in net assets resulting from operations | 16523004 | &nbsp;&nbsp; 29829756 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (6704041)<br>| &nbsp;&nbsp; (6264847)<br>|
| Advisor Class | (377442)<br>| &nbsp;&nbsp; (529284)<br>|
| Class C | (787426)<br>| &nbsp;&nbsp; (787241)<br>|
| Institutional Class | (10379784)<br>| &nbsp;&nbsp; (9728974)<br>|
| Institutional 2 Class | (650977)<br>| &nbsp;&nbsp; (587634)<br>|
| Institutional 3 Class | (3856718)<br>| &nbsp;&nbsp; (4497686)<br>|
| Class S | (507342)<br>| &nbsp;&nbsp; — |
| Total distributions to shareholders | (23263730)<br>| &nbsp;&nbsp; (22395666)<br>|
| Decrease in net assets from capital stock activity | (11829167)<br>| &nbsp;&nbsp; (51520104)<br>|
| Total decrease in net assets | (18569893)<br>| &nbsp;&nbsp; (44086014)<br>|
| Net assets at beginning of year | 475919699 | &nbsp;&nbsp; 520005713 |
| **Net assets at end of year** | **$457349806** | &nbsp;&nbsp; **$475919699** |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **May 31, 2025**  | **May 31, 2025**  | **May 31, 2024**  | **May 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 4930096 | &nbsp;&nbsp;&nbsp;&nbsp; 45647699 | &nbsp;&nbsp;&nbsp;&nbsp; 2825064 | &nbsp;&nbsp;&nbsp;&nbsp; 24887061 |
| Distributions reinvested | 686746 | &nbsp;&nbsp;&nbsp;&nbsp; 6336672 | &nbsp;&nbsp;&nbsp;&nbsp; 670666 | &nbsp;&nbsp;&nbsp;&nbsp; 5867054 |
| Shares redeemed | (5001305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45755387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5607036)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49150725)<br>|
| Net increase (decrease) | 615537 | &nbsp;&nbsp;&nbsp;&nbsp; 6228984 | &nbsp;&nbsp;&nbsp;&nbsp; (2111306)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18396610)<br>|
| Advisor Class |  |  |  |  |
| Shares sold | 612462 | &nbsp;&nbsp;&nbsp;&nbsp; 5772584 | &nbsp;&nbsp;&nbsp;&nbsp; 1356562 | &nbsp;&nbsp;&nbsp;&nbsp; 11748779 |
| Distributions reinvested | 34679 | &nbsp;&nbsp;&nbsp;&nbsp; 324138 | &nbsp;&nbsp;&nbsp;&nbsp; 60324 | &nbsp;&nbsp;&nbsp;&nbsp; 529284 |
| Shares redeemed | (2133981)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19960666)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1060070)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9209614)<br>|
| Net increase (decrease) | (1486840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13863944)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 356816 | &nbsp;&nbsp;&nbsp;&nbsp; 3068449 |
| Class C |  |  |  |  |
| Shares sold | 446158 | &nbsp;&nbsp;&nbsp;&nbsp; 4115934 | &nbsp;&nbsp;&nbsp;&nbsp; 577342 | &nbsp;&nbsp;&nbsp;&nbsp; 5104613 |
| Distributions reinvested | 84377 | &nbsp;&nbsp;&nbsp;&nbsp; 779552 | &nbsp;&nbsp;&nbsp;&nbsp; 87953 | &nbsp;&nbsp;&nbsp;&nbsp; 769671 |
| Shares redeemed | (1018279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9272716)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1005298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8778829)<br>|
| Net decrease | (487744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4377230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (340003)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2904545)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 9046442 | &nbsp;&nbsp;&nbsp;&nbsp; 83594388 | &nbsp;&nbsp;&nbsp;&nbsp; 7492578 | &nbsp;&nbsp;&nbsp;&nbsp; 65118251 |
| Distributions reinvested | 1012271 | &nbsp;&nbsp;&nbsp;&nbsp; 9341674 | &nbsp;&nbsp;&nbsp;&nbsp; 995255 | &nbsp;&nbsp;&nbsp;&nbsp; 8712235 |
| Shares redeemed | (10948231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100798846)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9062035)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (78325498)<br>|
| Net decrease | (889518)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7862784)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (574202)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4495012)<br>|
| Institutional 2 Class |  |  |  |  |
| Shares sold | 457217 | &nbsp;&nbsp;&nbsp;&nbsp; 4218684 | &nbsp;&nbsp;&nbsp;&nbsp; 686761 | &nbsp;&nbsp;&nbsp;&nbsp; 6052647 |
| Distributions reinvested | 70607 | &nbsp;&nbsp;&nbsp;&nbsp; 650977 | &nbsp;&nbsp;&nbsp;&nbsp; 67107 | &nbsp;&nbsp;&nbsp;&nbsp; 587548 |
| Shares redeemed | (521185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4795935)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (840639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7237653)<br>|
| Net increase (decrease) | 6639 | &nbsp;&nbsp;&nbsp;&nbsp; 73726 | &nbsp;&nbsp;&nbsp;&nbsp; (86771)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (597458)<br>|
| Institutional 3 Class |  |  |  |  |
| Shares sold | 1213423 | &nbsp;&nbsp;&nbsp;&nbsp; 11263142 | &nbsp;&nbsp;&nbsp;&nbsp; 1624085 | &nbsp;&nbsp;&nbsp;&nbsp; 14221958 |
| Distributions reinvested | 33451 | &nbsp;&nbsp;&nbsp;&nbsp; 309046 | &nbsp;&nbsp;&nbsp;&nbsp; 23747 | &nbsp;&nbsp;&nbsp;&nbsp; 209041 |
| Shares redeemed | (2108057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19370579)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4853732)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42625927)<br>|
| Net decrease | (861183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7798391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3205900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28194928)<br>|
| Class S |  |  |  |  |
| Shares sold | 2080429 | &nbsp;&nbsp;&nbsp;&nbsp; 19779138 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | 55313 | &nbsp;&nbsp;&nbsp;&nbsp; 507265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed | (491687)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4515931)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase | 1644055 | &nbsp;&nbsp;&nbsp;&nbsp; 15770472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total net decrease** | **(1459054)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(11829167)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(5961366)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(51520104)**<br>|

---

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

Columbia High Yield Municipal Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia High Yield Municipal Fund \| 2025

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Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year Ended 5/31/2025 | $8.94<br>| 0.40<br>| &nbsp;&nbsp; (0.08) <br>| 0.32<br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; (0.42) <br>|
| Year Ended 5/31/2024 | $8.79<br>| 0.41<br>| 0.13<br>| 0.54<br>| &nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp; (0.39) <br>|
| Year Ended 5/31/2023 | $9.72<br>| 0.38<br>| &nbsp;&nbsp; (0.90) <br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp; (0.41) <br>|
| Year Ended 5/31/2022 | $11.04<br>| 0.37<br>| &nbsp;&nbsp; (1.31) <br>| &nbsp;&nbsp; (0.94) <br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; (0.38) <br>|
| Year Ended 5/31/2021 | $9.96<br>| 0.36<br>| 1.08<br>| 1.44<br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; (0.36) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 5/31/2025 | $8.94<br>| 0.34<br>| &nbsp;&nbsp; (0.07) <br>| 0.27<br>| &nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 5/31/2024 | $8.79<br>| 0.36<br>| 0.12<br>| 0.48<br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; (0.33) <br>|
| Year Ended 5/31/2023 | $9.72<br>| 0.33<br>| &nbsp;&nbsp; (0.90) <br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; (0.36) <br>| &nbsp;&nbsp; (0.36) <br>|
| Year Ended 5/31/2022 | $11.04<br>| 0.30<br>| &nbsp;&nbsp; (1.30) <br>| &nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.32) <br>|
| Year Ended 5/31/2021 | $9.96<br>| 0.30<br>| 1.07<br>| 1.37<br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (0.29) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 5/31/2025 | $8.94<br>| 0.42<br>| &nbsp;&nbsp; (0.08) <br>| 0.34<br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (0.44) <br>|
| Year Ended 5/31/2024 | $8.79<br>| 0.43<br>| 0.12<br>| 0.55<br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; (0.40) <br>|
| Year Ended 5/31/2023 | $9.73<br>| 0.40<br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp; (0.43) <br>|
| Year Ended 5/31/2022 | $11.05<br>| 0.39<br>| &nbsp;&nbsp; (1.31) <br>| &nbsp;&nbsp; (0.92) <br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; (0.40) <br>|
| Year Ended 5/31/2021 | $9.96<br>| 0.38<br>| 1.09<br>| 1.47<br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; (0.38) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Year Ended 5/31/2025 | $8.94<br>| 0.42<br>| &nbsp;&nbsp; (0.09) <br>| 0.33<br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (0.44) <br>|
| Year Ended 5/31/2024 | $8.78<br>| 0.43<br>| 0.13<br>| 0.56<br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; (0.40) <br>|
| Year Ended 5/31/2023 | $9.72<br>| 0.40<br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp; (0.43) <br>|
| Year Ended 5/31/2022 | $11.04<br>| 0.39<br>| &nbsp;&nbsp; (1.30) <br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp; (0.41) <br>|
| Year Ended 5/31/2021 | $9.95<br>| 0.39<br>| 1.08<br>| 1.47<br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; (0.38) <br>|

---

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

Columbia High Yield Municipal Fund \| 2025

------

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $140751<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $136936<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.29%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $153077<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.75%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $170634<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85% <br><sup>(c),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $182125<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15961<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20515<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.86%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23141<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.30%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $31324<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47% <br><sup>(c),(e),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38720<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $202113<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $212493<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.20%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $213810<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.56%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $435400<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(c),(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $497969<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12551<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12641<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.19%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13181<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.54%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15596<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $27815<br>|

---

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

Columbia High Yield Municipal Fund \| 2025

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Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Year Ended 5/31/2025 | $8.97<br>| 0.42<br>| &nbsp;&nbsp; (0.08) <br>| 0.34<br>| &nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp; (0.45) <br>|
| Year Ended 5/31/2024 | $8.81<br>| 0.43<br>| 0.14<br>| 0.57<br>| &nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp; (0.41) <br>|
| Year Ended 5/31/2023 | $9.75<br>| 0.41<br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (0.50) <br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (0.44) <br>|
| Year Ended 5/31/2022 | $11.07<br>| 0.40<br>| &nbsp;&nbsp; (1.31) <br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp; (0.41) <br>|
| Year Ended 5/31/2021 | $9.98<br>| 0.39<br>| 1.09<br>| 1.48<br>| &nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp; (0.39) <br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Year Ended 5/31/2025<sup>(g)</sup> <br>| $9.56<br>| 0.27<br>| &nbsp;&nbsp; (0.71) <br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp; (0.28) <br>|

---

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (d) | Ratios include interfund lending expense which is less than 0.01%. |
| (e) | Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income. |
| (f) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund's net expense ratio would increase by: |

---

---

| | |
|:---|:---|
|  | **5/31/2021** |
| Class C | 0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(g) Class S shares commenced operations on October 2, 2024. Per share data and total return
 reflect activity from that date.

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

Columbia High Yield Municipal Fund \| 2025

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Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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>|
| **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 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $8.86<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71445<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $80024<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.11%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $106856<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.46%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57% <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3572<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.07<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.05%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57% <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2838<br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
|  Year Ended 5/31/2025 <br><sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.68%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14529<br>|

---

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

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements

May 31, 2025

Note 1. Organization

Columbia High Yield Municipal Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**Fund shares**

The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.

As described in the Fund's prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Institutional Class, Institutional 2 Class, Institutional 3 Class and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund's prospectus. Class S shares commenced operations on October 2, 2024.

The Board of Trustees of the Fund approved a proposal to permit the exchange of Institutional Class shares held by certain financial intermediaries and omnibus group retirement plans, with specific permission from Columbia Management Investment Distributors, Inc., for newly created Class S shares. Effective on October 4, 2024, shares held by those certain Institutional Class shareholders of the Fund were exchanged for Class S shares of the Fund. This was a tax-free transaction for existing Institutional Class shareholders.

In addition, the Board of Trustees of the Fund approved the conversion of all Advisor Class shares of the Fund to Institutional Class shares of the Fund and the subsequent elimination of Advisor Class shares. Effective on November 22, 2024, Advisor Class shares of the Fund were converted to Institutional Class shares of the Fund. This was a tax-free transaction for existing Advisor Class shareholders.

Note 2. Summary of significant accounting policies

**Basis of preparation**

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

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

**Segment reporting**

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of the ASU 2023-07 is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures.

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

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

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

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

**Derivative instruments**

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund), potentially resulting in losses to the Fund.

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

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

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

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

**Futures contracts**

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future periods. Upon

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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

**Effects of derivative transactions in the financial statements**

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

At May 31, 2025, the Fund had no outstanding derivatives.

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 May 31, 2025:

---

| | |
|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Interest rate risk | &nbsp;&nbsp; (34707)<br>|

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended May 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — short | 3065398 |

---

**Delayed delivery securities**

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

**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

**Expenses**

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

**Determination of class net asset value**

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

**Federal income tax status**

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

**Distributions to shareholders**

Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Guarantees and indemnifications**

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

**Recent accounting pronouncements and regulatory updates**

*Accounting Standards Update 2023-09 Income Taxes (Topic 740)*

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.54% to 0.34% as the Fund's net assets increase. The effective management services fee rate for the year ended May 31, 2025 was 0.54% of the Fund's average daily net assets.

**Compensation of Board members**

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

**Compensation of Chief Compliance Officer**

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Transfer agency fees**

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

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

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

For the year ended May 31, 2025, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.08 |
| Advisor Class | 0.04 <br><sup>(a)</sup><br>|
| Class C | 0.08 |
| Institutional Class | 0.08 |
| Institutional 2 Class | 0.05 |
| Institutional 3 Class | 0.01 |
| Class S | 0.08 <br><sup>(b)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unannualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended May 31, 2025, these minimum account balance fees reduced total expenses of the Fund by $240.

**Distribution and service fees**

The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. 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 Fund and providing services to investors.

Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.20% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.60% of the average daily net assets attributable to Class C shares of the Fund.

**Sales charges (unaudited)**

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended May 31, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 3.00<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.75 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 75141 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1363 |

---

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

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

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

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

**Expenses waived/reimbursed by the Investment Manager and its affiliates**

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 1, 2024** <br>**through** <br>**September 30, 2025 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**October 1, 2024 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At May 31, 2025, these differences were primarily due to differing treatment for tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees' deferred compensation, distributions 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:

---

| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(loss) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| 58862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58862)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended May 31, 2025** | **Year Ended May 31, 2025** | **Year Ended May 31, 2025** | **Year Ended May 31, 2025** | **Year Ended May 31, 2024** | **Year Ended May 31, 2024** | **Year Ended May 31, 2024** | **Year Ended May 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-exempt** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Tax-exempt** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 825409 | &nbsp;&nbsp;&nbsp;&nbsp; 22438321 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23263730 | &nbsp;&nbsp;&nbsp;&nbsp; 188360 | &nbsp;&nbsp;&nbsp;&nbsp; 22207306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22395666 |

---

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

At May 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed tax-** <br>**exempt income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14259730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60603352)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67683903)<br>|

---

At May 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 517841856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6342519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74026422)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67683903)<br>|

---

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

The following capital loss carryforwards, determined at May 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended May 31, 2025, capital loss carryforwards utilized, if any, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** | **Utilized ($)** |
| (11252337)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49351015)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60603352)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $158,460,423 and $175,115,427, respectively, for the year ended May 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the year ended May 31, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 24, 2024 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 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 24, 2024 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended May 31, 2025.

Note 8. Significant risks

**Credit risk**

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

**High-yield investments risk**

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

**Interest rate risk**

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund's investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. The Fund is subject to the risk that the income generated by its

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest rate increases could cause the value of the Fund's investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.

**Liquidity risk**

Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund's ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund's exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund's investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market.

**Market risk**

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

**Municipal securities risk**

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

Columbia High Yield Municipal Fund \| 2025

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Notes to Financial Statements (continued)

May 31, 2025

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

Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. A municipal security can be significantly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes in a particular state's (state and its instrumentalities') financial, economic or other condition and prospects.

**Shareholder concentration risk**

At May 31, 2025, affiliated shareholders of record owned 26.6% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

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

Note 10. Information regarding pending and settled legal proceedings

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

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia High Yield Municipal Fund \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Columbia Funds Series Trust I and Shareholders of Columbia High Yield Municipal Fund**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia High Yield Municipal Fund (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, 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 the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and 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 Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 May 31, 2025 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

July 23, 2025

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

Columbia High Yield Municipal Fund \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended May 31, 2025. Shareholders will be notified in early 2026 of the amounts for use in preparing 2025 income tax returns.

---

| |
|:---|
| **Exempt-** <br>**interest** <br>**dividends**<br>|
| 96.45% |

---

Exempt-interest dividends. The percentage of net investment income distributed during the fiscal year that qualifies as exempt-interest dividends for federal income tax purposes. A portion of the income may be subject to federal alternative minimum tax.

Columbia High Yield Municipal Fund \| 2025

------

**Columbia High Yield Municipal Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](imgbbc1dc312.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to** 

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2025 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

ANN161_05_R01_(07/25)

------

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 directors implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

------

Item 16. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are 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.](Code_of_Ethics.htm)

[(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](302_Certification.htm)

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.](906_Certification.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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;(registrant) | &nbsp;&nbsp;Columbia Funds Series Trust I |
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | &nbsp;&nbsp;Daniel J. Beckman, President and Principal Executive Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;July 23, 2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | &nbsp;&nbsp;Daniel J. Beckman, President and Principal Executive Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;July 23, 2025 |
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp; /s/ Michael G. Clarke |
|  | &nbsp;&nbsp;Michael G. Clarke, Chief Financial Officer, |
|  | &nbsp;&nbsp;Principal Financial Officer and Senior Vice President |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;July 23, 2025 |
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Charles H. Chiesa |
|  | &nbsp;&nbsp;Charles H. Chiesa, Treasurer, Chief Accounting |
|  | &nbsp;&nbsp;Officer and Principal Financial Officer |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;July 23, 2025 |

---

------

## Ex-99.Code

![Image is missing](g7aw5lgjoymnlsccl1ap8.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

**COLUMBIA FUNDS**

**WANGER ADVISORS TRUST / COLUMBIA ACORN TRUST**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Applicable Regulatory Authority** | &nbsp;&nbsp;&nbsp;Section 406 of the Sarbanes-Oxley Act of 2002; |
|  | &nbsp;&nbsp;&nbsp;Item 2 of Form N-CSR |
| &nbsp;&nbsp;**Related Policies** | &nbsp;&nbsp;&nbsp;Overview and Implementation of Compliance Program |
|  | &nbsp;&nbsp;&nbsp;Policy |
| &nbsp;&nbsp;**Requires Annual Board Approval** | &nbsp;&nbsp;&nbsp;No but Covered Officers Must provide annual |
|  | &nbsp;&nbsp;&nbsp;certification |
| &nbsp;&nbsp;**Last Reviewed by AMC** | &nbsp;&nbsp;&nbsp;September 2024 |

---

**<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 Boards (the Board of the Columbia Funds ("Columbia Board") and the Boards of the Columbia Acorn Trust ("CAT") and the Wanger Advisors Trust ("WAT") (collectively, "Columbia Acorn Board" and together with the Columbia Board, the "Boards") have 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 Boards have adopted the Code in order to comply with applicable regulatory requirements as outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;&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;

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 Page 1 of 9

![Image is missing](gg224hvzc5ks2wg9rtmls.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Administration of the Code**

The Boards have 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 Boards have 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

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 Page 2 of 9

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

("CMIA") for the Columbia Funds and Columbia Wanger Asset Management, LLC ("CWAM") for the WAT / CAT 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 Boards 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 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;&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;&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;&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;&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

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 Page 3 of 9

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

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;&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;&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;&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure and Compliance

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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.

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 Page 4 of 9

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Reporting and Accountability by Covered Officers** Each Covered Officer must:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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.

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

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 Page 5 of 9

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**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Disclosure of Amendments to the Code

Any amendments will, to the extent required, be disclosed in accordance with law.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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 Page 6 of 9

![Image is missing](gkpey0phtk49tfbkxldy7.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

**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 Page 7 of 9

**Appendix A**

**INITIAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>_______________________________________________</u>**

(please print)

<u>____________________________________________________________________________</u>

SignatureDate

Please return this completed form to the CLO (_______) within one week from the date of your

review of these documents. Thank you!

![Image is missing](gxwpzq66fxlci7k1we6oz.jpg)

**Appendix B**

**ANNUAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.

______________________________________________________________

______________________________________________________________

______________________________________________________________

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.<sup>1</sup>

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>_______________________________________________</u>**

(please print)

<u>____________________________________________________________________________</u>

SignatureDate

Please return this completed form to the CLO (_______) within one week from the date of your

receipt of a request to complete and return it. Thank you!

1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.

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## Ex-99.Cert

I, Daniel J. Beckman, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 23, 2025 | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | Daniel J. Beckman, President and Principal |
|  | Executive Officer |

---

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 23, 2025 | /s/ Michael G. Clarke |
|  | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice |
|  | President |

---

I, Charles H. Chiesa, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 23, 2025 | /s/ Charles H. Chiesa |
|  | Charles H. Chiesa, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer |

---

------

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Series Trust I (the "Trust") on Form N-CSR for the period ending May 31, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| Date: July 23, 2025 | <u>/s/ Daniel J. Beckman</u> |
|  | Daniel J. Beckman, President and Principal Executive Officer |
| Date: July 23, 2025 | /s/ Michael G. Clarke |
|  | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice President |
| Date: July 23, 2025 | /s/ Charles H. Chiesa |
|  | Charles H. Chiesa, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.

------